Stocks Observer. com

The Stock Exchanges (Corporatization, Demutualization and Integration) Law has been approved in a joint session of the Parliament today.  This landmark achievement was long awaited since the passing of the bill by the  National Assembly in October 2009.This law is part of the SECP’s efforts to bring about structural and regulatory changes through legal reforms in the non bank financial market and the capital market. Other draft laws awaiting approval include Securities Law, Futures Trading Law, SECP Law and Corporate Rehabilitation Law. The  Demutualization  law provides a framework for the corporatization, demutualization and integration of the stock exchanges and had been drafted after consensus with all the stakeholders. The law  requires the stock exchanges to be demutualized within 119 days of its promulgation in line with pre-defined timelines specified for completion of various milestones involved in the demutualization exercise. Presently th...