ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Monday approved the Stock Exchanges (Corporatisation, Demutualisation and Integration) Bill, 2008.
The representatives of nationwide bourses and small investors, who also turned up at the meeting, supported the government for early enactment of the bill.
Karachi’s stock exchange was represented by Kamran Y Mirza, Adnan Afridi, Yaseen Lakhani and Zafar Moti, Lahore’s by Arif Saeed and Islamabad’s by Rashid Chughtai. Fauzia Wahab chaired the meeting.
Earlier, an official of Security Exchange Commission of Pakistan (SECP) briefed the committee on the bill. He said demutualisation would separate ownership from trading rights and improve governance by reducing malpractices.
The official said the bill’s enactment would turn stock exchanges into public limited companies by shares and not by guarantees. He said members wouldn’t keep more than 40 percent shares, while the remaining ones would be sold to general public and investors.
The opposition members said the SECP was guarding the interests of small investors and not those of brokers. Journalists were stopped from covering the meeting’s proceedings.
The representatives of nationwide bourses and small investors, who also turned up at the meeting, supported the government for early enactment of the bill.
Karachi’s stock exchange was represented by Kamran Y Mirza, Adnan Afridi, Yaseen Lakhani and Zafar Moti, Lahore’s by Arif Saeed and Islamabad’s by Rashid Chughtai. Fauzia Wahab chaired the meeting.
Earlier, an official of Security Exchange Commission of Pakistan (SECP) briefed the committee on the bill. He said demutualisation would separate ownership from trading rights and improve governance by reducing malpractices.
The official said the bill’s enactment would turn stock exchanges into public limited companies by shares and not by guarantees. He said members wouldn’t keep more than 40 percent shares, while the remaining ones would be sold to general public and investors.
The opposition members said the SECP was guarding the interests of small investors and not those of brokers. Journalists were stopped from covering the meeting’s proceedings.
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