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KARACHI: Securities and Exchange Commission (SECP) Chairman, Raziur Rahman has said that he instead of personal interest working for the national interests turned SECP more effective during his tenure of office. Raziur Rahman talking to Geo News said that the Commission was not only made pro-active, but several reforms were also introduced in the capital markets during his tenure. He said he had submitted his resignation to the government several months ago and completed his three-year term, as the government wished. Finance Advisor, Shaukat Tareen has proposed making SECP Commissioner, Salman Sheikh as acting chairman in place of Raziur Rahman, who is stepping down today on completion of his term. It is expected that Salman Sheikh would take over the charge as Acting Chairman any time today.

ISLAMABAD: The declining trend in the Securities Market and the consequent reduction in the value of the shares of listed companies provides an opportunity to them to buy-back their own shares. Therefore, on an initiative and proposal of the Securities and Exchange Commission of Pakistan (SECP), section 95A of the Companies Ordinance, 1984 has been amended vide Companies (Amendment) Ordinance, 2009 to enable the listed companies to buy-back their own shares and hold them as treasury shares. Previously the Companies Ordinance permitted the listed companies to buy-back their own shares, however, the purchased shares had to be cancelled forthwith resulting in the reduction of the paid-up capital of the company. After the latest amendment, the listed companies can buy-back their own shares and hold them as treasury shares, which can then be re-issued/resold in the manner to be prescribed by the SECP in the regulations. According to the amended section 95A, the decision to buy-back the shar

Bulls outpaced bears at the Karachi stock market during the week as investments by institutions and retail investors helped the market recover while the volume touched a four-month high level, analysts said on Saturday. Falling political condition with Ajmal Kasab identified as a Pakistani national and the dismissal of the National Security adviser by the PM failed to dent the confidence of investors. The Karachi Stock Exchange (KSE) 100-share index gained 350.24 points to close at 6,143.81 points as compared to 5,793.57 points of the previous week. Analyst at Atlas Capital Market said volumes at the KSE gained momentum, demonstrating increased investor interest in the market at current levels. On the positive side the data released by SBP showed a decline of Rs 98 billion under the head of borrowing for budgetary support to Rs 313 billion on December 20 thus making the goal of zero net borrowing by IMF more achievable. The ease off witnessed in the inflationary pressure depicted by a