The SECP has approved various documents submitted by the stock exchanges under  the  Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012. Promulgated on May 7, 2012, the Act provides  a framework for the corporatization, demutualization and integration of the stock exchanges . The demutualization  will bring the Pakistani capital market on a par with  other international jurisdictions,  result in enhanced governance and transparency at the stock exchanges  and will attract strategic investors which will not only provide equity and technical expertise but will also result in increased visibility of these exchanges on international capital market forums. The approved documents include revaluation of assets and liabilities of the stock exchanges, plans for the segregation of commercial and regulatory functions and memorandums and articles of association of the exchanges. The SECP has also approved the authorized and p...

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...