The SECP Chairman, Mr. Muhammad Ali, met the outgoing and newly constituted Board of Directors of the Karachi Stock Exchange on Thursday. In his address to the Board members he appreciated the valuable services rendered by the outgoing Board. He expressed the belief that the new Board would deliver in the best interest of the capital market adopting a coherent approach and discouraging any compartmentalization of the Board while benefiting from the extensive knowledge and expertise of individual members. He emphasized that the investors’ interest should be supreme, over and above members’ interest and the management and Board are jointly responsible for the protection of investors.  The SECP Chairman gave an overview of the financial landscape of the country and the capital market. He mentioned that in Pakistan the banking sector continues to dominate overall financial industry and enjoying confidence of the general public. He viewed that the existing fiscal structure wor...

The Securities and Exchange Commission of Pakistan has re-nominated/re-appointed Mr Muneer Kamal, Shazad G. Dada, Asif Qadir and Abdul Qadir Memon on the Board of the Karachi Stock Exchange (KSE) for the 2012 term. They had also served on the KSE Board last year as independent directors and their appointment can be seen as a fair balance of the requisite qualifications and skills on the board. Mr Muneer Kamal, presently vice-chairman of the KASB Bank Limited, has over 28 years of extensive experience of the banking and financial sector during which he has served locally and internationally on senior positions at various renowned banks. Mr Shazad Dada, CEO, Barclays Bank PLC, Pakistan, is a seasoned banker and a prominent capital market professional. He has over 20 years of major national and international financial markets’ experience. Mr Asif Qadir, president and CEO, Engro Polymer and Chemicals Limited, has over 30 years of management and marketing experie...

Senior SECP officials, headed by the SECP Chairman, and Chairman, Karachi Stock Exchange met with the Board of Directors, Management and Members of the Karachi Stock Exchange on Wednesday. The meeting discussed various important market related matters including the proposed new broker registration regime. The SECP briefed the participants on the various significant steps taken by it to ensure sustainability and providing confidence to the market participants and proposals that were under discussions. It was emphasized that all reform measures that have been introduced in the past and currently being considered were in close coordination and consultation with the relevant stakeholders and are designed to improve trading volumes and enhancing retail participation in the stock market. The participants were briefed on the SECP’s strategic objectives for the coming years. The key objectives highlighted include: (i)Structural and regulatory reforms for the market;...

The Board of Directors of Karachi Stock Exchange, in its meeting held on May 31, 2011, focused extensively on resolving difficulties for investors on the one hand and strengthening the Exchange’s risk management aspects to provide confidence to market participants. Besides this, in order to enhance product attractiveness, several initiatives under development were discussed, including Option trading. The Board also emphasized on informational security and level playing field for all investors. In addition, following market related decisions were taken: 1. Approval was accorded to TOR of following Committees: i. Development & Trading Affairs Committee ii. Voluntary Delisting Committee 2. Approval of following regulatory amendments, subject to approval of SECP: i. Regulations Governing Risk Management to allow placing of circuit breakers on 1st Trading Day of unpaid Right Allotment Letter and newly listed securities on Ready Market. ii. Regulations for Short Selling to allow short s...

The Securities and Exchange Commission of Pakistan (SECP) has nominated high profiled and experienced professionals from the financial market as directors on the Board of Karachi Stock Exchange (KSE) for the year 2011. The names announced include Mr. Muneer Kamal - Vice Chairman, KASB Bank Limited; Mr. Shazad G. Dada - Chief Executive Officer, Barclays Bank PLC, Pakistan ; Mr. Asif Qadir - President and CEO Engro Polymer & Chemicals Limited; and Mr. Abdul Qadir Memon –President, Pakistan Tax Bar Association. The nominated individuals can be seen as a fair balance of the requisite qualification and skills on the KSE Board, with two of them having national and international banking and capital markets experience; one pos sessing corporate sector (management and marketing) exposure; and one carrying account ing, audit, corporate law and tax expertise. Mr. Muneer Kamal - has over 28 years of extensive experience of the banking and financial sector. Starting off at Citibank where he...

KARACHI: Members of Karachi Stock Exchange (KSE) on Wednesday elected five member-directors on board. Accordingly, Arif Habib, Muhammad Sohail, Zafar Moti, Ashraf Bawa, and Qasim Lakhani were the top five vote gainers and declared elected member-directors on board for the next one-year term.