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...

President Asif Ali Zardari has called upon the private sector of the country to take full advantage of the level playing field provided to it by the present Government through financial and structural reforms. During awards distribution ceremony among the top ranking companies and business entities for the year 2008 & 2009 held at Aiwan-e-Sadr on Monday, the President said that the success of the winning corporations highlights the opportunities Pakistan offers to business and investment. We have a very conducive investment climate, he said. According to prepared text of speech, the President said that Pakistan was lagging behind in the manufacturing sector and its share in the global exports was not what it should be. The private sector needs to play a greater role in enhancing manufacturing capacity to serve regional and global markets, he emphasized. The President said that the stock exchanges also need to extend their outreach throughout the country. This, he said, will increas...

The Privatisation Commission (PC) Board, which met under the chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here today, constituted two negotiation Committees for the appointment of Financial Advisory Consortia (FAC) and issuer’s Legal Counsel for the Exchangeable Bonds of Oil & Gas Development Company Limited (OGDCL). The PC board was informed that the recommendations of the Pre-Qualification Committee (PQC) constituted by the PC Board, jointly administered by the Privatisation Commission (PC) and the Finance Division including members from SECP, M/o PNR, OGDCL, headed by a PC board member, which has evaluated the RFP package during a presentations session by the interested parties (IPs) and evaluated the Technical and Financial Bids of the interested parties and pre-qualified two parties i.e. Citibank, JP Morgan, Credit Suisse, and BMA 2. Barclays Bank, Standard Chartered Bank, Merrill Lynch/ Bank of America, and KASB, and ranked Citibank, JP Morgan, ...

The International Data Group, world's leading technology media, events and research company, has declared the eServices project of the Securities and Exchange Commission of Pakistan a winner of its Laureate Gold Medal. This annual award programme honours visionary applications of IT in promoting positive social, economic and educational change. It was especially competitive this year because it received over 1,000 nominations. The SECP eServices system is accessible from anywhere in the world via definite login ID with digital signature. It has enormously facilitated the corporate sector, practitioners, consultants and the public at large. Through this system they can apply for various online SECP services and e-filing of statutory returns. It enables promoters and other officers of the companies to interact online using the eServices portal, without visiting the SECP offices. The system offers numerous benefits to the business and corporate sector as it provides the investor tra...

The Securities Markets Division of the Securities and Exchange Commission of Pakistan took action against seven non-compliant market participants in February. Warning letters were issued to three brokerage houses of the Karachi Stock Exchange for indulging in trading activities, which were in conflict with fair market practices. In another instance, a show cause notice was issued to a listed company for failing to implement the SECP orders. Moreover, warning letters were issued to the three directors of different listed companies for late filing of returns of beneficial ownership. In an effort to strengthen the regulatory framework of capital markets, the SECP accorded its approval to a number of amendments to the regulations of three stock exchanges, Clearing Company and Depository Company. This includes provisions pertaining to the introduction of new products, i.e., Margin Financing, Margin Trading and Securities Lending and Borrowing. In addition, approval was granted to Engro ...

First trading day at the Karachi Stock market was marked by prevalence of bearish activity on rising political uncertainty after government coalition partner MQM decided to boycott sessions of National & Sindh Assembly. Analysts said in their comments that range bound activities dominated market proceedings with index failing to maintain 12,000 pts level during the session. The Karachi Stock Exchange (KSE) 100-share index shed 25.48 pts or 0.21 percent closing at 11, 974.55 pts compared to 12,000.03 pts in the previous session. The KSE -30 index also shed 26.26 pts closing at 11,690.41 compared to 11,716.67 pts of the previous session. KMI-30 index shed 78.18 pts and closed at 19,813.83 pts compared o 19,892.01 of the previous session. The KSE- all shares index closed with a loss of 17.97 pts closing at 8,311.52 compared to 8,329.49 pts of the previous session. The market turnover went down by 37.62 percent and traded 116.94 million shares compared to 187.49 million shares of the p...

ISLAMABAD- February 18: The federal government has accorded its approval for promulgation of the Securities (Leveraged Markets and Pledging) Rules, 2011, which have been notified by the Securities and Exchange Commission of Pakistan (SECP) in the official gazette. While realizing the significance of liquidity in trading for a vibrant stock market, last year the SECP had drafted these rules after detailed consultations with the relevant stakeholders including the State Bank of Pakistan, Mutual Funds Association of Pakistan, Pakistan Banks Association, Leasing Association of Pakistan, Modaraba Association of Pakistan, the three stock exchanges, the National Clearing Company and the Central Depository Company of Pakistan Limited. The rules have been developed considering best international practices and provide a regulatory framework for Margin Financing, Margin Trading, Securities Lending and Borrowing and Pledging of clients’ securities. The promulgation of these rules is not only exp...