The Governing Board of Directors of the Lahore Stock Exchange (LSE) in its meeting held on Friday decided to call an Extra-ordinary General Meeting (EOGM) of the exchange within 21 days, to discuss the issue of new membership.
"We have decided to give nine new memberships of the LSE, and for this purpose EOGM will be called in which a resolution will be presented before the House", said Asim Zafar, Chairman Lahore Stock Exchange while talking to Business Recorder on Friday.
"The issues pertaining to merger and demutualisation of three bourses of country also came under discussion, and it was resolved that the LSE will prepare itself to meet future challenges," Asim said.
It may be recalled that during a meeting of the three bourses of the country which was held in Lahore some time back, a 10-member committee was formed to prepare necessary recommendations with regard to merger and demutualisation of the exchanges.
To a question about tendering resignation by Samir Ahmed LSE Chief Executive, Asim said the board also discussed this issue and it was decided that efforts would be made for inducting a new Chief Executive/Managing Director of the exchange.
However, he pointed out that no advertisement will be given for the purpose and we will launch an 'independent hunt' for searching appropriate person to fill the post of new managing director.
Meanwhile, it was learnt that the issue pertaining to exposure limit was also discussed. At present brokers/members up to exposure of Rs 100 million are required to make payment in cash.
The proposal under consideration is to double this limit. However, it was learnt that the board has not taken any final decision during the meeting.
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