The Karachi Stock Exchange (KSE) has been asked to speed up the process to finalise modalities to implement future cash settlement for 60, 90 and 120 days to help strengthen future counter in order to bolster transparency in the capital market.
A threadbare discussion was held between Securities Exchange Commission (SECP) chairman Razi-ur-Rehman and officials of the KSE, including the present and past directors and some prominent members of the bourses. Heads of asset management companies and representatives of local banks also attended the meeting to channelize more efficient and trading system.
Several measures came under review for the CFS system and it was discussed that there is room for improvement in the rules pertaining to the financing system.
It was decided to fix margin of 15 percent for the lenders, 20 percent for the borrowers and hier cut of 20 percent.
Mutual funds role in the CFS system was also discussed, aimed to make the investors'' participation more transparent and prudent.
Investors'' Universal Identification was also discussed and different modules were presented.
The session was brainstorming where more than 40 participants from the financial sector discussed several modules pertaining to universal identification number. The matter to disclose the identity of the investors, either through NTN or national identity card number, also came under discussion.
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