The Dematualisation Committee of Karachi Stock Exchange (KSE) on Saturday reviewed the draft of Dematualisation Ordinance. This was an internal meeting of the committee, chaired by member Director and chief of the committee Shehzad Chamdia. The meeting reviewed the draft clause by clause.
The committee''s comments will be discussed in a meeting with the Securities and Exchange Commission of Pakistan (SECP) scheduled to be held on Friday. The Lahore and Islamabad stock exchanges will also participate in the meeting.
It is learnt that the meeting was scheduled to be held here on Saturday (August 25), but the committee requested the SECP to delay it for preparation. The dematualisation process of the stock exchanges was under way and, according to schedule, all requirements have to be fulfilled by September 30. The dematualisation process will be completed by December 31.
After dematualisation, the Karachi Stock Exchange will become a limited company and its existing members will own its 40 percent stake, while the 60 percent stake of the exchange will be sold to foreign investors, financial institutions and general public.
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