The Managing Director of Islamabad Stock Exchange (ISE), Aftab Ahmed Chaudhary, will quit his present position from January 2008 to join financial services industry. Sources told Business Recorder on Friday that the MD has intimated to the Securities and Exchange Commission of Pakistan (SECP) about his resignation for joining a senior position in financial sector.
Under SECP rules and regulations, the MD is bound to submit a notice to the Commission for resignation. Aftab remained as ISE MD for over five years, which is the longest serving period in any exchange in Pakistan. During this period, he played key role in improving financial health of the exchange, which now has technological edge over the other bourses.
The project of Unified Trading System (UTS) of ISE and Lahore Stock Exchange (LSE) was initiated during his tenure for trading of both exchanges on one single platform. The UTS of the ISE and LSE has reduced transaction cost, increased daily volume of scrips and helped effective monitoring and surveillance of the bourses.
Moreover, he was able to kick-start the long awaited construction of ISE towers, which were not being handled properly by the previous management of the exchange. On completion of the project, ISE towers would be one of the most modern and attractive financial services building in Pakistan. Presently, nearly 90 percent work on the structure of the new building has been completed, which is expected to be ready for occupation in December 2008.
He also established international secretariat of South Asian Federation of Exchanges (SAFE) in Islamabad. SAFE is working towards enabling cross border trade within the region. As first step, the SAFE is expected to launch a unified index of the companies listed on all the major exchanges of the region with the help of renowned index providers namely Dow Jones Index. It is learnt that the present general manager of exchange, Ahmed Noman, will be appointed as acting Managing Director of the exchange. However, appointment of permanent MD of the exchange is subject to the approval of SECP.
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