The Securities and Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange (KSE) have mailed a set of proposals including the closure of the market to the Advisor to the Prime Minister on Finance Shaukat Tareen, who is on his official visit to the United States and are waiting for his reply. The SECP and KSE will hold another meeting on Sunday (today) to take a decision in the light of Shaukat Tareen's reply.
In an inconclusive meeting held on Saturday, various proposals were discussed to avoid further losses of the market participants, however, no decision was taken in this regard.
Sources said that the meeting discussed the KSE members' proposals including to cap the Badla rates at 24 percent and to extend the Badla settlement period from 21 days to 36 days. The option to close the stock market for at least 15 days also came under discussion in the meeting, sources said. After the inconclusive meeting, the Chairman KSE board of directors Kamran Mirza mailed all the proposals to the Advisor and now the board is waiting for his reply, sources added.
It is learnt that the chairman KSE board will discuss all the proposals with Shaukat Tareen on phone and any decision regarding the future of the stock market will be announced after the SECP and KSE meeting being held on Sunday.
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