With a view to according approval for nine new membership cards of the Lahore Stock Exchange (LSE), Extra Ordinary General Meeting (EOGM) of the Exchange will be held on April 12.
The meeting will deliberate upon the single agenda ie awarding new membership seats, and if the House approves, applications will be invited from the interested parties, Syed Asim Zafar, Chairman, LSE, told Business Recorder on Thursday.
Asim maintained that the LSE governing board in its meeting held some time back has already unanimously approved to award nine new seats of the LSE. Now under the rules and regulations, the agenda will be placed before the EOGM for its approval.
According to the charter of the Securities & Exchange Commission of Pakistan (SECP), the LSE could have 200 members. The existing number is 151 and now we have got permission from the regulator, SECP, for giving nine more memberships, he added.
About the criteria for award of the new membership, he pointed that parties enjoying good reputation and sound financial position will be given new membership and transparency will be observed strictly. At present, the buying demand has exceeded Rs 15 million, "but we expect it could rise to Rs 20 million soon."
It may be mentioned that the last membership card of the LSE in year 2003 was sold for Rs 7.5 million.
Meanwhile, it is learnt that due to the continuous upsurge of the market, demand for the new membership has increased significantly. It is further learnt that a number of financial institutions have contacted the LSE and have shown its interest to buy membership of the exchange.
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