Shaukat Tarin would head the committee to resolve the pending issues related to 'CFS Mk II' system, which would help increase the financing limit now capped at Rs 25 billion.
The Securities and Exchange Commission of Pakistan (SECP) notified the constitution of the committee here on Friday, which comprises representatives of the three stock exchanges, SECP, Mutual Funds Association of Pakistan, brokers and bankers. It would address issues/matters pertaining to CFS Mk II and work out the details for its implementation.
The Shaukat Tarin committee last year had replaced the old Badla Financing System to 'Continued Funding System' (CFS), raising the limit to Rs 25 billion. The limit was extended twice and now it will be reviewed.
Several proposals have been discussed to remove the cap, enabling the market players to get the much-needed liquidity.
Earlier, this month, in a meeting with the management and brokers of Karachi Stock Exchange, the SECP had held detailed discussions on the new CFS Mk II product and it was decided to constitute a committee to address the concerns raised by some of the participants.
The members of the committee include: Shaukat Tarin, President, Union Bank, Abid Ali Habib, member-director, KSE board of directors, Zafar Moti member-director KSE board of directors, Adeel Zafar member-director LSE board of directors, Naeem Abdullah Treasurer Abn Amro Bank, Mohammad Yousaf executive in charge Credit Bank Alfalah, Ali Mahoon executive vice president risk management Muslim Commercial Bank, Inayat Hussain Sr joint director State Bank of Pakistan, Nasim Beg chief executive Arif Habib Investment Management Limited, Najam Ali CEO Abamco Limited, Hamid Imtiazi MD LSE, Aftab Chaudry MD ISE, Aftab Diwan CEO Central Depository Company of Pakistan, Muhammad Luqman acting CEO National Clearing Company of Pakistan, Haroon Askari Chief Manager Operations KSE, Sami-e-Mahmood deputy chief manager IT KSE, Rafique Umer KSE, Imran Inayat Butt Director SECP and Musarat Jabeen joint director SECP.
CFS Mk II committee will adequately address the biases inherent in the existing finance models, namely CFS and unofficial Badla Finance system.
Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) chairman has co-opted two more members to the debt capital market committee set up on June 13, 2006.
According to the SECP, the members are Maudood A. Khan (senior partner, OrrDignam and Company) and Syed Mohammad Shabbar Zaidi, FCA (partner A.F. Ferguson and Co-Chartered Accountants).
The committee has been entrusted with the task to quickly identify issues hindering development and growth of the debt capital market and to make suitable recommendations in this regard.
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