The Karachi Stock Exchange (KSE) has clarified that system for conversion of in-house badla is to be proposed by the three stock exchanges to the Securities and Exchange Commission of Pakistan (SECP) by November 10, 2006.
In a press release issued here on Tuesday, the KSE said that there appears to be some confusion regarding press release issued by the SECP on November 2, 2006 whereby in-house badla is to be converted into regular CFS system.
The KSE said that the SECP may take couple of days to examine and approve a uniform system and convey it to the exchanges. Hopefully the conversion of in-house badla to regular CFS would start from November 15.
The impression that the conversion of in-house badla should have started from November 6, and could not take place because of any technical problem in the IT Department is totally wrong and misleading.-PR
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