The Securities and Exchange Commission of Pakistan (SECP) while considering the reasons submitted by Karachi Stock Exchange (KSE) and Lahore Stock Exchange (LSE) in their requests, the deadline for submission of requisite regulatory amendments has extended to August 31, 2012.
The stock exchanges were advised to submit a uniform set of regulatory amendments to cater for the demutualised environment not later than August 10, 2012. Subsequently, the KSE and LSE have requested for an extension in the subject deadline till August 31, 2012. "While considering the reasons submitted by KSE and LSE in their requests, the deadline for submission of requisite regulatory amendments has been extended to August 31, 2012", the SECP in its letter sent to KSE and LSE said.
However, the stock exchanges are hereby advised to ensure that a comprehensive and uniform set of amendments is submitted in strict adherence to the deadline, which capture all essential elements of the demutualized scenario. The exchanges are also advised to pay special attention to the default management regime whereby appropriate deposit and collateral structure is prescribed in line with international best practices to ensure effective investor protection and reduction of systemic risk in the capital markets.
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