PSX Board gets new directors

In accordance with the requirements of Companies Ordinance, 1984, the election of directors of Pakistan Stock Exchange (PSX) for the next three-year term was held here Wednesday. In the election, Muhammad Yasin Lakhani, Abid Ali Habib, Ahmed Chinoy and Abdul Majeed Adam were elected to the board of PSX, formerly Karachi Stock Exchange.
Moreover, in terms of Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012, the Securities and Exchange Commission of Pakistan has also nominated five new directors on the PSX Board. The nominee directors were Moin M. Fudda, Tawfiq Asghar Hussain, Muhammad Naeem, Rahat Kaunain Hassan and Samir Ahmed who will replace Kamal Afsar, Shazad G. Dada, Abdul Qadir Memon, Asif Qadir and Syed Muhammad Shabbar Zaidi with effect from February 24. Muneer Kamal will continue as SECP's nominee director on the Board of PSX, whereas, Nadeem Naqvi, the Managing Director of PSX, by virtue of his office, will be the eleventh director.