The members of Lahore Stock Exchange (LSE) in a meeting on November 10, 2004 will discuss the proposed demutualization and merger of bourses, and give their recommendations and comments on the report of experts' committee, formed by Securities and Exchange Commission of Pakistan (SECP) on the issue. Syed Asim Zafar, chairman of LSE, who will chair the meeting, has asked the members of the exchange to attend the meeting to give their comments on the SECP experts' committee report. Asim will also present the committee report to the members for their comments.
After the meeting, the LSE governing board will prepare its report in light of the comments of the members, that will be submitted in the meeting of the representatives of three bourses and SECP, expected to be held after Eidul Fitr in Islamabad.
The experts' committee, formed by the SECP on demutualization and integration of exchanges, had presented its report last month recommending demutalization and setting up of a national stock exchange in the country.
This committee in its report also proposed that either of the models (demutualization or national stock exchange) should be adopted after consulting all the stakeholders.
Following submission of the experts' committee report, a meeting between the representatives of SECP and chairmen and chief executives of Karachi, Lahore and Islamabad stock exchanges was held on 15th of last month in Islamabad, to discuss the report.
The SECP has given one-month time to the stock exchanges to submit their comments on the experts' committee report.