Karachi Stock Exchange (KSE) has decided to hold a meeting on Wednesday evening to discuss the directive of the Securities and Exchange Commission of Pakistan (SECP) for the appointment of non-member chairman for the new year.
According to sources, the members of new as well as previous board would meet on Wednesday for which the one-point agenda is to take consensus from fellow stockbrokers on the appointment of non-member chairman.
During last week five new directors were elected for the new year. It was resolved that new chairman would be from non-member directors. The KSE has urged the SECP, the stock market regulator, to allow bourse management to appoint non-member as director and raise the number of stockbroker directors in the exchange's management from five to six. However, KSE was still waiting for the reply of the stock market regulator.
Rumours were rife that Sher Afghan Malik was likely to become new chairman of the exchange.
Already, the board and the SECP have reached consensus over the appointment of M A Lodhi as KSE management director. He would resume work from January 1, 2006.
In a week's period, the SECP would announce the names of four outsider directors for the exchange, completing the board for the new year.