Securities & Exchange Commission of Pakistan (SECP) and Karachi Stock Exchange have agreed to expedite the demutualisation process in a way to get the KSE corporatised and demutualised by December 31, 2008. This was decided in a meeting on the demutualisation of the Karachi Stock Exchange on Wednesday at SECP''s Karachi Office convened by SECP Chairman Razi-ur-Rehman Khan.
The SECP team was led by its Chairman Razi-ur-Rehman Khan, whereas the KSE team included Adnan Afridi, Managing Director, Shehzad Chamdia, Chairman, Demutualization Committee and other members of the said committee. The draft "Stock Exchanges (Corporatisation, Demutualis-ation and Integration) Rules, 2008" forwarded by the SECP was discussed and the observations/comments submitted by the KSE were considered and agreed by the commission.
After the detailed deliberation, the SECP and KSE reached to a consensus and agreed on a final draft of the Rules. It was also agreed that the demutualisation process be expedited in a way to get the KSE corporatised and demutualised by December 31, 2008.-PR