The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued draft Stock Exchanges (Corporatisation, Demutualisation and Integration) Rules, 2008 to expedite demutualisation and integration process of the stock exchanges.
According to an SECP announcement on Tuesday, the commission has issued the draft rules in consultation with the stakeholders in exercise of the powers granted pursuant to Section 32E (1) and (1A) of the Securities and Exchange Ordinance, 1969.
The draft rules are necessary for the development of the capital markets of Pakistan and shall provide for the corporatisation and demutualisation of the stock exchanges in Pakistan and to facilitate the integration of these stock exchanges along with all other matters ancillary thereto.
The draft rules have been placed on the official website of SECP for information of persons likely to be affected and notice is hereby given that any comments and suggestions received on the draft rules within the next 15 days will be taken into consideration by SECP.