The board of directors of Karachi Stock Exchange (KSE) has agreed that Haroon Askari would continue as acting managing director to work of the exchange. This was decided in a meeting of the KSE board of directors here on Friday, chaired by Zubyr Soomro here. All member and non-member directors attended the meeting.
It is learnt that approval from the Securities and Exchange Commission of Pakistan (SECP) would be sought, requesting the regulator to withdraw its objection of prior approval for the said appointment, and approve the KSE board decision. It is also learnt that various unresolved issues were discussed in the board meeting and it was decided that all issues would be resolved with consensus of all board members.
"Most of the issues have been resolved in this meeting and remaining few matters would be resolved successfully", a director told Business Recorder after the meeting. "Actually, there were only some misunderstandings and after discussion in the board meeting many things have been cleared," he said, adding that it had been decided that all unresolved issues would be discussed in the board meeting and would be resolved.
Haroon Askari was appointed as managing director of the exchange by KSE board of directors on November 1, 2010. However, the SECP in a letter to KSE said that the appointment of Haroon Askari as acting managing director was violation of regulation and not valid. The regulator said that prior approval from SECP was required for this appointment. The SECP had directed the KSE to explain why it had not sought prior approval from SECP for this appointment.