ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has revised the procedure for the appointment of the chief executive officers of the securities exchanges.

The SECP has issued a SRO652(I)/2023 to notify draft amendments to the Securities Exchanges (Licensing and Operations) Regulations, 2016.

Under the draft regulations, the appointment of the chief executive officer shall be made for a period of three years, which may be renewed for one more term of three years, with the prior approval of the Commission.

Provided that a person may be appointed for third and final term of three years, based on exceptional performance that is substantiated by the board of directors through a rigorous review, subject to following a competitive hiring process and final review and approval by the Commission.

No person shall serve on the board as an independent director for more than three terms, the SECP regulations added.

Copyright Business Recorder, 2023