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KSE EOGM maybe delayed further

KARACHI: The upcoming Extraordinary General Meeting (EOGM) of Karachi Stock Exchange (KSE) is likely to be delayed further as the apex regulator have decided to formulate a committee which will negotiate the brokers over the issue that chairman of the exchange should be a member of the bourse. It should be noted that a meeting of KSE Board of Directors held with the Chairman Securities & Exchange Commission of Pakistan (SECP) Salman Sheikh on Monday. ‘We may postpone the meeting further after SECP has said to make a committee to solve the issue”, said a director KSE. It is worth mentioning that previously the EOGM was scheduled on Nov 4 but was then adjourned till Nov 22.
The agenda of the meeting was to amend the Articles of the Exchange that the chairman of the exchange should be a broker as members think that a broker-chairman will understand the market better. The issue of broker-chairman came to fore after the present Chairman Zubyr Soomro had expressed reservations on Margin Trading System (MTS) which was approved by KSE board of directors. Further, the four letters that were written by SECP to KSE on the appointment of acting Managing Director and some other issues were also discussed in the meeting on Monday. It was decided to work with mutual consensus in the future.


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