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SECP, KSE settle issues

ISLAMABAD: The Securities and Exchange Commission of Pakistan and Karachi Stock Exchange have resolved various outstanding issues amicably. According to an SECP press release issued here on Saturday, the matters were resolved at a meeting between the SECP Chairman and the outgoing directors and the newly-elected directors of the KSE in Karachi.
The SECP Chairman said that chairman of KSE Board of Directors would continue to be from among the non-member directors keeping in view good corporate governance and in line with international best practices.
The SECP approved the appointment of acting managing director for an interim period and reiterated the need for an early completion of transparent process for the appointment of a permanent managing director at the exchange. It was agreed by the KSE board members that the functions of internal audit and market surveillance at the exchange would remain in place.
Further, the board members assured their cooperation and commitment in managing the affairs of the exchange in the best interest of the market and to promote transparency and integrity.
The SECP chairman reassured the participants that the regulator would continue to work in close coordination with the exchanges and play a facilitating role for the development of capital markets and enhancing investors’ confidence. -APP


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