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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Posted in: Board of Directors,Chairman,director,exchange,issues,Karachi,KSE,SECP,Securities and Exchange Commission of Pakistan,that

Dec 31: last day of SECP CRS, CEES

ISLAMABAD: The amnesty schemes launched by the Securities and Exchange Commission of Pakistan (SECP), i.e., the Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) shall close on Friday, December 31.

These schemes were initially operative for three months, from July to September. On public demand these schemes were extended initially to October and then to November. Now they have been finally extended to December 31, vide its circular No 27 of 2010, placed on the SECP website. The fees structure in terms of S.R.O. 996(I)/2010 of October 26 shall apply.
The companies are earnestly advised to benefit from the schemes within the stipulated time, by either regularizing through filing of their overdue returns under the CRS or strike their companies off the register under the CEES.
This is the last and final extension and no further extension shall be granted. A strict action shall be initiated against the defaulter companies, after the closing of the schemes. -Online

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Posted in: CEES,companies,Companies Regularization Scheme,CRS,day,December,Exchange Commission,Islamabad,SECP