The management of Karachi Stock Exchange (KSE) is developing an interface for members through which members can log and store the receiving orders electronically at their dedicated local machine/server.
The decision was taken under Securities and Exchange Commission Rules 1971 regarding the Maintenance of Order Book by brokers whereby the members are required to maintain order book/register in chronological order, showing the number of securities to be bought and sold, the nature of transaction and the limitation, if any, as to the price of the securities or the period for which the order is to be valid.
This will facilitate the members to comply with the said requirements and as directed by the Governing Board of Directors in the meeting held on June 7, the KSE in its notice issued here on Thursday said. The development and testing of the said interface will be completed and available by August 15. However, the responsibility of maintenance/ recording of orders through the said interface will be that of the members solely, the KSE management said.
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