KARACHI: The Securities and Exchange Commission of Pakistan (SECP) and the Karachi Centre for Dispute Resolution (KCDR) have discussed the possibility for future cooperation between the two organizations.
Accroding to a statement issued here Tuesday the Chairman of SECP, Muhammad Ali, visited the KCDR in this connection and was welcomed by the President KCDR, Justice (Retd.) Saiduzzaman Siddiqui, Anwar Mansoor, Vice President KCDR, Moin Fudda, member Board of Governor KCDR and Director KCDR, Dr. Zafar Ahmed Khan Sherwani.
The Chairman SECP was briefed about the role of KCDR and the Director of KCDR highlighted the role of mediation in corporate good governance and presented the statistics of the number of cases referred to and resolved by KCDR since its establishment.
He emphasized various benefits of mediation such as inexpensive costs, speedy resolution time as well as a win-win solution. It was highlighted that mediation brings easy and quick relief to both parties involved in a dispute.
Dr. Zafar Ahmed Khan Sherwani apprised the Chairman SECP that the Karachi Stock Exchange and other Exchanges can take benefit of mediation services of KCDR under Regulation 26 of the Karachi Stock Exchange regulation 'Dispute to be referred to Arbitration' for amicable settlement of dispute before going to arbitration.
The Chairman SECP appreciated the services provided by the Karachi Centre of Dispute Resolution and assured full support for the promotion of KCDR as well as referral of cases.
He also agreed to a possible signing of Memorandum of Understanding between SECP and KCDR.
Muhammad Ali, Chairman SECP directed Miss Natasha Jahangir to interact and coordinate with Director KCDR to point out the sectors in which SECP can take benefit from the services of KCDR.
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