The Board of Lahore Stock Exchange (LSE) in its meeting on Monday discussed the issue of demutualisation and matters about its implementation and resolved to send the report on it prepared by LSE to the Securities and Exchange Commission of Pakistan (SECP). It may be pertinent to note the stock exchanges were required to submit their separate reports on demutualisation to the SECP by 31st of March, but due to various reasons they failed to do so.
However, in a meeting between the board of directors of the three bourses and authorities of the SECP in Islamabad on Friday, LSE and Islamabad Stock Exchange (ISE) announced they would send their reports by 6th of April, while KSE agreed to submit the same on April 20, 2005.
LSE chairman Syed Asim Zafar, who chaired the board meeting, told Business Recorder they would dispatch the report on demutualisation to the SECP by Tuesday.
He said the meeting discussed the issue of demutualisation from various angles. The meeting also discussed ways and means for its implementation. He further said the recent changes agreed between the bourses and SECP in futures market were also discussed. Another issue, which was deliberated upon was removal of the cap on service charges but the LSE board unanimously decided to defer it till June, he stated.
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