The Board of Directors of Lahore Stock Exchange (LSE) held a meeting with Rashid Malik, Commissioner, Securities and Exchange Commission of Pakistan (SECP), at the regional office of SECP here on Wednesday and discussed a wide range of issues related to stock market, including demutualisation/integration.
"It was just an informal meeting and chit chat, having no specific agenda. It was a general discussion ranging over a variety of issues, which were discussed informally. They mainly pertained to stock market, including demutualisation/integration of stock exchanges, closing price issue of certain scrips, ongoing privatisation process and arrival of HBL IPO, said a member of LSE Board who had attended the meeting.
About appointment of a new managing director/chief executive of LSE, he said that this issue also came under discussion, but in an informal way. The Board recommended one of the short-listed candidates to the SECP for approval, which was awaited, he added.
He, however, dispelled the impression that SECP authorities had rejected the recommended candidate and insisted on extending the term of the sitting MD. "These are just rumours, and there is no truth in them," he categorically stated. "However, by law, the SECP is the final authority for appointing the MD under the 2001 reforms undertaken by the regulator," he pointed out. Under this arrangement, SECP is the final authority to make appointment of the MD, he added.
Till the appointment of the new MD, the present MD will continue performing his duties as prescribed in law, he said. About the possibility of re-appointment of the sitting MD for another term, he said that he had refused to continue, and that was why the LSE Board had forwarded new recommendation to the regulator. It may be mentioned here that LSE Selection Committee comprising the Board members had finalised the name of Farid Malik, a former General Manager of LSE, for the office of the chief executive on June 9 and subsequently sent the recommendation to SECP for approval.
Earlier, the LSE had advertised the post in the national press and subsequently, out of seven candidates, three names were short-listed for interview, including Farid Malik, Rehmat Ali Hasni of Escort Bank and Aftab Chaudhry, Managing Director of Islamabad Stock Exchange (ISE).
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