KARACHI: Humayun Bashir has been re-elected Chairman of the Board of Directors of National Clearing Company of Pakistan Limited (NCCPL). NCCPL has announced the appointment of independent directors and new Chairman.

NCCPL is an infrastructure institution of Pakistan's capital market, acting as a Central Counterparty and the only licensed entity providing clearing and settlement services for trades and transactions executed at the Securities Exchange. In additional to clearing and settlement services, NCCPL also computes, determines, collects and deposits Capital Gain Tax (CGT) on disposal of listed securities, units of open ended mutual funds and trading of future commodity contracts as per CGT regime implemented by Federal Board of Revenue (FBR).

NCCPL, in pursuance of the provisions stipulated under Clearing Houses (Licensing and Operations) Regulations, 2016 has appointed two independent directors on its Board on March 05, 2021 after obtaining the approval of Securities and Exchange Commission of Pakistan. Further, in accordance with the requirement of the Regulations, the Board has re-elected Humayun Bashir as its Chairman from amongst the independent directors.

The NCCPL's Board now comprise of 11 directors including 7 shareholder's representatives, two independent directors, nominee from Federal Board of Revenue and the Chief Executive Officer. The Board comprises of Humayun Bashir (Chairman of the Board), Muhammad Lukman, Chief Executive Officer, Ms Aliya Yusuf- Independent director, Farrukh Khan- Non Executive Director, You Hang- Non Executive Director, Ahmed Chinoy- Non Executive Director, Muhammad Ashraf Bawany- Non Executive Director, Rashid Rahman Mir- Non Executive Director, Zahid Latif Khan- Non Executive Director, Mubashar Maqbool- Non Executive Director and Ch Muhammad Tariq- FBR's nominee.

The Board members hold rich and vast management experience of various sectors.-PR

Copyright Business Recorder, 2021

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