The Board of Directors of the National Clearing Company of Pakistan Limited (NCCPL) will discuss amendments to NCCPL Regulations pursuant to extension of Capital Gains Tax (CGT) regime to the unit holders of mutual funds and investors of Pakistan Mercantile Exchange (PMEX). Sources told Business Recorder here on Wednesday that the 124th meeting of the board of directors of the NCCPL will be held on Tuesday (December 20) at the board room of the company at Stock Exchange building, Karachi.
The meeting is expected to confirm minutes of the 123rd meeting of the board of directors held on October 17, 2016. The meeting would reconstitute the board of directors in accordance with governance structure prescribed in the Clearing House (Licensing and Operation) Regulations, 2016 (the Regulations) and to fill the casual vacancy occurring on the board.
It would review progress on issues discussed in the previous meetings of the board of directors. The meeting would review and approve appointment of an independent expert to evaluate current and project risk, and recommend optimal levels of capital in accordance with the requirements of the regulations. It is expected to finalise and approve appointment of chief regulatory officer. It will also review and approve amendments to NCCPL Regulations pursuant to extension of CGT regime to the unit holders of mutual funds and investors of Pakistan Mercantile Exchange (PMEX) and CGT tariff applicable to unit holders of mutual funds and investors of PMEX. It will also consider fixing the dates of board meeting for the calendar year 2016 and approving acquisition of office space on the 4th floor of newly constructed South Tower of LSE Financial Services Limited.
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