The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of acting managing director of Karachi Stock Exchange (KSE) for an interim period. According to a press release issued here on Saturday, the SECP and KSE resolved various outstanding issues amicably at a meeting between the SECP Chairman and the outgoing directors and the newly-elected directors of KSE.
The SECP reiterated the need for early completion of transparent process for the appointment of a permanent managing director at the exchange. The SECP Chairman emphasised that the chairman of KSE Board of Directors would continue to be from among non-member directors, keeping in view good corporate governance and in line with international best practices.
It was agreed by the KSE board members that the functions of internal audit and market surveillance at the exchange would remain in place. Further, the board members assured of their co-operation and commitment in managing the affairs of the exchange in the best interests of the market and to promote transparency and integrity. The SECP chairman reassured the participants that the regulator would continue to work in close co-ordination with the exchanges and play a facilitating role for the development of capital markets and enhancing investors'' confidence.-PR