KARACHI (December 16 2002) : History would be made at the Karachi Stock Exchange as, after the election of five directors, the chairman will be picked, from among them, for 2003, a rule introduced by the Securities and Exchange Commission of Pakistan (SECP) to lessen the hold of members in the board of directors of the Exchange.
The annual election is scheduled to be held on December 19, 2002, for five vacancies of directors of the Karachi Stock Exchange (KSE) for the year 2003.
The Exchange has received 11 nomination papers–from Haji Ghani Haji Usman, Mohammad Iqbal Suleman Adhi, M Younus H Ali Dangra, Arif H Yousuf Saya, Salim M Sozer, Zafar S Moti, Muhammad Hanif Bawa, Arif Habib, Firozuddin A Cassim, Abdul Majeed Adam and Haroon Iqbal.
The SECP made changes to lessen the presence of the members in the board of directors and reduced the number to ten from 18. Now five directors would be from the stockbroker community and they will elect the chairman for the new-year, while four would be from the private sector nominated by the SECP and managing director, whereas the position of vice-chairman has been abolished.
At present, the KSE has 18 directors, of whom 10 are elected, including chairman and vice-chairman, and seven are nominated by SECP and managing director.