SECP forms implementation body for CFS Mk II

Posted on 01.26.07 by StockPK Team @ 1:31 pm    

Securities and Exchange Commission of Pakistan (SECP) has notified constitution of “CFS Mk II-Implementation Committee” under the Chairmanship of Shaukat Tareen comprising representatives of the three stock exchanges, the SECP, Mutual Funds Association of Pakistan, stock brokers and bankers.

The Committee has been set up to address issues relating to smooth and early implementation of CFS Mk II.

In order to facilitate transparent and efficient financing for the market, the SECP earlier last year proposed authorisation of direct leverage finance in the form of CFS Mk II by eligible brokers, banks and NBFIs.

With a purpose of providing a level playing field for the three stock exchanges a centralized CFS Mk II will be developed at the National Clearing Company of Pakistan (NCCPL).

This arrangement would benefit investors as well as financiers who would not need to acquire Authorized Financier’s status of each stock exchange to extend financing and hence financiers would lend money to broker financees at any stock exchange in a geographically neutral manner.

The names of members of the CFS Mk II Committee are Shaukat Tarin; Abid Ali Habib, Member-KSE; Adeel Zafar, Member-LSE; Muddassar Malik, CEO, BMA Asset Management; Atif Subhani, Head of Research, Taurus Securities; Naved A. Khan, President, Pakistan Banks Association; Naeem Abdullah, Treasurer - ABN Amro Bank; Mohammad Yousuf, Executive Incharge Credit, Bank Alfalah; Ali Mahoon, Executive Vice President (Risk Management) of MCB Bank; Inayat Hussain, Director SBP; Nasim Beg, Chief Executive of Arif Habib Investment Management; Najam Ali, CEO, ABAMCO; Hamid Imtiazi, MD-LSE.

The other members of the committee are Aftab Chaudhree, MD-ISE; Aftab Diwan, COO-CDC; Muhammad Lukman, CEO-NCCP; Muhammad Ali Yacoob, Head of Broking of AKD Securities; Ashraf Kothari, CEO - Concordia Securities; Zafar Abdullah, Executive Director - SECP; Musarat Jabeen, Joint Director - SECP; Ashraf Tiwana, Registrar Appellate Bench - SECP; Abdullah Jan of KSE; Haroon Askari, Chief Manager Operations-KSE; Sani-e-Mahmood of KSE and Rafique Umer of KSE.

Source: The News