SECP terrifying brokers into submission

The directive from Securities & Exchange Commission of Pakistan (SECP) to the three stock exchanges to appoint a non-member director as the chairman of the stock exchanges came on Tuesday, as a bolt from the blue. Till late in the evening on Wednesday, it was not clear whether the directive was in place or was subsequently withdrawn on ‘technical grounds’. But the episode is a reminder of the crisis of mid-August 2002, when the commission had issued a similar order. After a great deal of hue and cry by the members, the regulator modified its stance and let the chairman of the bourse be a broker.

Case of the fourth Stock Exchange

After nearly 30 months, the issue of Pakistan’s fourth stock exchange “PEX Limited” has come back to life as the Karachi Stock Exchange on Tuesday, withdrew its case for a stay order against PEX.

Leaving the legal jargon alone, which is difficult to understand and more so to interpret, knowledgeable sources suggest that the dramatic developments took place in the High Court of Sindh after the defendant Securities and Exchange Commission of Pakistan (SECP) pleaded to the Court that the application be disposed of, as the present stalemate was not helping in the resolution of the issue, and that the Regulator would look into the case afresh (not the exact words, but something to that effect). In response, the counsel for the plaintiff (KSE) Khalid Anwar, who had lodged the suit against SECP, filed a statement saying that he does not press this suit, which resulted in an Order of the dismissal of the case.

Case of the fourth Stock Exchange

After nearly 30 months, the issue of Pakistan’s fourth stock exchange — PEX Limited — has come back to life as the Karachi Stock Exchange on Tuesday, withdrew its case for a stay order against PEX.

Leaving the legal jargon alone, which is difficult to understand and more so to interpret, knowledgeable sources suggest that the dramatic developments took place in the High Court of Sindh after the defendant Securities and Exchange Commission of Pakistan (SECP) pleaded to the Court that the application be disposed of, as “the present stalemate was not helping” in the resolution of the issue, and that the Regulator would look into the case afresh (not the exact words, but something to that effect). In response, the counsel for the plaintiff (KSE) Khalid Anwar, who had lodged the suit against SECP, filed a statement saying that he “does not press this suit”, which resulted in an Order of the dismissal of the case.