Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

SECP - Securities and Exchange Commission of Pakis : Demutualization: SECP approves documents submitted by stock exchanges

07/23/2012 | 05:52am US/Eastern
Demutualization: SECP approves documents submitted by stock exchanges ISLAMABAD, July 23: The SECP has approved various documents submitted by the stock exchanges under the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012.

Promulgated on May 7, 2012, the Act provides a framework for the corporatization, demutualization and integration of the stock exchanges. The demutualization will bring the Pakistani capital market on a par with other international jurisdictions, result in enhanced governance and transparency at the stock exchanges and will attract strategic investors which will not only provide equity and technical expertise but will also result in increased visibility of these exchanges on international capital market forums.
The approved documents include revaluation of assets and liabilities of the stock exchanges, plans for the segregation of commercial and regulatory functions and memorandums and articles of association of the exchanges. The SECP has also approved the authorized and paid-up capital of the exchanges with the number of shares to be issued, names of initial shareholders of the exchanges and the number and value of shares to be allotted to each member, names of member directors of the exchanges nominated by the exchanges, along with names of SECP-nominated 6 directors on each stock exchange to act as the first directors. Further, detailed five-year development plans together with the capital expenditure estimate and sources of finance along with SECP's observations on the same in the interest of the market, have also been approved.
The approval marks the achievement of an important milestone towards completion of the said exercise. It is expected that the stock exchanges will now be able to complete the subsequent activities required in the Act and will stand demutualized by September 3, 2012, as stipulated in the Act.

distributed by
React to this article
Latest news
Date Title
06:10pDJFHFA Puts New Rules on Delinquent Loan Sales--Update
06:09p DAIMLER : smart BRABUS tailor made for the new smart generation: Anything is possible
06:09p COCA COLA HBC : Announces the publication of supplementary prospectus relating to the EUR 3,000,000,000 Euro Medium Term Note Programme of Coca-Cola HBC Finance B.V.
06:08p BILL GATES : Business Highlights
06:08p JOHNSON & JOHNSON : Other Events (form 8-K)
06:08p CVB FINANCIAL : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)
06:08p NUVN GLOB : Nuveen Global High Income Fund Declares Monthly Distribution Increase
06:08p NUVEEN MICHIGAN QLITY INCOM MUNICIPAL FD : Closed-End Funds Declare Distributions
06:08p DELAWARE INVSTMT MNST MNPL INM FD II : Investments :® Municipal Income Funds Announce Dividends
06:07p DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)
Latest news
Advertisement
Hot News 
LSK : Indian River returns to "Tradition' by staging "Fiddler on the Roof"
TERTIARY MINERALS : 23 February 2015 - DIRECTOR'S DEALINGS, ISSUE OF WARRANTS, TOTAL VOTING RIGHTS AND CORRECTION
RURELEC : To Pay Off Short-Term Loan As It Eyes Return To Dividends
FALANX : Cyber Insurance Joint Venture
NXP to buy Freescale, create $40 billion company
Most Read News
06:03pDJMary Lou Jepsen Leaves Google to Join Facebook's Oculus - Re/code
06:02p SYNIVERSE : Highlights $46 Billion Opportunity Cost for Mobile Operators Due to Market Distractions
06:04p PACIRA PHARMACEUTICALS : Other Events, Financial Statements and Exhibits (form 8-K)
06:01p ENABLE MIDSTREAM PARTNERS : to Present at Barclays Investment Grade Energy and Pipeline Conference
06:06p ROWAN : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)
Most recommended articles
06:04pDJMorgan Stanley Expects Suit From NY AG Over Mortgage Bonds -- 2nd Update
06:03pDJMary Lou Jepsen Leaves Google to Join Facebook's Oculus - Re/code
05:57pDJNabors Swings to Loss on Write-Downs
05:50pDJGENERAL MOTORS : Five People Reject Settlement Offers From GM Ignition-Switch Fund
05:49pDJWPX to Layoff 83 Workers, Consolidate Operations -- Update
Dynamic quotes  
ON
| OFF