Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/23/2012 | 11:52am CET
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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
11:29p TUNISAIR : Violente charge contre les services et attitudes des hôtesses
11:29p VORNADO REALTY TRUST : Declares an Increased Quarterly Common Dividend of $.71 per Share, a New Indicated Annual Rate of $2.84
11:29p WEISSLAW LLP : VCA, Inc. Acquisition May Not Be in the Best Interests of WOOF Shareholders
11:29p Valero Energy Partners LP Announces Acquisition of Undivided Interest in the Red River Pipeline
11:28p OLD POINT FINANCIAL CORP : Change in Directors or Principal Officers (form 8-K)
11:28p KLONDEX MINES LTD : Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
11:28p HERCULES CAPITAL, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
11:28p LYONDELLBASELL INDUSTRIES N.V. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
11:28p MONTEVERDE & ASSOCIATES PC : Files Class Action Lawsuit On Behalf of Shareholders of Western Refining, Inc. in the Western District of Texas
11:28p New Participants Join Several CMS Alternative Payment Models
Latest news
Advertisement
Hot News 
-29.08%PEARSON : Warns of Lower Profit, Dividends on Weak U.S. Trading
-5.77%Target cuts earnings forecast due to weak holiday sales
-4.72%MITIE : Outsourcer Mitie announces new finance chief as it issues another profit warning
3.94%J D WETHERSPOON : JD Wetherspoon sees higher costs, lower sales
6.73%European shares retreat as Pearson plummets
Most Read News
05:25p Stocks, U.S. dollar, bond yields rise after Yellen comments
04:16aDJNEWS HIGHLIGHTS : Top Energy News of the Day
06:15a GOLDMAN SACHS : Finance industry's "worst case" on Brexit spurs contingency plans
01:16a SAMSUNG ELECTRONICS : chief questioned behind closed doors in arrest warrant hearing
04:54p JPMORGAN CHASE : hit with government lawsuit for pay discrimination
Most recommended articles
01/17DJS&P 500, Nasdaq Futures -- Technical Analysis
05:26p Stocks, U.S. dollar, bond yields rise after Yellen comments
05:15p Cameco plunge leads TSX lower, energy also weighs
05:15pDJCANADIAN PACIFIC RAILWAY : CEO Hunter Harrison Leaving Early
05:12pDJCrude Prices Fall on Dollar, U.S. Shale Output