Kamal elected KSE board chairman

KARACHI: Securities and Exchange Commission of Pakistan (SECP) Chairman Mohammad Ali paid his first visit to the Karachi Stock Exchange (KSE) on Monday, during which Muneer Kamal, Vice Chairman of KASB Bank Limited, was elected chairman of the newly-constituted board of directors, for a period of one year.

Ali emphasised that SECP functions as a facilitator of the developmental process of capital markets and, therefore, should not be viewed as a regulatory body only. Enumerating the primary challenges for the new board and the exchange, Ali stressed that three crucial areas - capital market development, restoration of investor confidence and conforming to international practices - required immediate attention.

He pointed out the vital role played by stock exchanges in the economic expansion of the capital market.

Touching upon the strategic planning and governance responsibilities of the new board, Ali opined that the board, as the supreme decision-making body of the exchange, was expected to formulate a clear vision for the exchange and dedicate itself to the broader policy aspects.

Published in The Express Tribune, February 9^th, 2011.