The Securities and Exchange Commission of Pakistan (SECP) has granted, in principle, its approval to the schemes of integration of the Karachi Stock Exchange Limited (KSE), Lahore Stock Exchange Limited (LSE) and Islamabad Stock Exchange Limited (ISE) under the name of the Pakistan Stock Exchange (PSE).
According to a statement the commission, in exercising powers conferred to it under section 18 of the Stock Exchanges (Corporatisation, Demutualisation and Integration) Act 2012, granted the approval in its meeting.
The KSE, LSE and ISE had earlier entered into an MOU on August 25, 2015 for their integration into one single trading platform. Following receipt of the SECP’s approval, the stock exchanges shall now be publishing the schemes of integration in at least two English and two Urdu daily newspapers of national coverage. Stakeholders would have 15 days from the date of publication of the schemes to submit objections, if any, along with reasons as to why the SECP should not approve them.
Published in The Express Tribune, November 3rd, 2015.
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