Pakistan Stock Exchange: ISE, LSE employees to be safeguarded, says SECP

Chairman advises MDs to ensure workers are compensated

KARACHI: Interests of the employees of the Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE) will be safeguarded in the wake of the amalgamation of the two bourses into the proposed Pakistan Stock Exchange (PSE), said Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi.

According to a press release, Hijazi met the managing directors of the two stock exchanges and communicated the SECP’s stance on the protection of employees’ rights.

The SECP chairman reiterated the commission’s resolve to facilitate the completion of the integration process in a smooth manner, which involves balancing the needs of all stakeholders.

The chairman advised the managing directors of both stock exchanges to ensure that employees are compensated to the maximum extent, given that LSE and ISE will cease to exist as stock exchanges post-integration.

LSE and ISE will, however, continue to exist as companies with a change in the object clauses of their memorandums, allowing them to pursue other businesses.

He advised the management of LSE and ISE to ensure that the employees are given maximum benefits, including employment with the surviving entities of LSE and ISE, transfer of employees to the new stock exchange, and generous severance packages to compensate the employees.

To further facilitate the exchange’s employees, the SECP has also initiated recruitment process for some of the employees of LSE and ISE.

Published in The Express Tribune, November 10^th, 2015.

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