October 10, 2001	Wednesday	Rajab 22, 1422

LAHORE, Oct 9: All the 613 companies listed on the Lahore Stock Exchange (LSE) will move to the T+3 system from October 29, 2001.

According to a press release of the exchange issued here on Tuesday, the decision to this effect was made at the meeting of Governing Board of Directors of the LSE held on Monday.

The LSE was the first stock exchange in the country which moved to T+3 system in May this year. Listed companies were being brought into the system in phases and at present 26 companies were being traded and settled on T+3 basis.

The board expressed its satisfaction that the system had worked satisfactorily from an operational and risk-management point of view and agreed that the bourse was ready to move to the next phase of implementation.

Of the listed companies, those which are eligible for Continuous Net Settlement (CNS) at the National Clearing and Settlement System (NCSS) will move into the CNS.

NCSS is due to become operational before the end of the current month, it said.

The board also agreed that the carryover trades (badla) should not be allowed in illiquid shares in view of the risk management.

It also approved a proposal that the carryover trades would not be allowed in any non-CNS company from effect from December 10 next.