September 16, 2003	Tuesday	Rajab 18, 1424

ISLAMABAD, Sept 15: The chairman, Securities and Exchange Commission (SECP), Dr Tariq Hassan on Monday assured the members of Islamabad Stock Exchange that the second phase of the capital market reforms would be launched after consulting the stock exchanges.

During his first visit to a bourse since he took over as the head of the capital market regulator, he said he considered the stock exchanges vital components of the capital market as well as partners of the Commission owing to their role as frontline regulators.

This was part of his programme to hold introductory meetings with the members of all the three stock exchanges. His second stop-over would be in Lahore.

Dr Hassan commended the ISE which, though the youngest among the bourses, had not only imbibed and adopted the reforms introduced by the SECP but had even been proactive in carrying out its functions.

Sustainability of reforms was as important as their adoption, he pointed out. While the future spate of reforms would be based on mutual consultation, the chairman pointed out that the Commission had its own mandate which he expected to fulfil with the cooperation of all the market players. “I expect reciprocity,” he added.

Earlier, the ISE chairman, Chaudhry Mohammad Sharif, introduced the SECP chief to the members.

The ISE managing director, Aftab Ahmed Chaudhry, made a presentation on the history of bourse, its structure and functioning.