September 19, 2003	Friday	Rajab 21, 1424

KARACHI, Sept 18: The chairman, Securities and Exchange Commission of Pakistan (SECP), Dr Tariq Hasan has said that the operations of National Commodity Exchange Limited (NCEL) should “start as soon as possible”.

A press release issued by the NCEL on Thursday said that the chairman, SECP, who visited the NCEL on Wednesday stated that success of NCEL was one of his top priorities. He said that as the first “de-mutualised” exchange in Pakistan, it was important for NCEL to forge its own identity and develop into an institution at par with the international commodity exchanges. The chairman, SECP, was said to have observed that the role of the SECP as a regulatory body was to promote business under ethical and professional standards. “NCEL, as a new organization, will have maximum support from the SECP to thrive, and the SECP will monitor to ensure credibility in the market and that proper risk management systems are in place,” the NCEL press release quoted chairman SECP to have said.

Earlier, Mr. Salim Chamdia, chairman, NCEL gave a briefing on the organization’s background and progress to date. NCEL would be the country’s first online future commodity exchange for trading in commodities such as gold, cotton yarn, cotton, wheat, rice, sugar, etc.