ISLAMABAD, Sept 2: The expert committee on demutualization and integration of stock exchanges submitted its final report to the Securities and Exchange Commission of Pakistan (SECP) during a meeting held here on Thursday.

Earlier this year the commission constituted an expert committee, comprising national and international securities market experts, to formulate a comprehensive plan for demutualization and integration of stock exchanges in the country, says a press release.

The meeting was presided over by SECP Chairman Dr Tariq Hassan and Commissioner (Securities Market) Shahid Ghaffar was also present. The committee members present were, Shamim Ahmad Khan, chairman of the committee, Justice (Retd) Aamer Raza A.Khan, Ebrahim Sidat, Rashid Zahir and Usman Hayal, secretary to the committee.

In addition to the members who attended the meeting, the committee comprises the following international members, namely Alan Cameron, Dr. Philip N.Pillai and Ashley Alder.

Mr Shamim Ahmad Khan briefed the SECP chairman on the salient features of the report as well as the recommendations for demutualization and integration of the stock exchanges. The SECP chairman extended his appreciation for the professional work done by the committee.

Although the committee has already solicited the views of brokers, investors and issuers on this matter, the SECP intends to further consult these and various other stakeholders and take into account their legitimate interests before implementing the recommendations made by it.

Further, the commission intends to hold a press conference to inform the general public about the implementation plan in due course. In addition, it also intends to hold seminars, workshops etc., on this matter to raise awareness amongst the general public.