September 24, 2006	Sunday	Sha'aban 30, 1427

KARACHI, Sept 23: A meeting of the Board of Directors of the Karachi Stock Exchange (KSE) held on Saturday asked the management to begin dialogue with the Securities and Exchange Commission of Pakistan (SECP) on outstanding issues.

A source privy to the meeting said that the management made a presentation before the board and explained the extent to which work had been completed and what remained in regard to implementation of the SECP’s directives.

“The focus of discussion between the board and the management was regarding matters, which had to be sorted out with the apex regulator before their dates of implementation, in order to avoid any mishap at the last moment”.

Some of those issues included new rules in regard to margins, netting and others for which various dates had been set. The management was understood to have sought time to bring about requisite changes in the Karachi Automated Trading Systems (KATS) to adopt the new systems.

The board directed the management to unclog the channel of communications with the SECP so as to dispel misunderstandings in the future.