KARACHI, Nov 7: Conversion of in-house badla to regular Continuous Funding System (CFS) would hopefully start from November 15, 2006, stated a press release issued by the Karachi Stock Exchange on Tuesday.

It stated that there appeared to be some confusion regarding the press release issued by the Securities & Exchange Commission of Pakistan (SECP) on November 2, whereby in-house badla is to be converted to regular CFS system.

“It is clarified that system for conversion of in-house badla is to be proposed by the three exchanges to the SECP by November 10, 2006,” the KSE said, adding: “SECP may take couple of days to examine and approve a uniform system and convey it to the exchanges.

The bourse observed that hopefully the conversion of in-house badla to regular CFS would start from November 15 and that the impression that conversion of in-house badla should have started from November 6, 2006 and could not take place because of any technical problem in the IT Department is incorrect.