January 07, 2007	Sunday	Zilhaj 16, 1427

KARACHI, Jan 6: The Securities and Exchange Commission of Pakistan (SECP) on Saturday announced names of (non-member) directors on the Board of the Karachi Stock Exchange for 2007.

The names are the same as last year and include: Zaffar A. Khan; Tariq Kirmani; Zakir Mahmood and Asad Umar.Earlier on December 7, The stock brokers had elected five directors to the 10-member Board: Those elected from seven contestants included the following: Shehzad Chamdia; Dawood Jan Muhammad; Haji Ghani Haji Usman; Muhammad Shoaib Memon and Sikandar Esmail Bagasrawala.

Under the capital market reforms programme, four non-member directors are nominated by the SECP.

The managing director is also appointed by the SECP, which equals the balance of directorship (representing the SECP and those from the broker fraternity) on the bourse. Starting 2005, a chairman is not to be a broker but one from the four directors nominated by the apex regulator.

Last year, the nominee directors and chairman had been appointed by the SECP as late as in March, which broker directors for 2006 complained gave them little time to work on the board.

“An early composition of the full board for the current year could be indicative of the regulator’s intent to speed up its slow progress on the market reforms front”, said an elected director, who asked not to be named.