ISLAMABAD, March 25: M/s Ferguson has started the valuation of Islamabad Stock Exchange (ISE) as a part of the demutualisation of all the three stock exchanges of the country.

This was stated by Aftab Chaudhry, managing director ISE while speaking at a seminar on ‘Corporatisation and Demutulisation’ organised by the exchange jointly with the Securities and Exchange Commission of Pakistan (SECP) on Tuesday evening.

He said the ISE had chalked out an extensive plan for segregation of the commercial functions of the exchange from the regulatory functions. The ISE was planning to constitute a regulatory committee comprising of non-trading right certificate holders. The committee would be responsible for regulatory enforcements.

The seminar was attended by members of ISE, capital market participants and representatives of banking and financial communities. The seminar was a part of SECP’s efforts to create awareness and understanding regarding corporatisation and demutualisation in Pakistan.

It was the second in the series of seminars being held in various cities of the country. The first seminar in this context was held in Karachi on Feb 15.

During the seminar, the experts discussed the Demutualisation Ordinance, operational issues and future challenges that demutualised stock exchanges are going to face.

Rashid I Maik, commissioner securities market division, SECP, said the demutualisation ordinance had been approved by the Cabinet but was still waiting for the approval of the president.