LAHORE: Pursuant to the Memorandum of Understanding (MoU) signed by the three exchanges for creation of Pakistan Stock Exchange, the general body of Lahore Stock Exchange on Wednesday approved the Scheme of Integration of the LSE with the Karachi Stock Exchange as well as consequential changes in the Memorandum and Articles of Association of LSE to convert the residual company into a non-banking finance company, as from the effective date to be announced by Securities and Exchange Commission of Pakistan (SECP).

The meeting was chaired by LSE chairman Mohammad Naeem. The scheme will now be submitted to the SECP for approval as per requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 for implementation.

Published in Dawn, October 29th, 2015

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