KARACHI, Jan 1: Salim Chamdia, stepping on as chairman of the Karachi Stock Exchange for 2002, resolved to implement the Grand Trading System and launch the Internet based trading during his term in the office. He was addressing the joint meeting of the outgoing and newly-elected members of the KSE on Tuesday.

He said the already planned Grand Trading System would increase the speed of execution of trades and provide more trading terminals to the members. The Internet based trading would enable members to expand their retail business operations and capture investments from overseas Pakistanis in Middle East.

Other items on his agenda, said the incoming chairman, included: setting up a marketing division within the exchange to promote equity investment culture and investor education; provide a simple and expeditious procedure for resolution of investors’ complaints/claims; review rules and regulations for the exchange, with concentration on strengthening the listing regulations. “No new companies belonging to the management of defaulting company would be allowed listing,” he declared.

He said that efforts would be made to get liquidation proceedings initiated against companies already delisted from the stock exchange. In order to protect the minority shareholders, he said, changes in law would be made.