KARACHI, Jan 2: The Muttahida Qaumi Movement on Monday condemned the decision to make provisions for a non-member to become chairman of the Karachi Stock Exchange and termed it an attempt to take over the institution.

In a statement, MQM coordination committee criticized the decision of the Federal Security Exchange Commission of amending the election rule for KSE chairman and allegedly making provisions for “imposing” a non-member as chairman.

Terming the decision it maintained that as a result of negative policies and conspiracies of previous governments, the investors of Karachi were facing hurdles and problems and had strong reservations with regard to their right to security to their assets and investments.

In the present scenario, the decision to impose a non-member as chairman KSE was not in the KSE’s interest. The coordination committee demanded that the federal government should withdraw the amendment in the rule for electing chairman KSE.

The coordination committee assured KSE members of its continued support on the issue.