KARACHI, April 12: The Board of Directors of the Karachi Stock Exchange has unanimously elected Zaffar A. Khan as first non-broker/non-member chairman on the board of the KSE for the year 2006. The KSE board met on Tuesday.

Mr Zafar has served Engro Chemical as president and PTCL as chairman.

The election was conducted pursuant to amendment carried out in the Articles of Association of KSE which states: “The chairman of the KSE board shall be elected by the board from amongst the non-member directors.”

The change in the articles was unanimously approved at the extraordinary general meeting held on April 6.

The 10-member KSE board presently consists of five elected directors from the members, four nominated non-member directors and the managing director. At present the KSE board comprises of Zaffar A. Khan (chairman), M.A. Lodhi (managing director), Muhammad Siddique Dalal, Abid Ali Habib, Tariq Kirmani, Munir M. Ladha, Zakir Mahmood, Zafar Moti, Asad Umar and Haji Ghani Haji Usman.—APP