ISLAMABAD, June 24: The Securities and Exchange Commission of Pakistan (SECP) has constituted a high-powered committee to address issues related to Continuous Funding System (CFS) Mk II and to work out the details for its implementation.

The committee comprising representatives of the three stock exchanges, SECP, Mutual Funds Association of Pakistan, brokers and bankers has been formed under the chairmanship of Shaukat Tarin, president of Union Bank, states an official announcement issued here on Saturday.

Earlier this month, in a meeting with the management and brokers of Karachi Stock Exchange, the SECP had detailed discussions on the new CFS Mk II product and it was decided to constitute a committee to address concerns raised by some of the participants.

CFS Mk II would adequately address the biases inherent in the existing finance models, namely CFS and un-official Badla Finance System, the commission has observed in its statement.