KARACHI, Dec 7: Five directors were elected by the members of the Karachi Stock Exchange on Thursday who would represent the stock brokerage fraternity on the board for the calendar year 2007.

The five elected from the seven contestants include the following: Shehzad Chamdia (nominee); Dawood Jan Muhammad (nominee); Haji Ghani Haji Usman; Muhammad Shoaib Memon (nominee) and Sikandar Esmail Bagasrawala (nominee).

Under the capital market reforms programme, four non-member directors would be nominated by the Securities and Exchange Commission of Pakistan (SECP). The managing director is also appointed by the SECP, which equals the balance of directorship on the bourse. Starting 2005, a chairman is not to be a broker but one from the four directors nominated by the apex regulator.

Last year, the nominee directors and chairman had been appointed by the SECP as late as in March, which broker directors for 2006 complained gave them little time to work on the board. “An early composition of the full board for the upcoming year would be useful,” said an elected director, who asked not to be named.