KARACHI, July 19: The Karachi Stock Exchange (KSE) submitted a proposal on CFS limit review along with the criteria for selection of eligible securities to the Securities and Exchange Commission of Pakistan (SECP) at a meeting on Thursday.

The management of the KSE led by its Chairman Shaukat Tarin met with the Chairman SECP Razi-ur-Rehman Khan and other officials at the commission’s office, a KSE statement said.

It was agreed that the SECP would revert to the KSE with its decision on the proposal. The decision of the SECP on this proposal shall be implemented after giving an advance notice of at least 30 days to the market participants.

The meeting also agreed to amend the Regulation 3 (b) of the regulations governing Futures contract. These amendments shall be implemented after notifying the same through the Gazette of Pakistan by August 1, 2007.

The statement further said that the draft documents in respect of the financial institution margining system shall be forwarded to the exchange by the National Clearing Company of Pakistan (NCCP) on August 24, 2007 and thereafter the exchange will arrange to convene a meeting of the committee formed by the SECP on the subject matter. —APP