LAHORE, Aug 20: Chairman Securities and Exchange Commission of Pakistan (SECP) Razi-ur-Rehman Khan on Monday said that the commission was presently working on the draft of a demutualisation law, which when enacted, would help further streamline the process of demutualising the country’s stock exchanges.

Talking to newsmen at the inaugural ceremony of the 9th branch of Arif Habib Rupali Bank at the Lahore Stock Exchange building, he said that the process of demutualisation of stock exchanges started in January 2006. It was scheduled to be completed within 18 months but a six-month extension was given later, he added.

Mr Khan said that the stock exchanges were now scheduled to complete the demutualisation process by December 31 this year.

He said that about 55,000 companies are at present registered with the SECP, adding that about 4,000 new companies were registered with the commission during the year 2006-07.

Work on corporate reforms was also in progress, the chairman observed. —APP