KARACHI, Aug 6: The Securities and Exchange Commission of Pakistan (SECP) and the Karachi Stock Exchange (KSE) have agreed on a final draft of the “Stock Exchanges Corporatisation, Demutalisation and Integration) Rules, 2008.

A press release issued by the KSE stated that a meeting between the apex regulator and the KSE was held here on Wednesday which was attended by SECP chairman Razi-ur-Rehman Khan, KSE Managing Director Adnan Afridi, KSE Demutualisation Committee chairman Shehzad Chamdia and other members of the Committee.

The draft “Stock Exchanges (Corporatisation, Demutualisation and Integration) Rules, 2008” forwarded by the SECP was discussed and the observations/comments submitted by the KSE were considered and agreed to by the commission.

“After the detailed deliberation, the SECP and KSE reached a consensus and agreed on a final draft of the rules”, the KSE handout stated.

It was also agreed that the demutualisation process be expedited in a way to achieve the corporatisation and demutualization of the KSE by December 31, 2008, it added.