KARACHI, Nov 17: Thirteen members of the Karachi Stock Exchange have filed nomination papers to contest for five stock broker seats on the board of directors of the KSE for the year 2009.

The elections are scheduled to take place on Dec 2.

Those in the run include: Haji Ghani Haji Usman (nominee: Ghani Osman Securities); Tariq Ilyas Janoo (Friendly Securities); H Reza-ur-Rahim (JP Morgan Pakistan Broking); Amin Yusuf (AKY Securities); Mohammad Junaid (Al-Hoqqani Securities & Investment Corporation); Khalid Waheed (HUM Securities); Zafa S Moti (Zafar Moti Capital Securities); Mohammad Yasin Lakhani (Lakhani Securities); Asad Iqbal (Ismail Iqbal Securities); Atif Mohammad Khan (Foundation Securities); Farrukh H Sabzari (KASB Securities); Jawad Amjad (Invisor Securities) and Munir M Ladha (Eastern Capital Ltd).

The KSE announced on Monday that the scrutiny of nomination papers would take place on Tuesday (Nov 18) and contestants could withdraw before Nov 24.

Analysts said that nominations represented a couple of old timers; a few who have sought to seek a bigger role on the KSE in the last few years and a small bunch of candidates testing their luck for the first time.

And a larger number of members have come forward, compared to nine nominations that were received last year.

But for all that the pre-election period at the KSE lacks the hustle and bustle witnessed in a distant past.

In two weeks, the 200-member strong brokerage fraternity would elect five of their representatives from the nine who make up the board. But there is hardly any visible campaigning.

Quite in contrast, veterans recall time when there used to be feverish activity, starting several months before the elections.

Active campaigning, group formations on the basis of ‘biradari’ and common thought (and interest), and the last minute suspense before result announcements were all part of the spicy event.

So what has happened to dampen the enthusiasm of money-minded men at the exchange?

“Ever since the board was saddled with four non-member directors under the capital market reforms in 2002, the broker power has been diluted,” says a major market participant, adding “and so has their interest.”

Three years latter in 2005, a non-member director was installed by the Regulators as the chairman, banishing the age- old custom of a broker director carrying the commanding voice in the board room.

But the fact that almost three members are vying for each of the five vacancies for 2009, suggests that there still are stock brokers who would sit on the board to take the blame or fame, in what promises to be the most difficult year in the history of the Exchange.