KARACHI, Dec 2: The members of the Karachi Stock Exchange on Tuesday elected five directors to the board of the exchange for a one year term beginning Jan 1, 2009. In all nine candidates were in the run.

The KSE said that 158 of the 200-member strong fraternity of stock brokers participated in the annual elections. The successful candidates with number of votes secured by each (in parentheses) were as follows: Muhammad Yasin Lakhani (134), Munir M. Ladha (130), Zafar S. Moti (112), Haji Ghani Haji Usman (106), and Asad Iqbal (73).

As provided in the Articles of Association of the KSE, four non-member directors would now be nominated by the Securities and Exchange Commission of Pakistan for the next term and the chairman shall be elected by the board from amongst those non-member directors. The Managing Director, Adnan Afridi, by virtue of his office, would be the 10th director on the board.