ISLAMABAD, April 9: The member directors of the Karachi Stock Exchange Board led by its chairman Yasin Lakhani on Saturday met SECP Chairman Dr Tariq Hassan and Commissioner Shahid Ghaffar and discussed the issue arising due to the KSE notice dated April 6, 2005 regarding futures market and the circumstances leading to the reversal of the KSE Board’s earlier decision on the subject.

A press release jointly issued by SECP and KSE Board said that the meeting had threadbare discussions on the issue in a very pleasant atmosphere and after a detailed analysis it was decided that the KSE delegation after consultation with the other KSE Board directors and management of KSE would submit a collective proposal to SECP in this regard.

Dr Hassan assured the delegation that SECP would consider the proposal in light of the discussions held and seek to resolve the issue before the opening of the market on Monday.

The SECP chairman noted with concern that the media reports suggesting tension between the member directors and non-member directors of KSE Board on the one hand and the KSE Board and management on the other hand.

Mr Lakhani reassured the SECP chairman that all such news items were unfounded and that not only the KSE Board was working in a collegiate manner, there was cooperation between the Board and the management of Karachi Stock Exchange.

He further reaffirmed solidarity with the SECP and appreciated the active coordination between the apex regulator and the

KSE.

Dr Hassan expressed confidence in the KSE Board and management and stated that the successful handling of the recent stock market situation was clear evidence of the smooth and proper functioning of the institutions and their systems.