KARACHI, Aug 23: Muhammad Yacoob, General Manager of the Karachi Stock Exchange (KSE), has been appointed acting Managing Director of the exchange in place of Noman Ahmed who resigned on Friday.

According to a KSE press release, the Board of Directors of the KSE considered his resignation as under the Articles of Association of the exchange, the resignation is subject to prior approval of the Securities and Exchange Commission of Pakistan. The board, on the request of Noman Ahmed has allowed him to proceed on leave until the matter is decided at the SECP level.