Pakistani stock exchange law approved by parliament
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Pakistani stock exchange law approved by parliament 27 March 2012Islamabad Reporter: Georgina Lavers
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The Stock Exchanges Law has finally been approved in a parliamentary session in Pakistan, after the bill was passed three years ago.
The law is part of the Securities Exchange Commission Pakistan’s (SECP) efforts to bring about structural and regulatory changes through legal reforms in the non-banking financial market and the capital market.
The law provides a framework for the corporatization, demutualization and integration of the stock exchanges.
Presently, the Pakistani stock exchanges operate under a mutualized structure, whereby members have ownership as well as trading rights, inherently creating a conflict of interest that the SECP hope to change.
Other draft laws awaiting approval include Securities Law, Futures Trading Law, SECP Law and Corporate Rehabilitation Law.
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