ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has appointed seven independent directors on the Pakistan Stock Exchange (PSX) board with certain conditions on three of them.
The corporate sector regulator in its meeting on Wednesday reviewed the 20 names forwarded by the PSX last month.
The PSX board members have been appointed for three years commencing from April 19.
Out of the seven new directors, Moin M Fudda and Shehzad Chamdia were also the part of the previous PSX board. However, the SECP has imposed a condition on Mr Chamdia that his membership on the board is subject to confirmation for acceptance of his resignation by CDC and its subsidiaries.
Ms Naz Khan has been appointed at the female’s reserved seat. The other members are Syed Masoud Ali Naqvi, Sulaiman Sadruddin Mehdi, Amjad Pervez – subject to the condition that he will resign from the post of adviser to Pearl Securities Ltd.
The seventh member appointed on the PSX board is Mr Husain Lawai, along with two condition that in case the sale of Summit Capital (Pvt) Ltd is not materialised till Aug 31, he will resign either from the PSX board or from the board of Summit Bank.
The second condition is that Mr Lawai will refrain from being part of any proceeding of PSX board regard any issue pertaining to Summit Capital (Pvt) Ltd, and will ensure independent business judgement without being subservient to any form of conflict of interest.
