950804

CLA chief directs

KSE, LSE to induct

full time chief

executives

HASEEB HAIDER

LAHORE: Corporate Law Authority (CLA) Chairman Shamim Ahmad Khan has directed Karachi and Lahore stock exchanges to induct full time chief executives to better manage the widening activities of bourses.

Chairing the closing session of Pakistan Credit Rating Agency (Pacra) and World Bank, conference on development of bond market, at Lahore University of Management Sciences (LUMS) here, CLA chief, who last year asked stock exchanges to appoint general managers for a better management of the bourses said, as capital markets operations were growing and there was work pressure on managements, it is time that whole time chief executive are appointed. Suggesting the merit of the chief executive, he said it should be a professional financial manager. "Stock exchanges should amend their laws in this regard", he directed the stock exchanges leaders.

Shamim Ahmad Khan said that his organisation has asked the stock exchanges to put directors on its boards from outside, as it wants to see" that investors also have a "say" in company affairs.

Shamim said that bond market was a new development and Corporate Law Authority had devised a mechanism so that investors confidence could be won.

He assured that CLA would keep pace with the market developments in providing regulatory framework for the promotion of bond market.

He said that for the development of bond-market great responsibility lies with the under writers.