Panel formed to review applications

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has appointed a committee to review applications for issue, circulation, and publication of prospectus for offer of sale of shares and self-listing, a notification issued by the apex corporate regulator said on Tuesday.  “In exercise of the powers conferred under sub-regulation 45 of the Stock Exchanges (Corporatisation, Demutualisation, and Integration) Regulations, 2012, the SECP has constituted the committee comprising independent professionals and industry experts,” the commission said in the notification.

The committee, which will be chaired by Saeed Ahmed, comprises Shabbar Zaidi, Shahid Ghaffar, Masood Naqvi, amd Aftab Ahmed Chaudhry. According to the SECP notice, the committee consists of independent professionals and industry experts, excluding any Trading Rights Entitlement (TRE) certificate holders and persons connected to them.  “The committee shall independently review the applications submitted under regulation 46 and submit its recommendations to the board of directors of Pakistan Stock Exchange (PSX),” it added.

It further said that the committee constituted or ratified, as the case may be under regulation 44 of Stock Exchanges (Corporatisation, Demutualisation and Integration) Regulations, 2012 shall appoint a consultant to the issue and submit an application to the board of directors of the exchange in prescribed form and supported by documents.