Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Pakistani President Signs Law to Demutualize Stock Exchanges

Pakistan’s president Asif Ali Zardari, signed into law yesterday a bill to demutualize the nation’s stock exchanges, a move aimed at bringing the bourses in line with international peers.

Lawmakers approved the stock exchange corporatization, demutualization and integration law on March 27. Approval of the bill requires the nation’s three stock exchanges to be converted into companies.

The main Karachi Stock Exchange, home to companies including Oil & Gas Development Co. and Pakistan Telecommunications Co., follows bourses from India to Malaysia in demutualization. Under a reform plan started in 1997, management independent of the government automated trading and risk-management systems were introduced at the exchange.

The law allows the Karachi, Islamabad and Lahore stock exchanges to convert themselves into for-profit entities owned by shareholders from non-profit, mutually owned organizations.

“It will be a step forward in every way,” said Shahrukh Naqvi, head of equity sales at Invest Capital Markets Ltd. in Karachi. “It will improve confidence among retail investors, provide better price discovery and turn the market into a real source of capital for companies.”

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.