The Securities and Exchange Commission of Pakistan (SECP) has selected seven new independent directors for the Pakistan Stock Exchange (PSX).
The directors, who were approved for PSX, include:
- Moin Fuda
- Hussain Lawai
- Naz Khan
- Shahzad Chamdia
- Suleman Mehdi
- Masood Naqvi
- Amjad Pervez
With the appointment of the above persons, the following persons shall stand retired as directors:
- Shazad G Dada
- Moin M. Fuda
- Tawfiq A. Hussain
- Muneer Kamal
- Muhammad Naeem
Moin M Fuda, who served as the SECP-nominated director on the Board of PSX during the previous term, has now been reappointed as an independent director.
The SECP office dropped the name of the previous chairman of the Board, Muneer Kamal.
Earlier, the newly constituted PSX Board held its first meeting and elected seven directors on behalf of the PSX shareholders for a period of three years. The election was held at an extraordinary general meeting (EOGM) on April 19.
Last month, a 20 name list was forwarded by the PSX and the SECP selected seven directors from the list.
The seven elected directors were Zhiping Rong, QUE Bo, Yu Huali, Shahnawaz Mahmood, Ahmed Chinoy, Abid Ali Habib and Mohammad Ashraf Bawany.
11 candidates had submitted documents to contest the election on seven seats, but the number of candidates fell to seven after two of them withdrew their nomination papers and another two were found ineligible.
Previously, the SECP and PSX were engaged in a struggle over the bourse’s board of directors election in which the PSX dumped the Apex Regulator’s ruling to hold fresh elections for the board of directors on February 28, stating that the outgoing board was constituted for three years under the Companies Act 2017 and the next elections should be held in February 2019.