The National Clearing Company of Pakistan Limited "NCCPL" in pursuance of the provisions stipulated under Clearing Houses (Licensing and Operations) Regulations, 2016 ("the Regulations") has appointed four independent directors on its Board on March 31, 2017 after obtaining the approval of Securities and Exchange Commission of Pakistan.

Further, in accordance with the requirement of the Regulations, the Board elected Humayun Bashir as its Chairman from amongst the independent directors. The NCCPL's Board now comprise of 13 directors out of which one third are independent. The independent directors include Humayun Bashir (Chairman of the Board), Sadia Khan, Jamil Iqbal and Zafar Iqbal. The remaining Board Members include Nadeem Naqvi, Muhammad Yasin Lakhani, Ahmed Chinoy, Naveed Amin, Inayat Ullah Niazi, Mian Ayyaz Afzal, Mansur Khan, Rehmatullah Khan Wazir and Muhammad Lukman (ceo). The Board members hold rich and vast management experience of various sectors.

The NCCPL is principally engaged in the business of clearing and settlement of securities through the National Clearing and Settlement System. After, the promulgation of Securities Act, 2015, the NCCPL has assumed the role of Central Counterparty from May 2, 2016 including the responsibility to perform the risk management for all relevant segments of the capital market. -PR

Copyright Business Recorder, 2017