The independent directors include Shaharyar Ahmad, Senior Executive Vice President Askari Commercial Bank Limited, Syed Kaukab Mohyuddin, Managing Director, Wah Nobel Group of Companies Limited, Aly Rattansey, Senior Partner, A F Ferguson & Co Chartered Accountants and Mohsin Khalid, Executive Director, Ittehad Steel Industries.
Five member-directors namely Abdul Waheed Jan, Muhammad Usman, Sikandar M. Khan, Ahsan Imtiaz Bhatti and Zahid Latif Khan had already been elected directors among the members of the ISE while the managing director is the tenth director on the Board.
After the election, the new Chairman thanked the board members and the brokers' community for reposing confidence in his leadership. He pledged to complete the reforms' agenda and to meet the targets set by the board for bringing further transparency in the stock market.
Later in a simple but impressive ceremony, the outgoing chairman, Omer Iqbal Pasha handed over the traditional key of the exchange to the new chairman.
Jan has been honorary treasurer of the ISE for two years during 1996 and 1999. He has also served the exchange as director and Vice Chairman in 2000. Jan has a vast experience of the capital market.
The business quarters especially the broker community has warmly welcomed him as a new chairman of the board of directors of the exchange.
Jan has become chairman of the exchange at a very crucial time when the capital market structure is likely to undergo extensive second generation reforms which inter alia include demutualisation and integration of stock exchanges and introduction of a national market system is also on the cards of the Securities Market regulator of the country.