The Securities and Exchange Commission of Pakistan (SECP) has nominated four non-elected directors in new board of Lahore Stock Exchange (LSE) for the year 2005. Those nominated in the board included former Justice Amir Raza Khan, Shahid H Kardar, Roohi Rais Khan and Saud Hassan ud-Din Khan. Among them, former Justice Amir Raza Khan, Shahid H Kardar, Roohi Rais Khan were also members of the outgoing board while Saud Hassan ud Din, who is also member of the Privatisation Commission of Pakistan, is the new inductee.

He has replaced Amir Sherazi of Honda Atlas. Sources told Business Recorder on Friday that SECP has replaced Amir Sherazi because of his frequent absence in the board meetings of the LSE last year.

The first meeting of the new board will be held on January 6, 2005 to elect new chairman of the exchange. Syed Asim Zafar has made a clean sweep victory in the LSE polls held on 18th of December, he will be re-elected as chairman for the term 2005. The total strength of the board is nine members, five elected and four non-elected members, while because of his designation LSE Managing Director will be the 10th non-elected member of the board. However, he will not take part in the voting.

Copyright Business Recorder, 2005