The Securities and Exchange Commission of Pakistan (SECP) and the Karachi Centre for Dispute Resolution (KCDR) have agreed on signing of a Memorandum of Understanding for future cooperation. The Chairman of the (SECP), Muhammad Ali, along with his team including, Deputy Director Law Natasha Jahangir, Commissioner Insurance, Muhammad Asif Arif, visited KCDR to discuss future cooperation between SECP and KCDR. The Chairman SECP directed to interact and coordinate with Director officials to point out the sectors in which SECP can take benefit from the services of KCDR. President KCDR, Mr. Justice (Retd.) Saiduzzaman Siddiqui, Mr. Anwar Mansoor, Vice President KCDR, Mr. Moin Fudda, member Board of Governor KCDR and Director KCDR, Dr. Zafar Ahmed Khan Sherwani welcomed the Chairman SECP at KCDR. Mr. Muhammad Ali, Chairman SECP, was briefed about the role of KCDR and the Director of KCDR highlighted the role of mediation in corporate good governance and presented the statistics of the number of cases referred to and resolved by KCDR since its establishment. He emphasized various benefits of mediation such as inexpensive costs, speedy resolution time as well as a win-win solution. It was highlighted that mediation brings easy and quick relief to both parties involved in a dispute. Dr. Zafar Ahmed Khan Sherwani apprised the Chairman SECP that the Karachi Stock Exchange and other Exchanges can take benefit of mediation services of KCDR under Regulation 26 of the Karachi Stock Exchange regulation “Dispute to be referred to Arbitration” for amicable settlement of dispute before going to arbitration. The Chairman SECP appreciated the services provided by the Karachi Centre of Dispute Resolution and assured full support for the promotion of KCDR as well as referral of cases.
