Demutualised KSE finally gets CRO

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The Karachi Stock Exchange (KSE) has finally appointed Shafqat Ali as KSE chief regulatory officer (CRO) in line with the Corporatisation, Demutualisation and Integration Act 2012 that provides for segregation of the country’s largest bourse in terms of functions. Under the new regime, while Ali, former general manager of KSE risk management department, would look after regulatory affairs of the exchange, KSE Managing Director Nadeem Naqvi would be taking care of the commercial side. “With the appointment of CRO the regulation offices department is fully functional,” Naqvi told Pakistan Today. He said the segregation was aimed at reducing the costs, improving efficiency and bringing the bourse’s commercial side at par with international standards. Further, Naqvi said the segregation of KSE’s functions would need the management to restructure or rationalize many of the Exchange’s departments. For this to achieve, he said, the KSE management would have to rationalise various departments of the Exchange. “We have started with the IT department,” he added. This rationalisation, sources claimed, led to the termination of at least five officials from the IT department. Those shown the door include chief IT officer Abdullah Jan, Farooque Dewan Pota, Shabbier Shah, Fahim and Bilal. The managing director, however, said to achieve the desired results he needed fresh blood that was highly skilled thus efficient. “The induction of fresh blood is part of my plan,” he said.