960414

KSE likely to

submit defaulters'

report to PM

next month

KARACHI: Arif Habib, President Karachi Stock Exchange (KSE) on Sunday said that provisional report against erring companies registered in the stock exchange has been completed.

He said the final report will hopefully be finalised by the coordination committee, headed by him, early next month. The report will be sent to Prime Minister Benazir Bhutto, who, during her visit to KSE, had expressed concern over non-payment of dividends by companies, he told PPI.

About reasons for delay in final report, supposed to be completed by March 31 last, he said: "Although, we had sought assistance of fourteen brokerage houses to investigate performance of companies in the past few years, examination of corporate behaviour of 765 registered companies was not an easy job, it takes time. We were also busy in making budget proposals for the year 1996-97."

He said KSE committee was busy in compiling final report in the light of provisional findings submitted by brokerage houses.

It has been noted by KSE officials that due to violation of various clauses of listing regulations, the growth of securities in the financial markets of the country was adversely being affected.-PPI