960403

Efforts under way

to reinforce

ISE operations

ISLAMABAD: Remedial measures are underway to plug the weaknesses in the operations of Islamabad Stock Exchange to ensure its smooth functioning at the equity market.

Concerned sources said that inquiry by Corporate Law Authority against the incidence of payment default by a member of the stock exchange would be completed within couple of weeks.

The incidence which caused financial loss of rupees 50 million has been overcome through taking urgent measures to ensure smooth business activity at the nascent stock exchange, the source added.

Such incidents, the source viewed also took place in other stock exchanges but being big one, they had the cushion to absorb such shocks and resolved such incidents overnight, protecting the market from losses.

Legal proceedings against the incidence, the sources were being handled by the President, Islamabad Stock Exchange who would take ultimate decision in this regard.

This is first ever payment default committed by any member of the Stock Exchange since its inception, the sources said adding that, being the youngest stock exchange, it was exposed to such problems, but could resolve them as a self- regulatory body.-APP