NCCPL appoints new directors and Chief

Observer Report

National Clearing Company of Pakistan Limited (“NCCPL”) is an infrastructure institution of Pakistan’s Capital Market, acting as a Central Counterparty and the only licensed entity providing clearing and settlement services for trades and transactions executed at the Securities Exchange.

NCCPL, the Board has re-elected Mr. Humayun Bashir as its Chairman from amongst the independent directors.

Mr. Humayun Bashir has over 40 years of diversified experience with IBM in Pakistan, Afghanistan, Iran and MEA Headquarters. He served as Country Head at IBM Pakistan for more than 16 years.

The NCCPL’s Board now comprise of 11 directors including 7 shareholder’s representatives, two independent directors, nominee from Federal Board of Revenue and the Chief Executive Officer.

The Board comprises of: Mr. Humayun Bashir (Chairman of the Board), Mr. Muhammad Lukman, Chief Executive Officer, Ms. Aliya Yusuf- Independent director, Mr. Farrukh Khan- Non Executive Director, Mr. You Hang- Non Executive Director, Mr. Ahmed Chinoy- Non Executive Director, Mr. Muhammad Ashraf Bawany- Non Executive Director, Mr. Rashid Rahman Mir- Non Executive Director, Mr. Zahid Latif Khan- Non Executive Director, Mr. Mubashar Maqbool- Non Executive Director, Ch. Muhammad Tariq- FBR’s nominee.

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