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NCCPL announces the appointment of independent directors and new Chairman

PRESS RELEASE

 

National Clearing Company of Pakistan Limited (“NCCPL”) is pleased to announce the appointment of independent directors and new Chairman:

 

The National Clearing Company of Pakistan Limited “NCCPL”in pursuance of the provisions stipulated under  Clearing Houses (Licensing and Operations) Regulations, 2016 (“the Regulations”) has appointed four independent directors on its Board on March 31, 2017 after obtaining the approval of Securities and Exchange Commission of Pakistan. Further, in accordance with the requirement of the Regulations, the Board elected Mr. Humayun Bashir as its Chairman from amongst the independent directors.

 

The NCCPL’s Board now comprise of 13 directors out of which one third are independent. The independent directors include Mr. Humayun Bashir (Chairman of the Board), Ms. Sadia Khan, Mr. Jamil Iqbal and Mr. Zafar Iqbal. The remaining Board Members include Mr. Nadeem Naqvi, Mr. Muhammad Yasin Lakhani, Mr. Ahmed Chinoy, Mr. Naveed Amin, Mr. Inayat Ullah Niazi, Mian Ayyaz Afzal, Mr. Mansur Khan, Mr. Rehmatullah Khan Wazir and Mr. Muhammad Lukman (Chief Executive Officer).

 

The Board members hold rich and vast management experience of various sectors.

 

The NCCPL is principally engaged in the business of clearing and settlement of securities through the National Clearing and Settlement System. After, the promulgation of Securities Act, 2015, the NCCPL has assumed the role of Central Counterparty from May 2, 2016 including the responsibility to perform the risk management for all relevant segments of the capital market. Additionally, NCCPL compute, determine, collect and deposit Capital Gain Tax on disposal of shares on behalf of Federal Board of Revenue.

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