SECP wants LSE, ISE to ensure protection of employees right

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ISLAMABAD, Nov 9 (APP): Chairman, Securities and Exchange
Commission of Pakistan (SECP), Zafar Hijazi on Monday met with
the Managing Directors of the Lahore and Islamabad Stock Exchanges.
Zafar Hijazi communicated SECP’s serious stance on protection
of rights of employees of the smaller exchanges in wake of the
proposed integration of the three exchanges, said an SECP statement.
The Commissioner Securities Market Division Akif Saeed also
attended the meeting held at SECP’s head office.
The Chairman SECP also communicated SECP’s resolve to
facilitate completion of the integration process in a smooth manner
which also involves balancing the needs of all stakeholders.
He said the employees are important stakeholder whose interest must be
safeguarded.
The Chairman advised the MDs of both the stock exchanges to
ensure that employees are compensated to the maximum extent, given
that LSE and ISE will cease to exist as stock exchanges post
integration.
LSE and ISE will however, continue to exist as companies with
change in the object clauses of their memorandums, allowing them to
pursue other businesses.
He advised the management of LSE and ISE to ensure that the
employees are given maximum benefits including employment with the
surviving entities of LSE and ISE, transfer of employees to the new
stock exchange, and generous severance packages to compensate the
employees.
To further facilitate the exchanges employees, the SECP has
also initiated recruitment process for some of the employees of LSE
and ISE.
Earlier, on August 25, 2015, the three stock exchanges had
entered into a Memorandum of Understanding (MOU) for their
integration into one single trading platform under the proposed name
of “Pakistan Stock Exchange Limited”.