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_: The National Clearing Company of Pakistan Limited (NCCPL) is a significant institution of Pakistan's capital market which provides centralized Clearing and Settlement services to all three stock exchanges in the country. NCCPL has always strived in the hardest of times and has maintained its optimism to create positive impact on the capital market through development of new products.
In line with this vision and to explore additional liquidity avenues, the Securities and Exchange Commission of Pakistan ("Commission") had formulated a Committee of independent professionals of capital market having representations of the Commission, Karachi Stock Exchange ("KSE"), National Clearing Company ("NCCPL"), Central Depository Company, Pakistan Banking Council and Mutual Funds Association of Pakistan. The said Committee submitted its recommendations, and accordingly the Concept papers for leveraged market products were developed.
In order to accord due legal coverage to implementation of leveraged products, the Commission has issued Securities (Leveraged and Pledging) Rules 2011 ("Rules") duly approved by the Federal Government. The said Rules govern the operations of these leveraged markets specifying the role and responsibilities of leveraged market participants...