Daily The Business

PSX company secretary made Acting CEO

Jahangir Hayat

LAHORE: Muhammad Rafique Umer, a company secretary, has been made acting CEO of Pakistan Stocks Exchange (PSX), official source informed.

In continuation to our earlier communication dated May 28, 2019 regarding the resignation of Chief Executive Officer [CEO] of Pakistan Stock Exchange Limited [PSX or the Company] and its acceptance by the Board of Directors with immediate effect, we would like to inform you that on recommendation of the Board of Directors of PSX and with due concurrence of the Securities and Exchange Commission of Pakistan, Mr. Muhammad Rafique Umer, current Company Secretary and Head of Legal Affairs, has been given an additional charge as Acting CEO of the Company with effect from June 12, 2019.

Muhammad Rafique Umer has been associated with Pakistan Stock Exchange since 2001 and currently holds the position of Secretary to the Board and General Manager, Legal Affairs of the Pakistan Stock Exchange Limited (PSX). In addition to his existing role, Mr. Rafique has been appointed by the Board as Acting Managing Director of PSX with effect from June 12, 2019.

He is a graduate in Commerce and Law from University of Karachi. He has also attempted in selected subjects, as a regular student of Institute of Business Administration. Further, he obtained Banking Diploma and Banking Certificate from Institute of Bankers Pakistan with First position throughout the country. Mr. Rafique has attended seminars & workshops on various subjects, within and outside the country, including Capital Market Compliance & Examination workshop arranged by the US Securities & Exchange Commission at USA. He is also a certified director from Pakistan Institute of Corporate Governance.

Mr. Rafique has local and foreign experience of more than four decades in the field of finance, banking & capital markets. Prior to joining PSX, he remained with United Bank Ltd; Saudi French Bank (Saudi Arabia) and Atlas Group of Companies. At PSX, apart from Company Secretary, he also performs secretarial functions of certain Committees, which include Regulatory Affairs Committee, Human Resource & Remuneration Committee, Nomination Committee and IT Procurement Committee. He is one of the Trustees of Centralized Customers Protection Compensation Fund and Clearing House Protection Fund of PSX. He also represents PSX under authority of the Board at General Meetings of associated and other companies, where PSX has equity stake. In the past, he represented PSX as nominee director on the Boards of Central Depository Company and National Clearing Company of Pakistan Limited.

As Secretary of the Board and various Committees, he ensures compliance with all corporate & secretarial requirements as provided in relevant laws, rules, regulations, directives, Code of Corporate Governance, etc.

Mr. Rafique remained actively engaged in the entire process of corporatization, demutualization, divestment and self-listing of PSX as well as integration of three Exchanges and was instrumental in smoothly completing all time-bound activities.

Being Head of Law Department, he arranges to provide required legal opinions/advices, vetting of various agreements, MoUs, contracts, etc. to other departments of PSX internally or from outside counsels. He also represents PSX before various Courts of Law and authorities including SECP, CCP, NAB, FIA, NIRC, Ombudsman, etc. with a view to defend PSX for any adverse legal action or to enforce its rights against any party.

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