PSX to have appellant forum

KARACHI: The Pakistan Stock Exchange (PSX) is introducing an appellant forum to hear the appeals filed by listed companies.

Inviting public comments on the proposed amendments to the PSX Regulations, the national bourse said on Wednesday it wants to set up a platform for review applications or appeals that listed firms file in case they’re dissatisfied with penal actions against them that the PSX takes through enforcement orders from time to time.

The proposed amendments aim to formalise and standardise the practice of conducting hearings. “In order to efficiently conduct hearings, it is proposed to empower the CRO (chief regulatory officer) to delegate the authority to conduct hearings by the official of PSX not below the level of senior manager,” it said.

A listed company, if dissatisfied with the enforcement order passed by the chief regulatory officer against it, may file an appeal that will be heard and decided by the appellant committee. The body will be constituted by the PSX’s board on a case-to-case basis, it said.