Pakistan Stock Exchange (PSX) has initiated discussions with one or more existing shareholders of the National Clearing Company of Pakistan Limited (NCCPL) to explore the acquisition of additional shares in the clearing company, according to a notice submitted to the Pakistan Stock Exchange.
The exchange said the move follows amendments notified by the Securities and Exchange Commission of Pakistan (SECP) to the Clearing Houses (Licensing and Operations) Regulations, 2016, and the Central Depositories (Licensing and Operations) Regulations, 2016.
According to the notice, the regulatory changes provide enhanced permissible foreign shareholding limits and revise the criteria for computing the threshold for institutions.
PSX said the discussions are at a preliminary stage and no agreement or transaction has been concluded. The exchange added that any definitive agreement or other material development will be disclosed in accordance with applicable regulatory requirements.
The National Clearing Company of Pakistan Limited (NCCPL) is one of the three core institutions of Pakistan’s capital market, alongside the Pakistan Stock Exchange (PSX) and the Central Depository Company (CDC).
It is responsible for clearing and settling stock market trades, managing counterparty risk, and operating the National Clearing and Settlement System (NCSS).
NCCPL was incorporated in July 2001 under the Asian Development Bank’s Capital Market Development Program to replace the separate clearing houses of the Karachi, Lahore, and Islamabad stock exchanges with a single centralized system.
According to NCCPL’s website, Pakistan Stock Exchange (PSX) is already the largest shareholder of the National Clearing Company of Pakistan Limited (NCCPL), holding a 49.71 percent stake, followed by LSE Ventures (23.53 percent), ISE Towers REIT Management Company (11.76 percent) and Pakistan Kuwait Investment Management Company (15 percent).
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