KARACHI: The Securities and Exchange Commission of Pakistan (SECP) and the Karachi Centre for Dispute Resolution (KCDR) discussed the possibility for future cooperation between the two organisations, a statement said on Tuesday.
Muhammad Ali, Chairman of the SECP, visited the KCDR and was welcomed by former justice Saiduzzaman Siddiqui, president, KCDR, Anwar Mansoor, vice president of the KCDR, Moin Fudda, member Board of Governors, KCDR, and Dr Zafar Ahmed Khan Sherwani, director of the centre, it said.
The SECP chairman was briefed about the role of the centre. The KCDR director highlighted the role of mediation in corporate good governance and presented the statistics of the number of cases referred to and resolved by the centre since its establishment, it said.
He emphasised upon various benefits of mediation such as inexpensive costs, speedy resolution time, as well as a win-win solution, the statement said, adding that it was highlighted that mediation brings easy and quick relief to both the parties involved in a dispute.
Sherwani apprised the SECP chairman that the Karachi Stock Exchange (KSE) and other exchanges can take benefit of mediation services of KCDR under Regulation 26 of the Karachi Stock Exchange regulation “Dispute to be referred to Arbitration” for amicable settlement of dispute before going to arbitration, the statement said.
The SECP chairman appreciated the services provided by the Karachi Centre of Dispute Resolution and assured full support for the promotion of the centre, as well as referral of cases.He also agreed to a possible signing of a memorandum of understanding (MoU) between SECP and KCDR, it said.