Bashir re-elected NCCPL chief

KARACHI: The board of the National Clearing Company of Pakistan Limited (NCCPL) has reelected Humayun Bashir as its chairman from among the independent directors, a statement said on Monday.

NCCPL is an infrastructure institution of Pakistan’s capital market, acting as a central counterparty and the only licensed entity providing clearing and settlement services for trades and transactions executed at the securities exchange, it added.

In addition to clearing and settlement services, NCCPL also computes, determines, collects, and deposits capital gains tax (CGT) on the disposal of listed securities, units of open-ended mutual funds, and trading of future commodity contracts as per CGT regime implemented by the Federal Board of Revenue (FBR).

Bashir has over 40 years of diversified experience with IBM in Pakistan, Afghanistan, Iran, and MEA headquarters. He served as country head at IBM Pakistan for more than 16 years. The NCCPL’s board now comprises 11 directors, including seven shareholder representatives, two independent directors, a nominee from the Federal Board of Revenue, and CEO Muhamad Lukman, it added.