‫ش‬

(Kanwal Parveen (7207

Submitted to: Sharique Ayubi
Submitted On: 7th Of April
2008
Course:Financial
Institutions

INSTITUTE OF BUSINESS
MANAGEMENT

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TABLE OF CONTENT

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About the Karachi Stock Exchange :

Karachi Stock Exchange (KSE) is the biggest and most liquid exchange in Pakistan
with the average daily turnover of 525.15 million shares and market capitalization of
US $ 54.28 billion. The international magazine 'Business Week' announced the KSE
as the best performing world stock market in 2002. Since then the KSE continuously
maintains the reputation as one of the best performing markets in the world.

Since 1991, foreign investors have an equal opportunity together with local investors
to operate in the secondary capital market on the Karachi Stock Exchange. The
establishment of the new policy for foreign investors and initiated privatization in
Pakistan has accelerated the development of the KSE, which had even 663 companies
listed in 2006. In addition, companies have a choice to be listed on one of the two
markets - the ready market and the over-the-counter (OTC) market, which has lesser
listing requirements. While the ready market requires listing companies to have
minimum paid up capital of Rs 200 million (about UK � 1.8 m), the companies with
minimum of Rs 100 million can be listed on the OTC market.

The Karachi Stock Exchange trades the KSE-100 Index. It is a highly-diversified

index of 100 largest capitalization companies' stocks from all sectors of Pakistan
economy. A constantly revised index is a good indicator of the overall Exchange
performance over a period of time. In 2005, 88% of the KSE total market
capitalization was represented by the KSE-100 Index.

The membership in the Karachi Stock Exchange is limited. Only 200 individual and
corporate entities can register as members in the KSE. In 2005, 162 members traded
actively on the Exchange. In addition, foreign corporate entities may also become the
members of the KSE with the condition that the nominee member of the company is a
citizen of Pakistan.

PROFILE
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Karachi Stock Exchange Profile :

Karachi Stock Exchange (Guarantee) Limited

Address Stock Exchange Building, Stock Exchange Road
Karachi - 74000, Pakistan

Telephone UAN: 111-00-11-22, 2425502-3

Web Site www.kse.com.pk

Monday through Thursday: 9.30am - 3.15pm

Friday: 9.15am - 12.00pm - first session
Trading Hours 2.15pm - 5.00pm - second session

Eid-ul-Azha, Kashmir Day (5 Feb), Ashura, Pakistan Day (23 Mar),

Labor Day (1 May), Eid Milad-un-Nabi, Independence Day (14 Aug),
Holidays
Iqbal Day (9 Nov), Jummah-Tul-Widah, Shab-e-Qadar, Eid-ul-Fitr,
Christmas (25 Dec), Eid-ul-Azha - total 20 holiday days.

Securities Shares, bonds, Modaraba Certificates of listed companies, Unit trust

schemes, mutual funds certificates, futures, indices.

Trading System Karachi Automated Trading System KATS

Key Staff Mr. Zafar Ali Khan - Chairman

Mr. M.A. Lodhi - Managing Director

History
History of the Karachi Stock Exchange :

The Karachi Stock Exchange, the oldest exchange in Pakistan, was established in
1947 and became a registered company limited a few years later. Since then it has
experienced a remarkable progress with only 5 companies listed and 90 members on
the Exchange in the 1950s and 663 listed companies and 200 members in 2006.
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 In 2002, the Karachi Stock Exchange was recognized internationally by the magazine
'Business Week' as one of the best performing stock markets in the world.

The Karachi Stock Exchange has started trading through the computerized trading
system KATS (Karachi Automated Trading System) since 1997. As the demand for
Trading Workstations installation has been significant during the consecutive years,
today over 1000 KATS workstations are already installed. In 2005, trading in the
Internet was also initiated.

Since 1990, corporate entities can become members on the Karachi Stock Exchange.
However, they have to meet stringent requirements of the Board of Directors and own
a minimum capital of Rs. 20 million (approximately UK �181,000). At the
beginning of 2006, 120 corporate members were registered in the Exchange.

The Karachi Stock Exchange introduced KSE 50 Index at the end of the 20th century.
However, because of the growth in the stock market, the Index did not represent the
stock market performance anymore. Thus, in 1991 a capital weighted KSE 100 Index
launched. At the moment, the Exchange successfully trades two world-famous indices
- KSE 100 Index and KSE All Share Index, which was introduced in 1995.

P
E
RFORMANCE

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VISION & MISSION STATEMENT
Vision

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To be a leading financial institution,
offering efficient, fair and transparent
securities
market in the region and enjoying full
confidence of the investors.

Mission
To strive and provide quality and value-
added services to the capital market in
anefficient, transparent and orderly
manner, compatible with international
standards and
Best practices;

To provide state of the art technology

and automated trading operations
driven bya team of professionals in
accordance with good corporate
governance;

To protect and safeguard the interest of

all its stakeholders, i.e. members,
listedcompanies, employees and the
investors at large; and

To reflect country’s economic health and

behaviour and play its role for the
growth,development and prosperity of
Pakistan.

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CORPORATE INFORMATION
Board of Directors
Chairman Mr. Shaukat Tarin
Acting Managing Director Mr. Muhammad Yacoob Memon
Mr. Muhammad Aliuddin Ansari
Mr. Sikander Esmail Bagasrawala
Mr. Shehzad Chamdia
Mr. Tariq Kirmani
Mr. Muhammad Shoib Memon
Mr. Dawood Jan Muhammad
Mr. Asad Umar
Haji Ghani Haji Usman

Company Secretary
Mr. Muhammad Rafique Umer

Audit Committee
Chairman Mr. Muhammad Aliuddin Ansari
Mr. Shaukat Tarin
Mr. Shehzad Chamdia
Mr. Dawood Jan Muhammad

Legal Advisors
M/s. Ghani Law Associates, Industrial Relations Advisors
M/s. Mansoor Ahmad Khan & Company, Advocates & Legal

Consultants
M/s. Sayeed & Sayeed, Advocates & Legal Consultants

Auditors
M/s. Ford Rhodes Sidat Hyder & Company, Chartered Accountants

Bankers
Allied Bank of Pakistan Limited Habib Metropolitan Bank Limited
Arif Habib Bank Limited JS Bank Limited
Bank Alfalah Limited KASB Bank Limited
Bank AL-Habib Limited MCB Bank Limited
Bank Islami Pakistan Limited MyBank LimitedCrescent
Commercial Bank Limited Habib Bank Limited
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United Bank Limited PICIC Commercial Bank Limited

BOARD OF DIRECTORS

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H
IGHLIGHTS

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Why invest in the Karachi Stock Exchange?
(KSE)
Labeled as the “best performing” stock market in 2002, the Karachi Stock Exchange (KSE) is
today, considered a viable investment alternative in Pakistan. For numerous reasons including
strong economic fundamentals, stability of the Rupee/Dollar parity and an expansionary
monetary policy amongst others, the KSE has for the past two years produced higher returns to
investors seeking to gain maximum value for their investments.

By presenting an objective view of the history of the KSE, it’s recovery since 1998, the present
market scenario, and its future prospects this report seeks to provide evidence of the economic
viability of investing in the KSE. A brief assessment of the investment alternatives within
Pakistan are further provided to substantiate the feasibility of investing in the stock market.

Factors Affecting Investors Interest in the KSE

In addition to the factors briefly mentioned above, the following factors have and will continue to
have a positive impact on the market, including:

1 The formation of the Central Depository Company (CDC) in 1997 and its role in creating a
transparent, efficient and secure environment for the exchange of securities. The infrastructure
provided by the CDC and development of the Central Depository System (CDS) have made
public offerings and trading effective and efficient for issuers and investors. The mere evidence
that nearly 61% of Oil & Gas Development Corporation (OGDC) and 37% of Southern Sui Gas
Corporation’s (SSGC) Initial Public Offerings (IPO) were subscribed using the CDS highlights
their continued effort towards revolutionizing the financial market.

2 The divestment policy of the Government of Pakistan (GOP) by public offer of shares of state
owned enterprises termed “Privatization for People” have kept investors interests alive in the
equities market.

Degree of Growth of the Market

As of December-2007 the KSE-100 stood at approximately 13923.68 points – CAGR from June,
98 to Dec, 07 of 34%. To examine the degree of growth of the market, it is necessary to examine
the historical trends of the market in terms of listed capital, market capitalization and movement
of the KSE-100 index. Table-1 below highlights the increase in the number of listed companies,

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 listed capital and market capitalization
between 1950 and Dec-2007
Table 1 – No. of listed companies, listed capital and market capitalization

An interesting element portrayed by the above table is the difference or gap between listed
capital and market capitalization over the years. The increasing difference or gap between listed
capital and market capitalization is an indicator of the level of investor interests and profitability
available in the stock market today.

Table-2 displays average volume of daily turnover between the 2002 and 2007

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Alternative Investment Avenues
In addition to the Karachi Stock Market additional avenues of investment exist in Pakistan. The
stock market of late however, has provided greater returns on investments and that too within in a
short period of time, with high liquidity of investments. The following are the alternative
investment opportunities available in Pakistan:

National Saving Schemes

National Saving Schemes dates back to independence when the Government of Pakistan (GOP)
made use of Defense Savings Certificates and Special Savings Certificates amongst others to
meet its financing needs. Real Estate While real estate has always been considered a profitable
avenue, it requires significant capital investments. Real estate funds are also not liquid and even
though returns within this sector are high, investments in real estate need to be held for many
years before these returns could be realized. This form of investment therefore appeals to long-
term investors as opposed to short-term investors found commonly in the stock market.

Term Financing Certificates (TFC)

Term Financing Certificates (TFC) were first publicly issued in 1995 with TFC’s of 29
corporations presently circulating in the market. The TFC market is relatively new and as such is
still an undeveloped market. Industry analysts however predict that over the next few years an
increase in the number and size of public offerings would bring about development of this
market. Investments in

TFC’s fall into the medium to long-term investment category and therefore are illiquid
investments, offering rates of return between 3%-4%. With an inflation rate of 4%, the
practicality of these investments is questionable.

Prize Bonds
Prize bonds like National Saving Schemes for years have been a popular form of investment in
Pakistan. Though Prize Bonds do not have any rates of interest associated with them, an
enormous level of funds are still invested in these bonds in the hope that investors would win
bumper prizes against these bonds. These bonds are still a popular form of investment, however
they appeal to the low to medium income class group of Pakistan and their relative attractiveness
to other forms of investment has been on the decline.

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Barriers to Growth
Even with strong economic fundamentals in place, there still exist factors which may negatively
impact the performance of the equities market:
Imposition of Capital Value Tax (CVT) – FY06, CVT was imposed on the sale and
purchase of stocks by 0.01% and was raised to 0.02% in FY07. This imposition was expected to
bring down the market index considerably, however, the index has not reacted negatively upon
raising of CVT.

1. Speculation - Over 90% of traders within the stock market are “day traders” in
comparison to “real traders”. Based on the type of trading that takes place today, the market is
highly dependant on speculation that could at times shift the market in either direction. To
protect the market and its investors from such speculation, the KSE implemented the concept of
“tolerance” by which the price of an individual stock could not rise more than 5% or decline by
5% on a single trading day. Further measures to counter such speculation and to increase the
number of retail investors

Comparison with Regional Markets

Exchanges 31-Dec-06 06-Dec-07 % Change

Shanghai Stock Exchange - China 2675.47 5035.07 88.19%

National Stock Exchange - India 3966.4 5954.7 50.13%

Hong Kong Exchange 19964.72 29558.92 48.06%
Bombay Stock Exchange - India 13786.91 19795.87 43.58%
Karachi Stock Exchange 10040.5 14324.95 42.67%
Bursa Malaysia 1096.24 1440.39 31.39%
Thailand Stock Exchange 679.84 845.19 24.32%
Singapore Exchange 2985.83 3552.55 18.98%

Earnings Multiple: Significantly lower than world stock markets

P/E Ratio
Exchanges
American 45.4
Shanghai 33.3
Tokyo 32.8
Malaysia 24.2
India 21.69
Singapore 19.4
UAE 17
UK 14.4
KSE 11.48
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Trading & Settlement System:
The Karachi Stock Exchange has introduced an state-of-the-art computerised trading system
known as Karachi Automated Trading System (KATS) to provide a fair, transparent, efficient
and cost effective market for the investors.

Currently, the exchange conducts one trading session from Monday to Thursday and two sessions
on Friday.

The Trading is divided into four distinct segments, each of which has its own clearing and
settlement procedure. These are: T+2. Provisionally Listed Companies, Spot (T+1) Transactions
and Future Contracts.

T + 2 Counter:
Transaction in this segment are settled through the Clearing House that nets out the purchases
and sales and the financial obligations thereon of each member/firm for the notified clearing
period and issues instructions for deliveries of netted outstanding business. Payment from and to
members are routed through the Clearing House.

For the securities declared to be “eligible securities” by the Central Depository Company the
Clearing House procedure remains the same as outlined above except that the KSE does not
permit their physical settlement.

In order to handle the clearing of all the three stock exchanges of the country under one roof, the
National Clearing and Settlement System (NCSS) has been introduced. NCSS is managed by
Central Depository Company of Pakistan Limited.

Futures Trading in Provisionally Listed

Companies:
The shares of companies which make a minimum public offering of Rs. 150 million are traded on
this segment from the date of publication of offering documents. The period of contracts of each
scrip is notified by the Exchange. The outstanding contracts carried out under the provisionally
listed companies are settled on the settlement date and members are not allowed to transfer their
positions to the Ready Clearing Board or any other Board. On formal listing,

the trading in the shares of the company are shifted to the Ready Board Counter under T+2
Settlement System from the date of formal listing.

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Spot / T+1 Transactions:
For about 5 days before the closure of shares transfer book notified by the company, transactions
are settled on T+1 basis.

For non-CDC securities the delivery and payment is settled through the Clearing House of the
Exchange, however, delivery is tendered directly between the buying and selling members as per
the instruction of the Clearing House.

Future Contracts:
Under the Regulations Governing Future Contracts, trading in Future Contracts started in July
2001. Companies traded under Future Contract and the Contract is fixed for a period of one
month.

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 Listing Of Companies &
Securities
 No dealings in securities of a company shall be allowed on the Exchange, either on the
Ready Quotation Board or Futures Counter, unless the company or the securities have been listed
and permission for such dealing has been granted in accordance with the Regulations.

 The permission under sub-regulation (1) may be granted upon an application being
made by the company or in respect of the securities in the manner prescribed. The Exchange, in
granting such permission will consider among other things, sufficiency of public interest in the
company or the securities.

 The Exchange shall decide the question of granting permission within a maximum
period of three months from the date of receipt of listing application. In case the permission is
refused, the reasons thereof will be communicated to the applicant and the Commission within two
weeks of then decision

 The Board will be the sole authority to grant, defer or refuse such permission and
may for that purpose, relax any of these regulations subject only to two-third majority of the
directors present at such meeting of the Board and so resolving

The application for listing shall be made by the applicant company or on behalf of the(1)
security in the prescribed form and will be accompanied by the fees, specified in the
.Regulations

The Board may require additional evidence declarations, affirmations and information as(2)
also other forms to be filled up and all such requisitions shall be deemed to be prescribed
requisitions for the purpose of a proper application for consideration by the Board for
.listing

If an application together with the additional information referred to in sub-regulation (3)

is not submitted, the Board may defer consideration or decline to consider it in which case
such application will stand disposed off as refused. However, the applicant may move a
fresh application after six months from the date of refusal unless the Board other wise
.decides

An applicant company or security applying for listing shall furnish full and authentic (4)
informationin respect thereof and such other particulars as the Board or the Exchange may
.require from time to time.All routine particulars may be called for by the Secretary

UNDERTAKING
(5)
(1)No listing of a company, securities shall be permitted unless the company or the authorised
representative on behalf of the securities has provided an undertaking under a common seal and
authorized signature to abide by these regulations

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(2)The Company and/or the authorised representative in respect of securities, as the case maybe,
shall further undertake:-

i)that the securities shall be quoted on the Ready Quotation Board and/or the Futures Counterat the
discretion of the Exchange;

ii)that the Exchange shall not be bound by the request of the company to remove its securities
from the Ready Quotation Board and/or the Futures Counter

iii)that the Exchange shall be authorised and have the right, at any time and without serving
notice if it be deemed proper, to suspend or to remove any shares or securities from the
Ready Quotation Board and/or the Futures Counter for any reason which the Exchange
considers sufficient in public interest subject, however, to the procedure laid-down in Section
9 of the Securities and Exchange Ordinance;

iv)that such provisions in the articles of association of a company or in any declaration or basis
relating to any other security as are or otherwise not deemed by the Exchange to be in
conformity with the Regulations shall, upon being called upon by the Board, be amended
forthwith and until such time as these amendments are made, the provisions of these
Regulations shall be deemed to supersede the articles of association of the company or the
nominee relating to the other securities to the extent indicated by the Board for purpose of
amendment.

v)that the company or the security may be de-listed by the Board in the event of non-complianceand
breach of undertaking given hereunder.

6.The following documents and particulars duly certified by the company or the company presenting
the security shall be submitted to the Exchange at the time of application for listing or any time on
demandby the Exchange

i) Application for listing as per Form I;

ii) Memorandum & Articles of Association;
iii) Copy of the Certificate of Incorporation;
iv) Copy of the Certificate of Commencement of Business;
v) Copy of the Feasibility Report, in case of a new project;
vi) Copy of the Permission for setting up the Industrial Units;
vii) Copies of the title deeds of the land;
viii) Copies of all material contracts and agreements entered into or exchanged with foreign
participants, machinery suppliers and any other financial institutions;
ix) Copies of Letter(s) of Credit established in favour of Machinery Suppliers, if linked with the
public issue;
x) Copy of Consent Order issued by the Controller of Capital Issues;
xi )Copy of authorisation for flotation of Modaraba by the Registrar of Modaraba Companies;
xii) Names of Directors along with directorship of other companies listed on the Exchange;
xiii) Draft Prospectus/Offer for Sale;
xiv) Auditors’ Certificate for the amount subscribed by the promoters/directors/associates;
xv)Copies of the agreements relating to issue of securities for consideration other than cash, if
any;
xvi) Copy of underwriting agreement (if any) and No objection Certificate from the underwriters to
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publish the prospectus (Underwriting public issue is not compulsory for listing on the
Exchange);

xvii) Statement of audited accounts for the last 5 years or for a shorter number of years if the
company is in operation only for such period;
xviii) Statement showing the cost of project and means of finance;
xix)Copies of the approval application under section 41(1)(f) and 106 of the Income Tax Ordinance
1979;
xx) Copies of the Consent Letters from Bankers to the issue;
xxi) Application for submission of Undertaking and payment of fees as per Form II;
xxii) Copy of approval of prospectus/offer for sale from Securities and Exchange Commission of
Pakistan; and
xxiii) Any other documents/material contract and such other particulars as may be required By the
Exchange

PROSPECTUS, ALLOTMENT, ISSUE AND TRANSFER

OF SHARES
(1) No company will be listed unless it is registered under the Ordinance as a public limited
company or has been setup under a statute and its minimum paid-up capital is Rs.200 million.

(2) Companies registered in Northern areas and Azad Jammu and Kashmir will be eligible for
listing and will be treated at par with Companies registered in Pakistan.

(3) Despite receiving the application for listing and any preliminary actions thereon, no
company shall be listed unless it has made a public issue which is subscribed by not less than
500 applications.

(4) The requirements of sub-section (1) or (3) shall not apply to listing of securities other than
shares of companies unless any law so requires or the Federal Government in the exercise of
its powers under the Securities & Exchange Ordinance so directs.

(5) Companies may make a public offer of securities to be eligible securities in the CDS.
8.
(1) The prospectus or offer for sale shall be submitted to and cleared by the Exchange before an
application for its approval is made to the Commission. The Exchange may require additional
information, data, certification or requirement to be included in the prospectus or the offer for
sale. If any applicant fails to comply with such requirements, the Exchange may refuse to issue
clearance under these Regulations

8 A. The share certificates shall be issued in such marketable lots or in any other manner as
may be determined or approved by the Exchange.
8 B. The application money shall be refunded, within such time as is prescribed in regulation
9(4), if the company is not listed on the Exchange for any reason whatsoever or the listing is
refused.

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9.
(1) The company shall inform the Exchange of the subscription received which information
shall be communicated in writing under the hand of an authorised person with certificate(s)
from bankers to the issue, within three working days of the closing of subscription.

(2) The company shall take a decision within 10 days of the closure of subscription list as to
which applications have been accepted or are successful.
(3) The company shall refund the application money in case of unaccepted or unsuccessful
applications within 10 days of the date of such decision.
(4) In case the application for listing is refused by the Exchange, for any or whatsoever
reasons, the company shall forthwith pay without surcharge all moneys received from
applicants in pursuance of the prospectus or the offer for sale and any such director of the
company shall be, jointly and severally, liable to
repay that money with surcharge at the rate of one and half percent for every month or par
thereof from the expiration of the fifteenth day.
(5)In case of over-subscription, the company, or the offerers, as the case may be, shall
immediately submit to the Exchange copies of the ballot register of successful applications.

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(6) The company shall despatch all shares certificates, in marketable lots, within 30 days of the
closing of subscription list to all the successful applicants under intimation to the Exchange.
Provided that where the security has been declared to be an eligible security, share certificates
shall be issued by the company and deposited directly into the CDS in such manner as may be
prescribed by the CDC.
(7) Any company which makes a default in complying with the requirements of these
Regulations, or any of its sub-regulation, shall pay to the Exchange a penalty of Rs.500/=
(Rupees Five Hundred only) for every day during which the default continues. The Exchange
may also notify the fact of such default and the
name of the defaulting companies.
(8) Any action under these Regulations shall be without prejudice to the action or steps taken
by any other person or Commission.
10. The company or the offerers shall, within 30 days of closing of subscription list, pay
brokerage to the members of the Exchange at the minimum rate of one per cent of the value the
shares actually sold through them.
11.
(1) The company shall split allotment letters and letters of right into marketable lots within
seven days of receipt of such application.
(2) The company shall consolidate or split, as may be required by a security holder in writin
certificates into marketable lots within 30 days of receipt of such application. In case the
split/consolidation results in lots other than marketable lots, the company may charge an
amount, which shall not exceed Rs.100/= for each certificate. Provided that the requirements of
sub-regulation (1) & (2) shall not apply where the security has been declared an eligible
security and held in the name of CDC. In such cases, the procedure as prescribed by the CDC
shall be complied with.
13.
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(1) The company shall verify the signature of shareholders within 48 hours of such a request.
(2) The company shall complete shares transfer and have ready for delivery the share
certificates lodged for registration of transfer within 45 days of the application for such transfer
and its registration. Provided that this regulation shall not apply in case of eligible securities
deposited into the CDS. In such cases, the procedure as prescribed by the CDC shall be
complied with.
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(1) The company shall give a minimum of 21 days notice to the Exchange prior to closure of
Share Transfer Books for any purpose. Provided that the companies quoted on the Futures
Counter shall intimate to the Exchange the dates of book closure and corporate actions, if any,
on or before 20th day of the month with a notice period
of at least 21 days after the said 20th day for commencement of book closure.
(2)
The company shall treat the date of posting as the date of lodgement of shares for the purpose
for which shares transfer register is closed, provided that the posted documents are received by
the company before relevant action has been taken by the company.
(3)
The company shall issue transfer receipts immediately on receiving the shares for
transfer.

(4)
The company shall not charge any transfer fee for transfer of shares.
(5)
The company shall provide a minimum period of 7 days but not exceeding 15 days at a time
for closure of Shares Transfer Register, for any purpose, not exceeding 45 days in a year in the
whole.
15.
No listed company shall exercise any lien whatsoever on fully paid shares and nor shall there
be any restriction on transfer of fully paid shares. The same shall apply to all listed securities.

DE-LISTING, SUSPENSION AND

DEFAULTERS’ COUNTER
A listed company may be de-listed, suspended or placed on the Defaulters’Counter, for any
of the following reasons:-

* if its securities are quoted below 50 per cent of face value for a continuous period of
three years.

* if it has failed to declare dividend or bonus for five years from the date of declaration
of last dividend or bonus.

* if
it has failed to hold its annual general meeting for a continuous period of three
years.

* if it has gone into liquidation either voluntarily or under court order;

* if it has failed to pay the annual listing fees as prescribed in these regulations
payable to the Exchange for a period of 2 years of penalty imposed under these
regulations or any other dues payable to the Exchange;

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* if it has failed to comply with the requirements of any of these regulations;
If the company for any reason whatsoever refuses to join the CDS after its securities
have been declared eligible securities by the CDC.

* No company which has been de-listed or suspended shall be restored and its shares
requited until it removes the causes of de-listing/suspension and receives the assent
of the Board for the restoration.

LISTING AND ANNUAL FEES

• A company applying for listing on the Exchange, shall pay an initial listing fee
equivalent to one tenth of one percent of the PAID-UP-CAPITAL subject to a maximum of
rupees one million and five hundred thousand.

• Provided that in case of debt instruments and Open-End Mutual Funds, the
initial listing fee shall becharged at the rate of one twentieth of one percent of the amount
of total debt instrument/seed capital of Mutual Fund subject to a maximum of rupees 0.5
million.

• Whenever, a listed company increase the paid-up capital of any class or

classes of its shares, or securities listed on the Exchange, it shall pay to the Exchange a
fee equivalent to one tenth of one per cent of such increase.

• Every listed company shall pay, in respect of each financial year of the
Exchange, commencing from 1st July and ending on 30th June next, an annual listing fee,
which shall be payable by or before the 30 September in each calendar year, as per
th

following schedule:

Companies having Rate of fee

paid-up-capital per annum
Upto Rs. 50 million ............................................... Rs.15,000
Above Rs.50 million
& upto Rs.200 million ........................................... Rs.30,000
Above Rs. 200 million .......................................... Rs.60,000

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Breakup of Listed Capital

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