The Chairman of the (SECP), Muhammad Ali, along with his team including, Deputy Director Law Natasha Jahangir, Commissioner Insurance, Muhammad Asif Arif, visited KCDR to discuss future cooperation between SECP and KCDR.
The Chairman SECP directed to interact and coordinate with Director officials to point out the sectors in which SECP can take benefit from the services of KCDR.
Muhammad Ali, Chairman SECP, was briefed about the role of KCDR and the Director of KCDR highlighted the role of mediation in corporate good governance and presented the statistics of the number of cases referred to and resolved by KCDR since its establishment.
Zafar Ahmed Khan Sherwani apprised the Chairman SECP that the Karachi Stock Exchange 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.
KCDR offers mediation services to parties whose commercial cases are pending in a court/judicial forum.
Mediation at KCDR also serves as a safe environment for women clients.
The state bank of Pakistan also issued a circular dated September 27, 2010, instructing banks and DFIs to approach KCDR for settlement of disputes through mediation.
According to KCCI here Wednesday, he also announced to set up a helpdesk to facilitate the KCCI members opting for mediation for their trade disputes through KCDR
. He stated that the mediation was mandatory in the western countries before proceeding to courts and gaining popularity with the span of time.