During the year 2012, under the first phase of Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012, the stock exchanges were demutualized and Lahore Stock Exchange Limited (“LSE”) became a public company. All brokers/members were issued shares of LSE along with the Trading Right Entitlement Certificates (TRECs).

In the year 2015, under the second phase of the Stock Exchanges Act, 2012, the three stock exchanges were entered into the Scheme of Integration, executed by January 11, 2016 as per the Integration Order (SECP Order No. 1/2016) of the Commission.

Accordingly, LSE ceased to be a stock exchange while converting into a NBFC with the name of LSE Financial Services Limited. The Commission issued the amended Stock Exchanges (Corporatization, Demutualization and Integration) Regulations, 2012 dated, December 17th, 2015.

Under these Regulations, the Commission constituted the Funds Committee for LSE (replacing LSE) in a supervisory role to oversight of the Trust Funds of LSE and also nominated Members of the Committee. The Trust Deeds of respective Trust Funds were amended as per direction of the Commission under the above referred Regulations. The Trust Deeds, included the terms and conditions, bylaws of the Trusts. The composition of the Trustees of respective Trust Funds was also amended as per the Regulations and the Commission also appointed the new Trustees of respective Trust Funds.