KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved the appointment of Richard Morin, a Canadian national, as managing director of the Pakistan Stock Exchange (PSX).

Although there was no official word from the SECP or PSX, sources said Mr Morin will take charge on Dec 1.

Stockbrokers fiercely resisted the firstever appointment of a non-Pakistani as managing director.

They objected to what they thought was the high salary and perks approved for the new managing director.

But the board of the PSX, which now has Chinese representation as major shareholders and nominees of the SE CP, overwhelmed the brokers` resistance. It approved the appointment and passed on its recommendations to the apex regulator.