Khan said "the structure of Clearing Corporation will be as like demutualised
organisation where the board will include majority number of independent directors including the chairman.
When Standard Life demutualised
its inherited estate was worth some pounds 800 million.
A study of the demutualised
societies by Parliament in 2005 found that the customers had benefited very little and in most cases paid more for a mortgage from a bank than from a building society.
Nonetheless, the subsequent history of demutualised
organisations like Northern Rock, Bradford & Bingley and HBOS must surely suggest that demutualisation and its so very deleterious financial and social consequences was a grave mistake.
in 1997 and merged with Bank of Scotland just four years later.
Several red-faced firms which demutualised
because they claimed they needed fresh cash ended up handing money back to shareholders because they could not find a profitable use for it.
The SECP while approving the plans for segregation of commercial and regulatory functions of the exchanges has ensured that the demutualised
entities exhibit enhanced governance and transparency and greater balance between interests of various stakeholders while supporting independent management.
The law stipulated that the stock exchanges be demutualised
within 119 days of the promulgation in accordance with the timelines specified in the completion of the cycle.
The amended Finance Bill (2010) would abolish condition for the retail investors/individuals of stock exchanges to file quarterly returns for advance tax and continue income tax exemption on transfer of assets of stock exchanges to demutualised
But your correspondent Kenneth Hughes appears to forget that the Tories, who demutualised
the Trustee Savings Bank, building societies like Northern Rock and insurance companies, were calling for less regulation, not more.
Rahmani took charge when the exchange demutualised
Having seen the damage the international banking crisis had wreaked on some other former building societies, he said he was glad the Principality building society had not demutualised