Fifteen days after the disposal of Richard Morin as CEO Pakistan Stock Exchange, Board of Directors (BoD) of PSX has appointed Muhammad Rafique Umer, current Company Secretary and Head of Legal Affairs, as Acting CEO of the Company with effect from June 12, 2019.
Muhammad Rafique Umer will serve as acting CEO till the appointment of regular CEO upto July 31.
On May 28, Richard Morin has tendered his resignation from the position of Chief Executive Officer of Pakistan Stock Exchange Limited which was accepted by the Board of Directors of Pakistan Stock Exchange.
“Richard Morin, CEO PSX, was served three show-cause notices and he failed to satisfy the Board with his responses despite three given opportunities. Richard Morin tendered his resignation to get a face saving exit. He was disqualified on fit and proper criteria of Securities Exchange (licensing & Operations) Regulations due to his false reporting to Canadian Securities Authority (CSA), Board PSX and Securities & Exchange Commission of Pakistan (SECP),” a member of the Board said.
It had been established that Morin was working as Chief Compliance Officer for a wealth management company in Canada and signing AML and other important compliance reports on behalf of his Canadian wealth management company while in employment with Pakistan Stock Exchange (PSX) thereby falsely reporting to regulatory bodies in two jurisdictions.