Circulars/Notifications - Banking Supervision Department  
 BSD Circular Letter No. 1
Ist January, 2002  

Presidents/Chief Executives

All Banks/DFIs 

Dear Sirs, 

PRIOR CLEARANCE OF STATE BANK FOR APPOINTMENT OF CHAIRMAN/ PRESIDENT/MANAGING DIRECTOR/CHIEF EXECUTIVE -
MEMBER BOARD OF DIRECTORS OF BANKS/DFIS

 

Please refer  to BPRD Circular No. 12 dated 2nd June, 2000 regarding the above. 

2          It has been observed from the Curriculum Vitae (CV) of some of the persons forwarded to us for seeking the required no objection for appointment as Directors on the Board of a bank, in compliance of our above referred circular, that they are either money changers, stock brokers/members of Stock Exchanges/Brokerage Houses or persons directly/indirectly associated with the business of stock market/exchanges. 

3.            Considering the potential of conflict of interest in their business and with the business of banking and to ensure integrity of the banking business, it has been decided that money changers, members of Stock Exchanges or Brokerage Houses or companies owned or controlled by them or persons directly or indirectly associated with the business of stock market/money changer shall not be eligible to become director including nominee director on the board of a bank/DFI. Those banks/DFIs which have such persons on their boards are advised to regularize their position within 90 days from the issuance of this circular. 

            Please acknowledge receipt.



Yours faithfully,
(Muhammad Kamran Shehzad)
Senior Joint Director
       
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