Mr. Muneer Kamal Chairman and Independent Director

Mr. Muneer Kamal is serving as an independent director and the Chairman of NCCPL Board. He also serves as the Chairman of Human Resources & Remuneration / Nomination Committee of NCCPL Board of Directors and Chairman & Trustee of Settlement Guarantee Fund.

Academically, Mr. Muneer holds MBA Degree from Institute of Business Administration, Karachi.

Mr. Muneer’s diverse Corporate Governance experience includes having served as Chairman of the Board of Directors of Pakistan Stock Exchange Limited and National Bank of Pakistan. He also served on the Board of Engro Corp Limited, DH Corp and Government Holding (Private) Limited. He also served as trustee of Shaukat Khanum Memorial Hospital.

Mr. Muneer’s career in banking and financial services sector, spanning four decades, started with Citibank Pakistan and served in many local and international positions. He also served as President & CEO of Faysal Bank, Union Bank and KASB Bank successively.

More recently, Mr. Muneer in his roles as CEO Karachi Education Initiative and Member of Board of Governors, Karachi School of Business and Leadership helped in developing leadership programs for next generation of business leaders in Pakistan.

Mr. Muneer also serves as member of the Board of Directors of GSK Pakistan Limited, Jubilee Life Insurance and InfraZamin Pakistan. He is also a member of the Board of Governor of National University of Medical Sciences.

Mr. Imran Ahmed Khan Acting Chief Executive Officer and Chief Operating Officer

Mr. Imran Ahmed Khan is a seasoned business professional with an extensive experience of 30 years in multifaceted roles with reputed organizations. He is a fellow member of Institute of Chartered Accountants of Pakistan “ICAP”. He is also a certified director from ICAP.

He joined NCCPL as CFO and Company Secretary in 2007. In his role as CFO, he was a key member of the team that introduced and implemented capital gain tax (“CGT”) system in 2012. He assumed the position of Chief Operating Officer in July 2022 and in this role he supervised and led the Operations, Customer Support, Product Development and Marketing departments along with Administration, Legal and Company Secretariat.

As COO, he led the initiative where NCCPL was made responsible for acting as a payment agent for and on behalf of Ministry of Finance in terms of GoP Ijarah Sukuks listed at the securities exchange for both primary and secondary markets.

He started his professional career from KPMG Taseer Hadi & Co. Chartered Accountants and before joining NCCPL, has served at different senior management positions in Dewan Mushtaq Group, Jaffer Brothers (Private) Limited and Orion Group of Industries.

Mr. Khalid Rahman Independent Director

Mr. Khalid Rahman is serving as an independent director on NCCPL Board since February 19, 2024. He is the Chairman of the Audit Committee, member of the Risk Committee and Investment Advisory & Building Committee of NCCPL Board of Directors. He is also the Trustee of Settlement Guarantee Fund.

Academically, he is a Chartered Accountant from Pakistan, Canada and England & Wales. He also completed post graduate program from University of East, London. He is an alumnus of the Graduate Business School, Stanford University and Kellogg Graduate School of Management, North Western University.

Mr. Rahman’s professional experience spans over 40 years in UK, Hong Kong and Pakistan in banking and oil & gas sector. He served as CEO and MD of Sui Southern Gas Company Limited for three years. Simultaneously he also coordinated Gas Sector Reforms as Team Leader in collaboration with the World Bank. Previously Mr. Rahman worked with Pakistan Petroleum Limited for 20 years from 1992 to 2012, in various senior management positions including CEO & MD, DMD, CFO and Company Secretary. Mr. Rahman also worked with the Institute of Chartered Accountants of Pakistan as the Chief Operating Officer.

Mr. Rahman is a Council Member of the Institute of Chartered Accountants of Pakistan (ICAP). He is the Chairman of AML Supervisory Board and the Overseas Coordination Committee. Further, he is a member of various committees of ICAP including the Executive Committee, Examination Committee, Marketing Committee, Professional Accountants in Business Committee and the Accounting Standards Board.

Internationally, Mr. Rahman has been associated with International Federation of Accountants (IFAC) since 2009. He was initially the Technical Advisor on the Professional Accountants in Business Committee followed by member on the Compliance Advisory Panel and Membership Committee. Currently, he is serving as a member on the Nomination Committee of IFAC, selected from the entire Asia Region.

Mr. Rahman also chairs the Audit Committee of Layton Rehmatullah Benevolent Trust.

Ms. Sadia Khan Independent Director

Ms. Sadia Khan is serving as an independent director on NCCPL Board. She is the Chairperson of Risk Committee and also a member of the Information Technology & Digital Committee of NCCPL Board of Directors.

Ms. Sadia has done Masters in Business Administration from INSEAD, the European Institute of Business Administration” and Master of Arts from University of Cambridge. She is also a certified director from PICG.

Ms. Sadia served as Commissioner at SECP during the period March 2020 to March 2023. She also served State Bank of Pakistan as the Head of Strategic Management and served SECP as Executive Director. She also worked as Financial Economist at Asian Development Bank, Manila Philippines and as Consultant to United Nations, Islamabad. She also worked as a Corporate Analyst with Lehman Brothers, USA.

Ms. Raana Ahmed Independent Director

Ms. Raana Ahmed is serving as an independent director on NCCPL Board. She is also the Chairperson of the Information Technology & Digital Committee constituted by NCCPL Board.

Academically, Ms. Raana is MBA (Finance), LLB and MA (English) from the University of Punjab.

Presently, Ms. Raana is the CEO of Marigold Consulting (Pvt.) Limited. Previously, as a civil servant, she worked at several senior positions in the FBR as well as the CEO of Pakistan Revenue Automation (Private) Limited.  She also worked as Secretary to the Government of the Punjab for Information Technology and as Chairperson of the Punjab Information Technology Board.

Ms. Raana has vast experience in consulting services. She worked as a Team Member of the International Finance Corporation of the World Bank Group for evaluation of Tax Regime for Dairy Sector in Pakistan. She has also worked as a freelance consultant for Oxford Policy Management for the Sub-National Governance Program-II (SNG-II) on various projects such as Development and Implementation of Risk-Based Audit Policy for the Punjab Revenue Authority, Automation of Collection of Tax on Transfer of Immovable Properties in Punjab, Revision of Excise Duty Act, 1914 and its Regulations.

Ms. Raana has diversified experience related to the project management. She worked as Project Director/Team Leader to re-engineer and integrate business processes of Income Tax & Sales Tax under Tax Administration Reform Program sponsored by the World Bank. She also worked as Project Director/Team Leader at the FBR to develop and implement Iris, an in-house, end-to-end, fully automated solution for business processes for Income Tax and Sales Tax.

Mr. Ahmed Chinoy Non-Executive Director

Mr. Ahmed Chinoy has been nominated to represent PSX on NCCPL Board. He serves as the Chairman of the Investment Advisory & Building Committee, member of the Audit Committee and Human Resources & Remuneration / Nomination Committee of NCCPL Board of Directors and Trustee of Settlement Guarantee Fund.

Academically, he is a fellow member of Institute of Cost & Management Accountants of Pakistan and holds graduate degree in Commerce from University of Karachi. He is also a certified director from PICG.

Mr. Chinoy is currently serving as the Managing Partner of Arch Group of Companies and oversees various businesses in different sectors such as security investments, textiles, real estate and poultry.

Mr. Chinoy is a prominent figure and has served the society in different capacities in the field of crime issues, business, education, health and social services. He also served as the Chief of Citizen Police Liaison Committee from the years 2010 to 2015.  He was awarded prestigious national awards of Hilal-e-Imtiaz and Sitara-e-Imtiaz for his services to general public.

Directorships/Offices:

• Shareholder Director, Pakistan Stock Exchange Limited
• Nominee Director of PSX, Central Depository Company of Pakistan Limited
• Nominee Director of PSX, Pakistan Mercantile Exchange Limited
• Director, Creek Developers (Private) Limited
• Director, AKD REIT Management Company Limited
• Director, Sir Adamjee Institute
• Director, Sui Northern Gas Pipeline Limited
• Chairman, Kutiyana Memon Hospital
• Member M.C, Federation of Pakistan Chambers of Commerce & Industry
• Managing Partner, Arch Sons
• Managing Partner, Arch Industries
• Managing Partner, Lotus Properties
• Partner, Golden Livestocks
• Partner, Al-Karam Builders & Developers
• Partner, Al-Karam Lagoons

Mr. Nadeem Naqvi Non-Executive Director

Mr. Nadeem Naqvi has been nominated to represent PSX on NCCPL Board. He also serves as the member of the Audit Committee of NCCPL Board of Directors.

Mr. Naqvi is the CEO of Habib University Foundation, Karachi. Mr. Naqvi holds the degrees of MBA in Finance and B.Sc. with Honours in Banking and International Finance from the City University Business School in London, United Kingdom and completed his High School (GCE A-Levels) from Dover College, Dover, England. He has passed CFA Level II Exams. He brings with him over 40 years of work experience in global financial services, operating in diverse environments of North America, Europe and the Middle East, besides that of Pakistan.

Mr. Naqvi was Managing Director of Pakistan Stock Exchange (PSX) from 2011 till 2017, when he took early retirement and resettled in Toronto, Canada. During his tenure at PSX he oversaw and guided massive transformation of the stock exchange and Pakistan’s Capital Market. Some of his key accomplishments included: implementation of demutualization of the stock exchange; integration of three stock exchanges of Karachi, Lahore and Islamabad and emergence of the Pakistan Stock Exchange as the single capital market in the country; launch of internet/wireless trading platform; advocating with MSCI and international portfolio investors for Pakistan inclusion into MSCI Emerging Market Index and successfully managing the process; playing a key role in divestment of 40% equity stake of PSX to institutional foreign investors. Under his tenure the revenue and profits of the Exchange grew from Rs.692 million and Rs.50 million respectively in 2011, to Rs.1,477 million and Rs.277 million in 2017.

During this period, he was also the Chairman of the NCCPL and guided the transformation of NCCPL into a full Central Counter Party with its own risk management capability as well as introduction of electronic capital gains tax calculation and recovery for the Federal Board of Revenue of the Government.

Prior to joining PSX, Mr. Naqvi was the Chief Executive Officer of an asset management company. Earlier, he served as CEO of AKD Securities Ltd., a leading corporate stock brokerage firm in Pakistan which he helped transform from a proprietary business into a full-scale investment banking and brokerage firm. The Company gained recognition by the CFA Association of Pakistan as the best domestic brokerage firm for two consecutive years in 2006 and 2007 under his tenure. Mr. Naqvi also served as Chairman of the first technology venture capital fund of Pakistan (TMT Ventures) and oversaw the completion of several ventures by successful exits at I.R.R. ranging from 35-40%.

Economic & market analysis and research have been the hallmark of Mr. Naqvi’s career. He led an independent investment research firm in USA/Canada, Investology Inc., which was ranked by ‘Business Week’ in 2004 as the third best out of 300 independent research firms in North America. Before that, he headed the Merrill Lynch Pakistan research team. He was also the Head of Research of the investment advisory company of Morgan Stanley Asset Management’s Pakistan Investment Fund for four years from 1996 – 2000. More recently, from 2017 – 2022,

Mr. Naqvi was involved in financial and real estate advisory business in Canada. Mr. Naqvi has participated in landmark investment banking transactions in Pakistan, including the privatizations of Kot Addu Power Plant, National Refinery and United Bank Limited. He was a member of the Capital Markets Committee, Economic Advisory Council of the President of Pakistan in late 1990’s and has served as Vice-Chairman, South Asian Federation of Exchanges; Director, Institute of Financial Markets; and Director, JCR-VIS Credit Rating Agency, besides NCCPL and CDC.

Other Directorships:

• Shareholder Director, Pakistan Stock Exchange Limited
• Nominee Director of PSX, Central Depository Company of Pakistan Limited
• Nominee Director of PSX, VIS Credit Rating Company Limited
• CEO & Director, Capital Markets International Advisors Inc. (Financial Consultancy)
• CEO & Director, Habib University Foundation

Mr. Nihal Cassim Non-Executive Director

Mr. Nihal is an MBA (Finance & MIS) from McGill University. He takes particular interest in facilitating the development of the capital market, governance of public companies and building shareholder value.

Mr. Nihal is currently a Director on the Boards of Pakistan Stock Exchange Limited, International Steels Limited, Crescent Steel & Allied Products Limited, The Organic Meat Company Limited, National Clearing Company Limited, NIFT and Ubiquity Trading Limited. He has also served on the Boards of Pakistan Oilfields Limited (for 9 years) and Ferozsons Laboratories Limited (for 15 years). Nihal has served two terms as a director on the Board of the Mutual Funds Association of Pakistan (MUFAP).

Mr. Nihal’s focus has expanded to philanthropic activities as a donor and as a member/trustee of The Citizens Foundation, the Patient Aid Foundation and the Jinnah Foundation.

Mr. You Hang Non-Executive Director

Mr. You Hang has been nominated to represent PSX on NCCPL Board. He also serves as the member of the Human Resources & Remuneration / Nomination Committee of NCCPL Board of Directors.

Mr. You Hang is serving as Non-Executive Director on the Board of PSX, being a nominee of China Financial Futures Exchange (CFFEX).

Mr. You Hang, being one of the inaugurators of CFFEX, is currently serving as the Chief Representative of CFFEX in Pakistan. He also held the position of Deputy Managing Director of PSX from August 2017 to August 2018. He is a seasoned expert who has strategically fulfilled the responsibility of domestic and international financials, marketing and operational functions. He is specialized in Exchange operations, designing/management of financial derivatives as well as data marketing. He has solid experience in equity, fixed income, and FX derivatives and possess strong quantitative and analytical skills. He also has a diplomat experience with superior communication, organizational and interpersonal skills with fluency in English as well as in his mother tongue Mandarin.

Mr. You Hang has completed his Master of Public Policy concentrated in Finance on Dean’s Fellowship from The University of Chicago, USA and Bachelor of Engineering from East China University of Technology, Shanghai, from where he graduated with honors.

Mr. You Hang is currently associated with CFFEX for last 14 years and has served it in the capacity of Chief Representative in Pakistan, Managing Director, International Business Development Department/Executive officer/ Equity Index Derivatives Department / FX Derivatives Department and Executive Director- Market Data Department.

Directorships:

• Shareholder Director, Pakistan Stock Exchange Limited
• Nominee Director of PSX, Central Depository Company of Pakistan Limited

Mr. Aftab Ahmad Non-Executive Director

Mr. Aftab Ahmad has been nominated to represent LSE Ventures Limited on NCCPL Board. He serves as the member of the Information Technology & Digital Committee of NCCPL Board of Directors.

Mr. Aftab holds an MBA degree from Nicholls State University, Thibodaux (LA), USA; and is also a graduate of the Executive Management Program from Stanford University, USA. He is also an alumnus of many US SEC’s International Programs, National Defense University’s National Security Program, and Lahore University of Management Sciences’ Director certification program.

Mr. Aftab is a capital market practitioner focusing on enhancing market efficiencies, equity capital mobilization and investment promotion projects. His work involves developing solutions for easy, efficient and empowering financial inclusion and related policy/regulatory frameworks and innovative transaction arrangements. He also involved in the areas of market activism and social entrepreneurship, such as; improvements in public sector governance, responsive community engagement, expanding financial literacy, investor relations and gender mainstreaming.

Mr. Aftab has over three decades of experience of working in various fields such as; logistics/supply chain, procurement, budget management and financial markets. During his initial career, Aftab has also worked as a commissioned military officer, besides serving in the United Nations humanitarian mission in Somalia, known as UNOSOM.

Presently, Mr. Aftab is the Chief Executive Officer of LSE Ventures Limited, LSE Proptech Limited and Digital Custodian Company Limited. He also works for a market technology solutions entity E-Finance Solutions Limited, and renders board and committee level services for some other corporates and not for profit initiatives.

Mr. Aftab is also serving on the Board of Pakistan Mercantile Exchange.

Mr. Zahid Latif Khan Non-Executive Director

Mr. Zahid Latif Khan has been nominated to represent ISE Towers REIT Management Company Limited (“ISEREIT”) on NCCPL Board. He serves as the member Human Resources & Remuneration / Nomination Committee of NCCPL Board of Directors and the Trustee of Settlement Guarantee Fund.

Academically, Mr. Khan holds Bachelor's degree in Science and a graduate of National Security Workshop organized by National Defense University. He is also a certified director from the Institute of Cost and Management Accountants of Pakistan and possesses specialized certifications in capital markets from the United Nations Institute of Training & Research and the Pakistan Institute of Management. Mr. Khan Initiated his investment career in 1990 and subsequently established his own stock brokerage firm in 1994. Beyond his impressive business achievements, Mr. Khan has held prominent positions within capitals markets and financial institutions. He currently serves as the Chairman of ISEREIT and the Chairman of LSE Financial Services Limited. Additionally, he holds the position of Vice Chairman of the Pakistan Stock Brokers Association and serves as a director on the boards of Pakistan Mercantile Exchange Limited and NCCPL.

Mr. Khan serves as the founding chairman of Zahid Latif Khan Securities (Private) Limited, widely known as ZLK Securities, a brokerage firm renowned for its reliability in Pakistan. ZLK Securities boasts the most extensive network in the Northern region and has been dedicated to serving its esteemed clients both nationally and internationally for more than three decades.

Remarkably, Mr. Khan played a pivotal role in the consolidation of the Karachi, Lahore, and Islamabad stock exchanges into a unified platform known as the Pakistan Stock Exchange. This integration has significantly benefited investors by providing a single, high effective, and more expansive capital market.

Mr. Khan’s extensive knowledge of capital markets and his forward-thinking approach have earned him the prestigious role of Honorary Coordinator (Business Liaison) to the Federal Tax Ombudsman Secretariat. He also serves as the Chairman of the Asian Institute of Eco-Civilization Research and Development, with a vision to foster discourse on emerging Asia, China, eco-civilization, and shifting global dynamics. His efforts aim to create high-quality knowledge, constructive engagement, and proactive advocacy for improved and refined policy frameworks.

Mr. Khan actively contributes to raising awareness about the stock market and financial literacy among the general public. His vision includes increasing overall participation in Pakistan’s Equities Market, particularly among younger audiences. To achieve this, he seeks to promote financial inclusion, enhance access to useful and affordable financial products and has signed Memorandums of Understanding with various universities to facilitate the exchange of learning resources and bridge the gap between academia and the financial industry.

Formerly, Mr. Khan served as the President of the Rawalpindi Chamber of Commerce and industry, where he played a significant role in promoting economic and trade relations with the international community. He is a key influencer in Asian and Central Asian Republics and regional economic corridors, leveraging Pakistan’s strategic position. He has led several delegations abroad to expand bilateral trade ties and maintains close and friendly relationships with the diplomatic community in Pakistan.

Recently, Mr. Khan has been appointed as a Director of the Hajira Hamza Foundation, a role he deeply values for its impact on the thalassemia patients and his commitments to this noble cause.

Mr. Zahid is currently serving on the Boards of:

• ISEREIT;
• Pakistan Mercantile Exchange Limited;
• NCEL Building Management Limited; and

Mr. Saad Ur Rahman Khan Non-Executive Director

Mr. Saad Ur Rahman Khan has been nominated to represent Pakistan Kuwait Investment Company (Pvt) Limited (“PKIC”) on NCCPL Board. He serves as the member of the Investment Advisory & Building Committee of NCCPL Board of Directors and the Trustee of Settlement Guarantee Fund.

Mr. Saad is a graduate of Institute of Business Administration. He has an extensive banking career spanning more than 30 years in the area of Retail, Trade, SME, Commercial, Corporate Investment Banking, Financial Institution, International Banking and Risk Management. Having started his professional journey with MCB Bank Limited in 1993, he has since held numerous senior roles in large local and multinational banks including Citibank, National Bank of Pakistan, Habib Bank Limited and Bank Alfalah Limited.

Mr. Saad has also served as a director on the boards of Alfalah Asset Management Limited, NBP Fund Management Limited, National Bank of Pakistan Kazakhstan, National Bank of Pakistan Tajikistan, Sapphire Wind Power Company Limited and Triconboston Consulting Corporation (Pvt) Limited. He has been nominated by Ministry of Finance on behalf of the Government of Pakistan on the Board of PKIC since July 19, 2023.

Mr. Saad is currently serving on the Boards of:

• Meezan Bank Limited; and
• Al Meezan Investment Management Limited

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