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Karachi: JS Global Capital Limited, a leading brokerage firm in Pakistan, has announced a change in leadership. According to the company, Mr. Imtiaz Gadar will step down as Chief Executive Officer by the end of July, and Mr. Khalilullah Usmani is set to take over on an interim basis.
The company conveyed this information in compliance with section 96 of the Securities Act, 2015, and 5.6.1 (a) of the Pakistan Stock Exchange Rulebook. In a resolution passed via circulation on 10 July 2024, the Board of Directors accepted Mr. Gadar’s resignation, which was first signaled in their earlier communication referenced as JSGCL / CS / 032 /2024 on 13-May-2024. Mr. Gadar will continue in his role until 31 July 2024, ensuring a smooth transition of responsibilities.
Following Mr. Gadar’s departure, Mr. Khalilullah Usmani will assume the role of CEO. His appointment is pending regulatory approvals and the completion of all other formalities. Mr. Usmani’s tenure as CEO will continue until a permanent chief executive is appointed, meeting all statutory and regulatory requirements.
According to information available from the Pakistan Stock Exchange (PSX), this leadership change is part of the company’s ongoing commitment to comply with regulatory standards and ensure robust management oversight.
JS Global Capital Limited has informed all relevant stakeholders, including the certificate holders of the Exchange, regarding these changes.