KARACHI- Chairman Securities and Exchange Commission of Pakistan (SECP) has informed the Board of Directors of Karachi Stock Exchange (KSE) that SECP would remove the floor mechanism on December 15 if KSE failed to do so. This was stated by the SECP Chairman, Razi-ur-Rehman, in a meeting held on Saturday at the SECP office in Karachi, which was attended by the Board of Directors of Karachi Stock Exchange (KSE) and representatives of SECP. Chairman SECP showed disappointment over the delay in floor elimination, a source who attended the meeting said. He strongly recommended the Board of Directors of KSE to get rid of the floor mechanism as soon as possible. This meeting is associated to the meeting held on Friday (Dec 5), concerning the removal of floor. The source said that both regulators have failed to draw any conclusions at the meeting. However, the market regulators working on a pathway for providing a soft lending to the market when the floor is lifted witnessed under pressure. The source said that members presented at the meeting expressed their concerns over floor removal. They were convinced that administration played tricks with stock traders and they had to bear anxiety and failure for the past four months. Earlier, Karachi Stock Exchange was supposed to get Rs 20b promised by the government in the name of "floor lifting fund", later called off without taking KSE into confidence. It is worth mentioning that the attitude of the Chairman SECP was authoritarian through out the meeting. He urged KSE to resolve the floor issue and if not he would take step accordingly, the source added. No official date has been given for the removal of the floor even after placing two meetings in a row but the SECP Chairman had verbally directed the representatives of KSE to remove the floor on Dec 15 in the meeting.