OUR STAFF REPORTER KARACHI - The Karachi Stock Exchange on Wednesday announced it has launched Over-The-Counter (OTC) market through listing of first ever Privately Placed Commercial Papers (CP) of Rs1 billion of Engro Fertilizers Limited on the Exchange. The CP will be listed on the Exchange with effective from January 17, 2011 (Monday) and trading will take place w.e.f. January 18, 2011 i.e. one day after the date of formal listing as required under the regulations. In a statement, the KSE said the purpose of OTC market is to provide investors an efficient and transparent source of investment, beside encouraging promoter to setup new industries or expand the existing enterprises by raising funds in a cost-effective manner in a listing regime where requirements are less stringent. KSE endeavor to develop healthy, efficient and transparent OTC market in line with the international standards, which plays a pivotal role in the efficient working of the global financial system and in generating the economic growth of the countries across the world, it said. The KSE foresees the Pakistani capital market particularly the debt market growing rapidly in the future to attain a place of pride amongst the leading capital markets of the region, it added.