Pakistan Stock Exchange appointed Sulaiman Mehdi as the new chairman after the removal of Hussain Lawai.

Prior to this Sulaiman Mehdi was the chief executive officer of private equity firm Cyan Limited.

Earlier on July, Lawai was removed as the chairman of the Pakistan Stock Exchange  on the orders of the Securities and Exchange Commission of Pakistan, following his arrest on money-laundering charges on July 6.

Federal Investigation Agency (FIA) in connection with a mega money-laundering scandal involving Rs35 billion, which is said to involve a number of politicians, businessmen and bankers. 

The scandal also includes former president Asif Ali Zardari his sister Faryal Talpur and several of his close associates.