ISLAMABAD - To avoid any legal implication in future, Chairman Security Exchange Commission of Pakistan (SECP) Salman Shaikh has conducted a series of formal and informal meetings with the corporate stakeholders in Karachi this week where he has asked them to be silent regarding demands from SECP on various issues till his retirement in November, TheNation has learnt. In the meeting with the members of Karachi Stock Exchange (KSE), he tried to calm the members against the issue of non-member chairman of KSE and his stand against the MTS. Sheikh requested the members to show flexibility until he got retired from the chairmanship of SECP. He tried to convince them that after November the new incumbent chairman would be the right person to address their grievances. Despite clear reservation of sitting Chairman KSE, the corporate regulator SECP approved the MTS on the pressure of members of KSE, he added. Sources said that SECP had approved the MTS after bridging up the legal technicalities in the regulatory framework of MTS. MTS would be implemented within a period of one month. Sources further added that brokers had built sustainable pressure on the SECP, resultantly the incumbent Chairman did fail in getting approved demutualisation of KSE from the Upper House (Senate). The National Assembly has approved the demutualisation and was still pending with the Senate. In due course, the sitting Chairman spent a week time in Karachi to gain the sympathies of the powerhouses of the brokers and other corporate stakeholders to give him the breathing space until he was retired from SECP. Brokers mafia in KSE opposes demutualisation as they dont want to loose their monopoly in the KSE. The Chairman SECP wanted to linger on all the outstanding issues and the pressure developed by the brokers community of the KSE. He remained successful in getting the support of the brokers up to some extent, sources added. When this scribe contacted Musarrat Jabeen, Head of External Communication & Internal Communication of SECP, she confirmed that there was only one formal meeting in Karachi. However she did not comment over long stay of the Chairman SECP in Karachi.