 In  March  1999  the  Capital  Market  Project 
       Brief                Consultants  (Arthur  Anderson  &  Co.)  were 
                            mandated  to  develop  recommendations  for  a 
   Overview                 National  Clearing  and  Settlement  System 
   of NCCPL                 (NCSS).
                          The design of the system was finalized in 2000 
                            in  consultation  with  all  major  capital  market 
                            stakeholders.
  Incorporati
         on               National Clearing Company of Pakistan Limited 
                            (NCCPL) was incorporated on July 03, 2001 to 
                            manage  and  operate  the  National  Clearing  & 
                            Settlement    System  (“NCSS”)  in  a  fully 
                            automated electronic settlement system.
                                                                             2
      Brief 
  Overview 
  of NCCPL
  Clearing & 
  Settlemen
        t
                                                           3
                                     Market Segments
      Brief 
   Overview  NCCPL  provides  Clearing  and  Settlement 
                      Services for the following market segments :
   of NCCPL               Regular/Cash Market;
                          Odd-lot Market;
  Clearing &              Derivative  Markets  (Futures  and  Stock 
                            Index);
  Settlemen
                          Negotiated Deal Market; and
          t
                          Debt Market
                                                                      4
       Best 
                                 Shareholdin     Board of 
   Practices                     Shareholdin     Board of 
                                 g Structure     Directors
 adopted by                      g Structure     Directors
     NCCPL
                                   Board       Managemen
                                   Board       Managemen
                                 Committees         t
  Governanc                      Committees         t
         e
                                                                    5
 Governanc                        Shareholders
        e
                                              Securities Exchange
                            17.65%            Non-Banking Finance 
                                              Company
                         11.76%     47.06%    Real Estate In-
 Shareholdin                                  vestment Trust
                                              Development Fi-
                                              nancial Institution
        g                  23.53%
                                                           6