Karachi Stock Exchange signed an agreement with JS Investments Ltd (JSIL) allowing JSIL to use the title “KSE–30 Index”, paving the way for change of name of JSIL’s “UTP-A30+ Fund” to “JS KSE-30 Index Fund”, subject to regulatory approvals. This agreement was signed in a ceremony held at the KSE premises, which was attended by Mr. Adnan Afridi, MD KSE and Mr. Najam Ali, CEO JSIL, along with senior management from both companies.
UTP-A30+ Funds (to be renamed as JS KSE-30 Index Fund), is an index tracker fund which is a passively managed, low cost, open-end scheme and was launched in May, 2006 to track the then “ABAMCO 30 Index”, a private index managed by JSIL and the first of its kind free float-adjusted market capitalization based index. In January 2008 the fund adopted KSE-30 Index as the underlying index in view of being widely recognized as a better representative, free float-adjusted market capitalization index by all stock market participants. KSE 30 index is a regulated index of KSE, the premier stock exchange of the country.
At the occasion of the signing ceremony Mr. Adnan Afridi said “We welcome the era of change in the Pakistani capital markets. KSE is looking forward to the launch of ETFs, bond trading platform and ICB Classification just to name a few which will earmark our readiness and ability to compete with International markets at every level bringing depth and breadth to our market. This is a non-exclusive arrangement and we hope more companies will take advantage and enter into similar agreements with KSE.”
Commenting on the occasion Mr. Najam Ali said “The arrangement with KSE is of great pride to JSIL and shall mutually benefit both parties. JSIL has a history of offering innovative products and taking initiatives in the Industry and this agreement is a reinforcement of the value that JSIL believes in providing to its investors.” He further commented that, “This is a step towards better coordination between KSE and the Asset Management Companies in Pakistan and it can be a stepping stone to offer more innovative products in the future.”
