KSE and JSIL sign agreement

KARACHI - The Karachi Stock Exchange (KSE) 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 JSILs 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 Adnan Afridi, MD KSE and Najam Ali, CEO JSIL, along with the 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 capitalisation based index.
In January 2008 the fund adopted KSE-30 Index as the underlying index in view of being widely recognised as a better representative, free float-adjusted market capitalisation index by all stock market participants. KSE 30 index is a regulated index of KSE, the premier stock exchange of the country.