exchanges of Pakistan, under:

A.

The legal structure of an exchange whereby the ownership and

the management at the exchange are segregated from one

another.

B.

The legal structure of an exchange whereby the ownership, the

management and the trading rights at the exchange vests in

one person.

C.

The legal structure of an exchange whereby the ownership, and

the trading rights at the exchange are segregated from one

another

D.

The legal structure of an exchange whereby the ownership, the

management and the trading rights at the exchange vests only

with government.