MANILA - The head of a Philippine Stock Exchange (PSE) body tasked to oversee the ranks of listed companies and trading participants has resigned, the bourse announced on Tuesday.

Conchita Manabat is leaving her post as chairman of the Market Integrity Board (MIB) because of "her desire to limit her multiple roles in several institutions."

The MIB is an independent body under the PSE board. It oversees the Market Regulation Department (MRB), which has the line function of policing the activities of traders and listed companies and makes sure they adhere to the rules and code of conduct of the PSE and to all related regulatory requirements.

The MIB affirms, and could reverse or modify, decisions made by the MRD.

Erring brokers list

On August 17, the MRD published a report that listed trading participants that were sanctioned for various violations (Read: PSE lists erring brokers, dealers).

Some of those in the list are also members of the PSE board.

Sources initimately familiar with the goings on at the PSE said the published MRD report on erring traders had led to brushes between some board members and the MIB.

Personal decision

Manabat was appointed to the integrity board in April 2008. She had a term of 2 years. 

Her resignation will take effect by the end of September, the PSE said.

"I would have wanted to keep Dr. Chit Manabat as chair of PSE's MIB but I cannot impose on her out of respect for her personal decision. Surely, she performed admirably well as MIB chair and we will miss her invaluable services," PSE President Francis Lim said in a statement.

"We hope we can find someone of her calibre and integrity to fill the slot she vacated," Lim added.

Manabat was the founder and chairperson of CL Manabat & Co., a member firm of one of the world's largest audit firms, Deloitte Touche Tohmatsu.