140 страниц. 2014 год. LAP Lambert Academic Publishing Current study has academic importance as well as contribution in strategic decision regarding demutualization of the stock exchanges in developing countries like Pakistan. It also identifies the pros and cons of demutualization of the stock exchanges regarding the capital market growth and expansion. It confirm whether demutualization will be fruitful for the Pakistani’s stock exchanges regarding the Financial performance and capital market stability issues by providing the empirical evidences from previous demutualize stock exchanges of Asian, European and American region.