Hong Kong Exchanges and Clearing may increase its listing committee members from 25 to 30 but will not proceed with a revamp of the committee structure until the results of a court case are known and the listing rules have been changed. In April, the exchange consulted the market about amending the listing division and listing committee, including a proposal to include more investor representatives. After attending the listing ceremony of Link Reit yesterday, committee chairman Moses Cheng Mo-chi said: 'We have so many listing applications that we have an urgent need to increase the number of members of the committee to at least 30.' However, Mr Cheng said the other proposed reforms could not proceed until after a change in law to add statutory backing to the listing rules, expected from the Legislative Council early next year. It will involve some of the listings rules, such as those covering connected transactions and disclosures, coming under the management of the Securities and Futures Commission. This will allow the SFC to prosecute violators and issue more severe penalties. At present, all the exchange can do is reprimand transgressors. 'The stock exchange must also wait for the result of a court case which will determine the future disciplinary procedures of the exchange,' Mr Cheng said. 'Due to such uncertainties, I do not think this is the right time to revamp the listing committee,' he added. Last month, the stock exchange was given approval to take its fight with New World Development executives to the Court of Final Appeal in an effort to overturn a ruling that would force a radical overhaul of disciplinary hearings. It stems from an appeals court ruling in May that dealt a hefty blow to the exchange, ruling that it had flouted the Basic Law by banning lawyers from joining their clients in exchange disciplinary hearings. Meanwhile, Mr Cheng rejected criticism that the listing process was too slow, saying it usually took about three months. He also rejected other criticism that the listing committee asked too many questions of candidates - it had been claimed that 2,000 queries had been raised on one application. 'It is absolutely not true. From the 57 listing applications we have handled this year, we have asked fewer than 300 questions in 82 per cent of the cases,' Mr Cheng said.