LSE was established as a Guarantee Limited Company in 1971 having no share capital. Thus, LSE existed as a mutualized entity with its members (i.e the brokers) perceived as the owners of the Exchange. The members (brokers) of LSE handled the management affairs of the Exchange through a member elected board, who then elected their office bearers as the Presidents/Chairmen and Vice Presidents/Vice Chairmen and also involved themselves in the management functions through many functional committees.

From 1970-2005, i.e, for more than three decades, the members (brokers) of the Exchange continued to lead LSE. During this period, some prominent individuals who held the office of the Chairmen/Presidents of the Exchange included, Mr. Naseer A. Sheikh (Crescent Group), Mian Rafique Saigol (Kohinoor Group), Ch. Nazar Mohammad (Servis Industries), M. Aslam Amin (Seth Abid Group), Mian Tajammul Hussain, Mr. Perviaz Ahamd, Syed Mohsin Raza Bukhari, Mr. Riaz Ul Hassan Ghori, Mirza Sher Dill, Khawaja Hamad Saeed, Dr. Yasir Mahmood, Gp. Capt (Retd) Naeem A. Khan and Syed Asim Zafar.

After 2005, the new regulatory guidelines stopped the election of Chairmen of the Exchange from amongst the elected member (broker) directors, and instead required that the office of the Chairman of the Exchange shall be held by an Independent Director. Also, from 2012, LSE had been converted into a joint-stock entity under the Demutualization Act 2012, and the terms of the Board and the Chairmen of the Exchange were extended to three years'. During this period, the prominent persons who held the office of the Chairmen of LSE included, Mr. Ibrar A. Mumtaz (Fazal Din Pharma), Mr. Hamesh Khan (President Bank of Punjab), Mr. Arif Saeed (Servis Industries), Mr. Aftab Ahmad Khan (Nishat Group), Dr. Salman Shah (former Federal Finance Advisor) and Mr. Khalid Aziz Mirza (former Chairman SECP and CCP).

Earlier, another change in the management of the Exchange had taken place in 2002, when all Exchanges were required to appoint full-time professional Managing Directors/Chief Executive Officers, so as to improve investors’ confidence in the integrity of the marketplace. From the establishment of the position of MD, Mr. Jamil Ahmad, Mr. Samir Ahmed, Mr. Hamid Imtiazi, Mian Shakeel Aslam, and Mr. Aftab Ahmad Chaudhry (MD from 2010-2016), occupied this office till the merger of LSE with Islamabad and Karachi Stock Exchanges for the establishment of a single & unified stock exchange in the country under the name of Pakistan Stock Exchange (PSX). Upon the unification of the stock exchanges, all members (brokers) of LSE became the members of PSX.

After 2016, the remainder/successor company of LSE was given the license to operate as a non-banking finance company (NBFC) under the name of LSE Financial Services Limited (LSE FSL). In 2023, LSE FSL was further demerged into three separate companies, namely LSE Ventures (the new parent company holding all assets and investments), LSE PropTech (the real estate assets holding company) and LSE FSL to retain its NBFC –(IFS) license and function as a margin financing provider to the leveraged market. From 2016 to 2022, Mr. Rashid Rahman Mir served as the Chairman of the Company. After acquiring the management control of LSE FSL (before the denerger), the new owners of the LSE, elected their group leader, Mr. Zahid Latif Khan, as the Chairmen of LSE FSL. During this period, a number of professionals also served as the full-time CEOs of the company, which included, Mr. Naveed Amin Khawaja, Mr. Farid Malik, Mr. Sibghat Ullah Khalid, Mr. Nafees Ahmad and Mr. Amir Zia. Subsequent to the demerger in 2023, Mr. Ghulam Mustafa was appointed as the first CEO of LSE FSL, with the objective of repositioning the company into a listed deposit-taking NBFC, while Mr. Aftab Ahmad Chaudhry was appointed as the CEO of LSE Ventures and LSE PropTech.