In a statement released following a meeting of SECP and Karachi Stock Exchange (KSE) officials, the apex regulator of the brokerage industry noted all outstanding contracts in the deliverable futures market were also closed out in coordination with KASB Securities.
“Factors leading to the suspension of trading facilities of KASB Securities and steps taken to ensure smooth and uninterrupted settlements of outstanding trades were discussed (in the meeting),” the statement said.
The meeting was also attended by officials from Central Depository Company of Pakistan (CDC), National Clearing Company of Pakistan and Pakistan Mercantile Exchange (PMEX).
“It was also noted that the securities of the investors held in the sub-accounts under the KSL’s control are secure and the investors can easily transfer their securities by following the procedures prescribed by the CDC. Accordingly, all requests for transfer of shares by the investors are being facilitated and completed in a timely manner,” the statement said, adding that KASB Securities was fully cooperating with the regulators. No fresh positions are being allowed at any exchange, including the PMEX, the SECP said.
Published in The Express Tribune, November 21st, 2014.
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