The Securities and Exchange Commission of Pakistan (SECP) has said the Karachi Stock Exchange (KSE) has received investors’ claims of Rs103 million by the time it suspended all trading terminals of ACE Securities Monday morning.
According to a statement by the SECP on Tuesday, the apex regulator of the capital markets directed the Central Depository Company (CDC) to suspend ACE Securities’ account and withhold any movement of shares from its sub-accounts under the participant ID of the brokerage house. Following the violation and non-compliance of KSE regulations, its chief regulatory office suspended on Monday the operation of ACE Securities’ trading terminals until further notice.
The SECP statement added that the KSE has ordered a special audit into the affairs of ACE Securities to verify the investors’ claims and any wrongdoings on the part of its management. ACE Securities had stopped honouring its investors’ requests following the alleged escape of its owners from the country last week.
Published in The Express Tribune, April 29th, 2015.
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