Karachi Stock Exchange (KSE) will be discontinuing clearing house accounts with Mybank Limited with effect from April 18, 2011 due to shifting of bank's branch from KSE premises. In a notice issued on Monday, the KSE informed all its members that Mybak is relocating/ shifting its branch from the premises of the Karachi Stock Exchange to Ranchore Lines Quarters, Karachi from April 19, 2011.
"As per the clause No 1.5 "Bank Guarantee" of Regulations Governing Risk Management of the exchange, the cash deposits and bank guarantees will only be accepted from those banks that have their branches in the premises of the exchange", the KSE said.
"In view of above, all members are informed that the exchange will be discontinuing clearing house accounts with Mybank Limited with effect from April 18, 2011 and will not accept/value the bank guarantee issued by the aforesaid bank", it added. The KSE asked all the members to replace their exposure margins if deposited through Mybank Limited before April 15, 2011.
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