United Capital Securities (Private) Limited has been expelled from Karachi Stock Exchange (KSE) on Monday due to its inability to improve financial condition and satisfactorily settle investors claims within specified deadline.
Karachi Stock Exchange notified that the KSE board of directors through a resolution passed on March 5, 2012, decided to expel M/s United Capital Securities (Private) Limited from the membership of the exchange due to its inability to improve financial condition and satisfactorily settle investors claims within specified deadline.
Consequently, M/s United Capital Securities (Private) Limited has ceased to be a member of the exchange with immediate effect and the membership card or Rights of Membership stands forfeited under Clause 5(e) of the Governing Regulations of the Exchange, a KSE notice issued here on Monday said. In accordance with Clause 6 of the Governing Regulations, the board of directors is entitled to deal with or dispose of the forfeited membership card or right in the manner as it deems fit, the notice added.
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