ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) noted with satisfaction that all the outstanding trades of the KASB Securities Limited (KSL) in the ready market segment were successfully settled.
Likewise, all the outstanding contracts in the deliverable futures market have been closed out in close coordination with the KSL.
Zafar Abdullah, Commissioner Securities Market Division (SMD), SECP, chaired a meeting on Thursday, according to a press release issued by SECP.
The factors leading to the suspension of trading facilities of the KSL and the steps taken to ensure smooth and uninterrupted settlements of outstanding trades were discussed.
The meeting was attended by Executive Director, SMD, senior officials of the Karachi Stock Exchange Limited (KSE), Central Depository Company of Pakistan Limited (CDC), National Clearing Company of Pakistan Limited (NCCPL) and Pakistan Mercantile Exchange Limited (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. It was acknowledged that the KSL's management was fully cooperating with the regulators.
It was also noted that no fresh positions are being allowed at all exchanges, including in the PMEX. The majority of open contracts in the PMEX have already been closed out and sufficient margins in cash are available in respect of open contracts.
It was agreed that extensive and coordinated efforts would be made to facilitate investors and allow swift and timely resolutions of all requests for transfer of shares and payment of cash claims.
The regulators are in contact with the KSL's management with the objective of assisting the KSL in resolving the difficulties and emerging successfully from the current situation.
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