Pakistan Unified Corporate Action Reporting System (PUCARS) will be introduced in Karachi Stock Exchange Limited (KSEL) from March 17, 2014. According to a notification issued by KSE on Thursday, for post demutualization and segregation of Regulatory Function from Commercial Function of KSEL, the emphasis on compliance and enforcement functions have been increased in the interest of market participants.
PUCARS is one of the initiatives taken by the Regulatory Affairs Division with the co-operation of the Commercial Division of KSEL. PUCARS is a fully automated web-based announcement interface provided to the listed companies/issuers of listed securities for sharing their price sensitive/material information with market participants and TRE certificate holders.
PUCARS will ensure efficiency and security of dissemination of price sensitive/material information with minimal human interference and reduction in time lags. It is informed that PUCARS is being introduced from March 17, to enable listed companies/issuers of listed securities to share their price sensitive/material information efficiently and transparently at once, with all market participants.
In the initial phase, PUCARS will be run parallel to the existing Fax to Email Solution System but it will be mandatory and preferred that all listed companies/issuers of listed securities share required information on PUCARS before sharing it anywhere else. All those listed companies/issuers of listed securities who do not use PUCARS will be considered as noncompliant with the correspondence manual and the exchange may exercise its right to take appropriate action against them as deemed appropriate in accordance with relevant clauses of regulations, the notification says. The KSEL desires promoting fully compliant and automated environment to serve market participants better and efficiently regulate the market to keep the interests of the investors/market participants protected.
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