KARACHI: Exercising its powers under Section 40B, read with Section 20(6)(b) and 20(6)(g) of the SECP Act 1997, the Securities and Exchange Commission of Pakistan (SECP) has directed the KSE to allow KASB Securities Limited (KSL) trading facilities in the ready market.
The SECP had stopped trading facilities of KSL at the KSE and Pakistan Mercantile Exchange Ltd (PMEX) on Nov 18, 2014. It said that the Commission had instructed KSE to ensure following restrictions as pre-emptive measures while opening KSL trading facilities: In the ready market, the KSL can execute buy order against at least 50 per cent cash deposit and sell orders against at least 50pc pre-existing holding in CDS sub-accounts maintained with KSL.
KSL would be required to deposit 50pc cash to comply with these restrictions, if net-payable, and deliver 50pc securities on trade date. Moreover, trades executed on behalf of the non-broker clearing member (NBCM) clients’ shall be affirmed not later than one hour before closure of market.
