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Business on 100% cash: SECP allows KSL to start trading

Business on 100% cash: SECP allows KSL to start trading

KARACHI: the Securities and Exchange Commission of Pakistan (SECP) has allowed KASB Securities Limited (KSL) to start business again after it has lifted ban on trading imposed on Nov 18.

According to the chief regulator, the ban was lifted on the Karachi Stock Exchange’s (KSE) suggestion of allowing the KSL limited trading. The SECP has directed the KSL to execute buy orders only against 100pc cash and sell orders only against pre-existing holding in CDS-subaccounts with the KASB Securities.

Meanwhile, the KSL also sent letters to customers informing that the SECP had reinstated its operations effective Dec 3. The brokerage stated that the last 15 days had posed a challenge and it appreciated the efforts of regulators and customers for their support and timely resolution of the matter.

The SECP indefinitely suspended the trading facilities of KSL at the KSE and Pakistan Mercantile Exchange Ltd (PMEX) on Nov 18 after the State Bank imposed a six-month moratorium on KASB Bank Limited on Nov 14.