Karachi October 24 2023: Pakistan Stock Exchange convert three securities brokers to trading only category means they cannot settle executed trades or keep custody of securities or money owned by it and its customers.
“All Market Participants are hereby informed that M/s. Ayub Chaudhry Investments (Pvt) Limited, M/s. Amer Securities (Pvt) Ltd and M/s. Galaxy Capital Securities (Pvt) Ltd have converted into the category of Trading Only Securities Broker as per requirements of Regulation 5A of Securities Brokers (Licensing and Operations) Regulations, 2016” states Pakistan Stock Exchange notification.
In this regard, EClear Services Limited (ESL) has been appointed as Professional Clearing Member (PCM) of abovementioned Trading Only Securities Brokers in order to settle executed trades and keep custody of securities/money of all accounts including proprietary and other related accounts.
“Trading Only” category shall mean that a securities broker can only execute its proprietary trades and trades on behalf of its customers but cannot settle executed trades or keep custody of securities or money owned by it and its customers. Provided that a Trading Only broker may keep custody of securities and money owned by it and its sponsors and directors and their close relatives and can settle its proprietary trades and trades executed on behalf of its sponsors and directors and their close relatives till such time as may be allowed by the Commission.