Karachi August 17 2023: Pakistan Stock Exchange has restricted the trading facility of the Margalla financial over breach of regulations.
Margalla Financial (Private) Limited (Margalla Financial) informed that it had applied to SECP for seeking extension in holding its Annual Genera l Meeting and submission of annual audited financial statements for the year ended June 30, 2022.
Subsequently, SECP rejected the request of Margalla Financial for applied extension on August 01,2023 and the same was also communicated to PSX.
Under the Pakistan Stock Exchange (PSX) regulations every securities broker shall submit: (a) "its annual financial statements along with audit report to the Exchange within four months after the end of each financial year"
In case of non-compliance with regulation 4.26 of the Regulations, the CFO shall issue a notice of seven (7) days to the Securities Broker jor ensuring compliance, Upon failure to comply, the CRO shall immediately restrict the trading facility of such Securities Broker.
Consequently, in compliance with PSX Regulation, the trading facility of the Margalla financial is being restricted with immediate effect until further notice.
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