The Karachi Stock Exchange (Guarantee) Limited’s suspension of membership rights of M/S. United Capital Securities (Private) Limited-Corporate Brokerage House of KSE

Karachi: Further to our notice No.KSE/N397 dated 31st January 2012, on the subject of switching-off of trading terminals of the above Brokerage House.

Members of the Exchange are hereby informed that subsequent to Management’s action regarding switching-off the trading-terminals of the subject Member, the matter of their outstanding unresolved investors’ claims was taken up by the relevant Board Committee and taking into consideration the seriousness of the case and the fact that the CEO of said Brokerage House in a written statement not only admitted all their clients’ claims but also reiterated the fact that it does not possess the financial resources to meet all its financial obligations including the settlement of claims, recommended to suspend the said member from the Membership of the Exchange.

Further, The board was also apprised about the above mentioned situation and after considering all the facts and figures in this regard, the Board endorsed the Committee’s above stated recommendation.

Now therefore, M/s United Capital Securities shall be suspended from the Membership of the Exchange with immediate effect and until such time that cause giving rise to their suspension is removed.

Moreover, they said Member has been informed that if the above mentioned pauses of suspension are not removed and investor’s complaints/ claims are not addressed /settled satisfactorily, within next 30 days, further disciplinary actions shall be taken as per the Exchange Regulations which may include their expulsion from the Exchange membership and forfeiture of their Membership rights by the Exchange.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk