The board of Pakistan Stock Exchange (PSX) decided to forfeit the Trading Rights Entitlement (TRE) Certificate of M/s. MAM Securities (Private) Limited (“MAM “) under clause 20.1.1 of PSX Regulations. Accordingly, the TRE Certificate of MAM stands forfeited with immediate effect.
Previously in March, Trading Rights Entitlement (“TRE”) Certificate of M/s. MAM Securities (Private) Limited was suspended, after the decision taken by the Board of Directors of Exchange upon the recommendation of Regulatory Affairs Committee. The decision was taken due to inability of MAM to settle outstanding Investors’ complaints registered with the Exchange.
All market participants have been informed that due to repeated failure of MAM to resolve all outstanding complaints and since no substantive progress has been shown despite lapse of considerable time, the Exchange followed the due process and placed the matter before the PSX Board meeting held recently.
It must be noted that the forfeiture of TRE Certificate of MAM does not affect the rights of its creditors and clients in any manner and MAM remains responsible for discharging all its financial obligations.