Pakistan Stock Exchange Limited (PSX) announced that the trading rights (TRE) Certificate of M/s. S.Z Securities (Private) Limited (“SZ Securities“) have been forfeited.
This is the fifth brokerage house that PSX has suspended in the past few months after accusations surfaced about its illegal market practices.
PSX management announced that SZ Securities had failed to resolve all outstanding complaints of its investors. In March this year, PSX suspended all the terminals of SZ Securities after being informed about its illegal trading practices in the market.
“The forfeiture of TRE Certificate of SZ Securities by PSX shall not affect the rights of their clients and creditors in any manner and SZ Securities remains responsible for discharging all its financial obligations,” assured the PSX management.
About SZ Securities Pvt Ltd
SZ Securities (Pvt) Limited has been in the business for the last 22 years and was among the pioneers in setting up securities business in Pakistan. The company was also a corporate member of the Lahore Stock Exchange (G) Limited. SZ Securities was principally engaged in the business of brokerage, underwriting buying and selling of stocks, shares, modaraba certificates, etc.
SZ Securities is the fifth brokerage house whose trading license was suspended by the PSX. Before this, trading licenses of MR Securities, AWJ Securities of Islamabad, MAM Securities and Stock Street Securities Islamabad, were suspended by PSX.
PSX Reaches Out to Investors of SZ Securities
PSX has requested investors of SZ Securities to submit their claims arising out of the transactions they made. These claims will be submitted to Regulatory Affairs Division (RAD) of PSX in Karachi, Islamabad and Lahore.
With subject to “Regulations of the PSX against SZ Securities”, affected investors can download claim forms from the PSX website by visiting the link “Investor Center” or directly filing online e-complaints at: http://csir.psx.com.pk
Investors are advised to submit their claim forms along with required supporting documents as mentioned in PSX claim form. For efficient processing, please mention whether your claim of funds / securities is from pre / post integration of Stock Exchanges into PSX.
Those TRE Certificate Holders and investors who have already lodged their complaints and claims against SZ Securities are not required to file. These claims are already being processed by PSX.
However, in case they need to submit any additional evidences in support of their already lodged claims, they may submit relevant documents to PSX within the stipulated time by specifically mentioning their assigned claim number against their claim as reference.
PSX will scrutinize all the claims lodged with the Exchange from available records of the former TREC Holder, Central Depository Company, trade data and payments/receipts proving documents. In order to verify each claim and to ascertain its genuineness, PSX may seek advice or employ the services of a reputed firm of Chartered Accountants.
