Apna Microfinance Bank Listed as Defaulter by NCCL

National Clearing Company Limited (NCCPL) has placed Apna Microfinance Bank in the defaulter’s segment, effective from Thursday, 4 August 2022. The company is now ineligible for the securities lending and borrowing domain.

This event leads to action under Clauses 7A.3.5 and 7B.3.1.4 of the NCCPL Regulations, 2015, as per which, “Where a Security that has been quoted on the defaulter’s segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment. However, all open SLB Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.”

According to the regulations, “In case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period (Regulations 7A.3.5).”

It was also stated that where there is a Security that has been quoted on the Defaulter segment of the Exchange and notified to the Company, such Security shall not be made available on the MF Market from the date it has been placed on the defaulter segment.

Moreover, all MF (R) Transactions shall be released as per the terms and conditions defined in the Margin Financing Agreement between the MF Participants. Also, “In the case where such Security is reinstated during the review period, trading in MF Market shall not be allowed during that review period” as per Regulations 7B.3.1.4.

Accordingly, in pursuance of provisions stipulated in the above-referred clauses of the NCCPL Regulations, 2015, M/s. Apna Micro Finance Bank Limited shall be excluded from the list of SLB Eligible Securities and MF Eligible Securities with effect from 4 August 2022.

Apna Microfinance Bank Limited did not update its annual results. During nine months, the bank posted a profit of Rs. 9.339 million as compared to a profit of Rs. 35.430 million reported in the last corresponding period.

The bank is currently undergoing a process of raising the issue of right shares at the Pakistan Stock Exchange being a listed company. It has been operating at the national level in Pakistan through 121 business locations comprising 116 branches and five service centers.



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