ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Thursday informed that it had cancelled the license of Trust Investment Bank Limited (TIBL) effective from November 1, 2018 on continuous violations of the NBFC Regulatory Framework.
The commission shared that it had also filed winding up petition in Lahore High Court in January, 2019. Pursuant to cancellation of license and filing of winding up petition, TIBL is not authorized to undertake any form of licensed business as a NBFC (non-banking finance company) under the NBFC Regulatory Framework, it stated.
SECP warned all persons concerned and public to be cautious and not to engage in any business relationship with TIBL as an NBFC. The commission also informed that anyone acting directly or on behalf of TIBL solicits for provision of any NBFC business activities should immediately brought the matter into its notice.