PSX processing claims against defaulting broker

KARACHI: The Pakistan Stock Exchange (PSX) is working relentlessly to provide relief to all victims of M R Securities (SMC-Pvt) Ltd (MRSPL) whose TRE Certificate was forfeited by the PSX, due to among other things for its failure to resolve increasing number of clients’ complaints, a bourse filing said on Monday.

While the last date for submission of claims against MRSPL is March 31 and the claims are still being received, the PSX had already started the exercise for claim verification and issuance of NOCs to all claimants who have requested to have their available shares transferred from CDC sub-accounts to any other CDC account, it added.

So far, the PSX has issued NOCs to 69 percent clients of MRSPL who have requested for such transfer of portfolio and as soon as others are verified and formalities are completed, the remaining NOCs would be issued to the bona fide owners of shares.

The clients of MRSPL are encouraged to submit their claims with the PSX, along with relevant supporting documentary evidences to substantiate their claims and help the PSX expedite the conclusion of claim verification process to offer fastest relief, it added.