NCCPL issues reminder for securities brokers’ LC statements

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MG News | October 13, 2024 at 01:21 PM GMT+05:00

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October 13, 2024 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has issued a reminder about the deadline for Securities Brokers and Professional Clearing Members to submit their audited or reviewed (as applicable) liquid capital statement as of June 30, 2024.

In light of the above, BCMs and PCM whose financial year end is June 30 shall submit their annual audited financial statements including LC statements to NCCPL latest by October 31, 2024.

To note, the exposure will be allowed based on the Lower of Audited and Unaudited Liquid Capital submitted to NCCPL as per NCCPL Regulations 2015.

In case of non-submission of statements of net capital balance and liquid capital within a time period or any shortfall in the net capital balance and/or liquid capital, the regulatory bodies shall immediately restrict the trading facility of such securities broker and shall only allow it to close out the open position.

In addition to the above reviewed/ audited statements, CMs shall continue to submit monthly unaudited liquid capital statements to the securities exchange and clearing house.

NCCPL further noted that above stated submissions shall only be accepted during business hours (i.e. till 5:30 PM) and the subsequent adjustment in NCCPL systems shall take place within two working days’ post submission.

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