January 23, 2020 (MLN): The Pakistan Stock Exchange has invited applications for the issuance of 15 new Trading Right Entitlement (TRE) Certificates.
According to a PSX notice, only a private limited company (excluding Single Member Company) or a public limited company shall be eligible to obtain licence as a Securities Broker and the eligible entities will have to comply with relevant Rules & Regulations of SECP & PSX, including Securities Brokers (Licensing and Operations) Regulations, 2016 and Chapter -IV of PSX Regulations.
As per the notice, any person who meets the Fit and Proper Criteria under Securities Brokers (Licensing and Operations) Regulations, 2016 shall be eligible for the issuance of a TRE Certificate. The company which is issued new TRE Certificate shall get licence as a Securities Broker from SECP under the Securities Brokers (Licensing and Operations) Regulations, 2016 not later than six months from the date of issuance of such TRE Certificate and shall be required to commence business within three months from the date of licence as a Securities Broker Act.
In this regard, a fee of Rs. 2.5 million for issuance of new TRE Certificate and a non-refundable application processing fee of Rs. 100,000/- is required to be paid through Pay Order in favour of PSX along with the application.
Companies interested in acquiring TRE Certificate are requested to submit the application along with with requisite fees latest by February 7, 2020.
Any person intending to apply for TRE Certificate of the Exchange is required to submit the attached information for review/consideration, the Exchange may ask additional details/information as may be deemed necessary while reviewing of the initial application.
The Exchange shall accept or reject any application for issuance of a TRE Certificate and its decision shall be final, conclusive and binding on the applicant. The Exchange may reject any application without assigning any reason in its sole discretion.
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