PSX places four securities in the Defaulter’s segment

November 4, 2020 (MLN): Pakistan Stock Exchange has placed the following securities in the Defaulter’s segment with effect from Wednesday, November 4, 2020.

1. Chakwal Spinning Mills Limited
2. First Capital Securities Corporation Limited
3. Media Times Limited
4. Pace (Pakistan) Limited

This event leads to action under Clauses 7A.3.5 and 7B.3.1.4 of NCCPL Regulations, 2015 that has been reproduced below for ready reference;

“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.”

“In the case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period.”

“Where 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 MF Market from the date it has been placed on the defaulter segment. However, all MF (R) Transactions shall be released as per the terms and conditions defined in the Margin Financing Agreement between MF Participants.”

“In the case where such Security is reinstated during the review period, trading in MF Market shall not be allowed during that review period.”

Accordingly, in pursuance of provisions stipulated in the above-referred clauses of NCCPL Regulations, 2015, all above securities shall be excluded from the list of SLB Eligible Securities and MF Eligible Securities, with effect from Wednesday, November 04, 2020.

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