April 21, 2025 (MLN): First National Equities Limited (FNEL) has received a favourable directive from the Securities and Exchange Commission of Pakistan (SECP), which allowed the company to continue its operations as a Trading-Only securities broker, the company's filing on PSX revealed.
As per the SECP order dated April 14, 2025, FNEL’s license as a "Trading & Self-Clearing Broker" has been cancelled. However, the SECP has expressly permitted the company to function as a Trading-Only Broker, in compliance with the regulatory framework.
The development ensures that FNEL’s business activities will remain unaffected, with no fines, penalties, or financial liabilities imposed by the regulator.
FNEL had already applied for conversion to the Trading-Only Broker category in July 2024 and has maintained regular engagement with SECP’s Licensing Division since then.
The company is currently in consultation with its legal counsel to determine whether an appeal against the order is necessary.
In the meantime, it expects a smooth transition and is hopeful that SECP will formally grant the new license without delay.
FNEL reiterated its commitment to regulatory compliance and business continuity, with further updates to be shared with the Pakistan Stock Exchange.
