SECP withdraws broker license cancellation of First National Equities

By MG News | January 03, 2025 at 12:45 PM GMT+05:00

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January 03, 2025 (MLN): In a significant development, the Securities and Exchange Commission of Pakistan (SECP) has withdrawn its earlier decision to cancel the broker licenses of four TRE Certificate Holders, including First National Equities Limited (PSX: FNEL).

Early, on January 1, 2025, the SECP had cancelled the securities broker licenses of First National Equities Limited, First Choice Securities Limited, Surmawala Securities (Private) Limited, and Falki Capital (Private) Limited.

The cancellation decision was based on regulatory breaches and the firm's failure to apply for the renewal of their broker licenses.

For some firms, the inability to voluntarily surrender their TRE Certificates further contributed to the regulatory action.

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