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Posted 01 February 2012 - 11:35 AM
KARACHI: The Karachi Stock Exchange has suspended the membership of United Capital with immediate effect for five days after the brokerage house failed to settle outstanding admitted investors’ claims, according to KSE notice on Tuesday.
The notice reads: Members of the Exchange are hereby informed that the Exchange has decided to suspend access to trading terminals of United Capital (Pvt.) Limited, corporate member-KSE, with immediate effect for fie days, inter-alia, due to their inability to settle outstanding admitted investors’ claims, financial distress, and non-availability of nominee director of the brokerage house, under clause 2( of General Regulations of the Exchange.
The notice further said that this is an interim / emergent action of switching off of trading terminals, in the best interest of market, subject to ratification by the Board, which may be followed by suspension and/or expulsion of membership by the Board.