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ACE Securities Saga! Key learning to protect your funds

- - - - - Stock broker

30 replies to this topic

#1
ahmedkhan

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    Protection of your principal is more important than your profit. We use stop loss to protect our orders but what is that we can do to protect our principal from such looters who ran away with people hard earned money.
    I request all members to take some time and post your opinions for fund protection such as moving to CDC main account (not so ideal for day trader / swing trader) or newly launched NCS by NCCPL etc. or some solid brokers with good track record.

    Edited by ahmedkhan, 20 July 2015 - 12:16 PM.



    #2
    kbashir56

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    View Postahmedkhan, on 06 May 2015 - 10:31 PM, said:


    Protection of your principal is more important than your profit. We use stop loss to protect our orders but what is that we can do to protect our principal from such looters who ran away with people hard earned money.
    I request all members to take some time and post your opinions for fund protection such as moving to CDC main account (not so ideal for day trader / swing trader) or newly launched NCS by NCCPL etc. or some solid brokers with good track record.
    Khan bhaai isko kon read karaiga.

    #3
    Rehan sh

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    Bahi, for long term/mid term investers....always keep your shares in CDC- Investor's account....to protact your hard earned money. its can be opened in two working days by depositing Min Rs.750 or 1000.

    Process to opne a CDC investor account is,(i)just download the form from web site (CDC),(ii)get your signature verified from bank where you maintain a bank account,(iii) attache a copy of CNIC-mandaterory ,(iv)zakat declcration-optional (if required),(v)Nomenie declcartion,Optional (if you want to nominate someone)

    you will receive a check book for future transactions from CDC, a welcome letter depciting your investor account number.

    Instruct your broker to transfer your shares to your investor account....Minize your risk factor at broker by shifting your precious shares to IA.
    Note:Do your due diligence before making any investment decision.

    Thank You & Regards
    Rehan Sh

    #4
    ahmedkhan

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    View PostRehan sh, on 06 May 2015 - 11:30 PM, said:

    Bahi, for long term/mid term investers....always keep your shares in CDC- Investor's account....to protact your hard earned money. its can be opened in two working days by depositing Min Rs.750 or 1000.

    Process to opne a CDC investor account is,(i)just download the form from web site (CDC),(ii)get your signature verified from bank where you maintain a bank account,(iii) attache a copy of CNIC-mandaterory ,(iv)zakat declcration-optional (if required),(v)Nomenie declcartion,Optional (if you want to nominate someone)

    you will receive a check book for future transactions from CDC, a welcome letter depciting your investor account number.

    Instruct your broker to transfer your shares to your investor account....Minize your risk factor at broker by shifting your precious shares to IA.

    Any update or feedback about NCS service which was recently lanuched where you can maintain your shares with CDC and cash after clearance with NCCPL via a designated bank account

    #5
    ahmedkhan

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    View Postkbashir56, on 06 May 2015 - 11:29 PM, said:

    Khan bhaai isko kon read karaiga.

    Sorry for small fonts I think I tried to copy something from a website. But anyway usually people are not that much interested in these kind of posts and rarely replies.

    #6
    Research Doctor

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    ACE Securities debacle: Claim verification ‘almost complete’

    By Our Correspondent

    Published: June 28, 2015



    KARACHI:
    External auditors have “almost completed” the claim verification process for the settlement of outstanding claims on ACE Securities, a Karachi-based brokerage whose management has fled the country after swindling its clients.
    “Once the process is complete, initial payments from the Karachi Stock Exchange’s (KSE) own Investor Protection Fund (IPF) will be made, with any further amounts disbursed after the disposal of the broker’s assets,” according to a statement issued by the KSE on Saturday.
    Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi visited Karachi recently to discuss the issue with the KSE management. The SECP chairman asked the KSE to settle the verified claims of small investors of ACE Securities on an urgent basis.

    The statement quoted Hijazi as saying that the SECP is “fully committed” to protecting investors from all elements in the capital markets that have cheated investors and that the apex regulator will “leave no stone unturned” to bring them to justice.

    ACE Securities stopped honouring its investors’ requests for cash withdrawals and share transfers following the alleged escape of its owners from the country in mid-April. It led the KSE to suspend the operations of ACE Securities on April 27. Subsequently, ACE Securities Chairman Iqbal Ismail and CEO Haroon Iqbal failed to show up at two consecutive hearing opportunities on May 6 and May 12 at the KSE, which were meant to look into the “non-resolution of a large number of investors’ complaints involving substantial amounts”.

    The KSE forfeited the trading right entitlement (TRE) certificate of ACE Securities on May 15. However, investors have yet to receive any relief from the regulator with regard to their shares and cash stuck with ACE Securities to date.

    The SECP chairman advised the KSE to take all possible measures to ensure full settlement of small investors’ authentic claims. “In this regard, if current regulations or Trust Deed of IPF requires revisiting, that should be done without delay and the SECP will support any positive changes that are in public interest,” the statement said.

    Hijazi also advised the KSE board to expedite the submission of its proposal for strengthening the IPF further with increased contribution so that it becomes sustainable over time, the statement added.

    The exchange will be able to sell the assets of ACE Securities in order to meet the latter’s obligations towards investors, National Clearing Company of Pakistan (NCCPL) and other TRE certificate holders.

    These assets include securities and deposits of ACE Securities held in the custody of the exchange; securities, cash and bank guarantees held in the custody of NCCPL; base minimum capital maintained with the exchange; and all other securities deliverable to ACE Securities by other TRE certificate holders or NCCPL.

    Sources say the quantum of unverified claims against ACE Securities stands around Rs350 million. In contrast, the ballpark figure for the proceeds of the sale of assets, KSE shares held in the blocked account of ACE Securities, and the amount set aside in the Investors’ Protection Fund is in the range of Rs80-90 million only.

    Published in The Express Tribune, June 28th, 2015.

    http://tribune.com.p...lmost-complete/







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