Securities and Exchange Commission of Pakistan has suspended the trading facilities of KASB securities Limited. Earlier, KASB Bank was put on moratorium by State Bank of Pakistan. The suspension will be intact till further orders to the Karachi Stock Exchange.
The letter was issued by Imran Iqbal Panjwani, Executive Director, of SECP in which he has asked the KSE to immediately suspend the KASB securities from providing trading to its clients from the opening of market on 18th November, 2014.
The KASB Bank is also on 6 month ban for commercial activities. The customers of bank will be unable to with draw cash more than 0.3 million per account per customer. Now, the ban on KASB securities will definitely put a negative impact on the KASB clients. Some of the clients were already of the thought to move to another broker in the market.
It must be noted that the customers will be able to with draw their payments from KASB Direct accounts and KSE has been asked to ensure timely payments.