KARACHI: The Pakistan Stock Exchange (PSX) has started disbursing money among investors of a defaulting broker by using its share of proceeds in the sale of 40 per cent stake to Chinese investors.
The PSX said on Thursday that following the instructions of the Securities and Exchange Commission of Pakistan (SECP) to accommodate claims of affected investors to the maximum extent, the disbursement of funds started to the approved and verified claimants of former broker Moosa, Noor Mohammad, Shahzada and Company.
“Post these disbursements, a majority of the said broker’s hundred claimants will be compensated in full against their claims while the remaining claimants will be compensated for more than 80pc of their claimed amounts,” the PSX statement said.
The total amount paid against the claimants of the said broker was around Rs80.8 million, which included previous payments released from the PSX’s Investor Protection Fund of Rs25.3m and the sale of certain assets of the defaulting broker amounting to approximately Rs13.3m.
Published in Dawn, March 17th, 2017