KARACHI: The Pakistan Stock Exchange (PSX) has forfeited the trading rights entitlement certificate (TREC) of brokerage S.Z. Securities, according to a notice issued by the bourse on Tuesday.

It forfeited the TREC “due to repeated failure (of the brokerage) to resolve all outstanding investors’ complaints”.

The move did not appear to concern investors at large, considering that the market took the notice in its stride. An official of the PSX said he was unaware of any default as the regulatory department dealt with such matters.

Another stockbroker from Lahore said it was an old case, adding that he believed the amount involving investors’ complaints was unlikely to be huge.

The PSX in its announcement noted that the forfeiture of the TREC of S.Z. Securities “will not affect the rights of its clients/creditors in any manner and S.Z. Securities remains responsible for discharging all its financial obligations”.

The PSX asked “all concerned, including TREC holders of the PSX and investors/clients of S.Z. Securities” to submit their claims by Aug 8.

Published in Dawn, July 20th, 2017