LAHORE, March 7: The Lahore Stock Exchange (LSE) on Friday suspended the membership rights of one of its corporate members, S.H. Bokhari, for failing to pay its Clearing House dues.

The decision to suspend the membership was taken at a meeting of the LSE board of directors.

“The board did not take long to reach the decision because the rules and regulations clearly state that nobody can enjoy the membership rights without clearing the Clearing House dues,” LSE chairman Naeem A Khan told Dawn.

He said all the deals of the suspended member would be squared on Monday to ascertain the exact amount due from it. “The member would be given a last chance to clear the dues after squaring of his deals. In case of failure to do so, the LSE would proceed against it according to the rules and procedures,” he said.

A news release issued by the exchange said the decision was prompted by investors’ complaints against the suspended member. The member was also involved in serious violations of rules and regulations of the bourse, said the release.