LAHORE, March 18: The Lahore Stock Exchange (LSE) on Tuesday declared its corporate member, S.H. Bukhari Securities (Pvt) Ltd, as a defaulter under its Articles of Association.

The decision was taken at a meeting of the LSE board of directors, which had earlier suspended the membership rights of S.H. Securities on March 7.

The board authorized the LSE managing director to auction the seat and room of the defaulter.

The LSE had received a number of investors’ claims against the defaulter, which have now been referred to the Defaulters’ Committee for verification and settlement.

The Bank of Punjab has already lodged a complaint against the defaulter member with the FIA.