KSE asked to submit Net Capital Balance certificate

The Karachi Stock Exchange (KSE) has asked all the members to ensure that the certificate of Net Capital Balance as on June 30, 2009 is submitted before September 30.
In a notice sent to all members, the KSE said in terms of the Regulations Governing Risk Management of the exchange, wherein members of the exchange shall submit bi-annually a certificate from an auditor selected from the panel of auditors prescribed by the exchange under Regulations Governing System Audit of the Brokers of the exchange, 2004, as on June 30 and December 31 by September 30 and March 31 respectively, for the purpose of calculating their respective capital adequacy. The KSE asked all the members to submit the certificates before September 30, 2009, failing which the penalty shall be imposed as provided in Schedule 5 of Regulations Governing Risk Management of the exchange.