Clients asked to file claims: TRE Certificate of AMCAP Securities forfeited by PSX

The Board of Directors of Pakistan Stock Exchange (PSX) constituted a sub-committee for providing hearing opportunity to AMCAP under clause 20.1.1 of PSX Regulations in the matter of forfeiture of the latter's TRE Certificate and observed that despite lapse of considerable time, no satisfactory progress was made by AMCAP towards removal of causes of suspension.

Consequently, and as empowered by the Board-PSX, the sub-committee, has decided to forfeit the Trading Rights Entitlement (TRE) Certificate of AMCAP with immediate effect under clause 20.15(e) of PSX Regulations, a notice issued by Abbas Mirza, General Manager and Acting Chief Regulatory Officer PSX said. Accordingly, the TRE Certificate of AMCAP stands forfeited with immediate effect, the notice added.

"It must be noted that the forfeiture of TRE Certificate of AMCAP does not affect the rights of its creditors and clients in any manner and AMCAP remains responsible for discharging all its financial obligation," the notice said.

PSX directive to AMCAP clients: Pakistan Stock Exchange (PSX) has informed all TRE Certificate Holders of PSX and investors/clients of AMCAP forfeited TRE Certificate Holder, PSX to submit their claims arising out of the transaction (s) made subject to regulations of the PSX against AMCAP with Regulatory Affairs Division (RAD) of PSX nearest to their location in Karachi, Islamabad and Lahore through duly filled Investors' Claim Form.

The investors' claim form can be downloaded from PSX website by visiting the link "Investor Center" or directly through online e-complaints at http://csir.psx.com.pk.

"Investors are advised to submit their claim forms along with required supporting documents as mentioned in PSX claim form," a notice issued by Abbas Mirza, General Manager and Acting Chief Regulatory Officer PSX on Friday said.

For efficient processing, they should mention whether their claim of funds/securities is from pre/post integration of Stock Exchanges into PSX, the notice added.

PSX will scrutinize all the claims lodged with the Exchange from available records of the said former TREC Holder, Central Depository Company, trade data and supporting documentary evidence pertaining to payments/receipts, including bank statements/letters/cheques, etc, to ascertain their legitimacy. In order to verify each claim and to ascertain its genuineness, PSX may seek advice or employ the services of a reputed firm of Chartered Accountants.

"The Exchange reserves the right to take appropriate legal action against persons who lodge false or fictitious claims," the notice said. The last date for submission of claims against M/s AMCAP Securities (Private) Limited is March 02, 2020 and thereafter no claim will be entertained by PSX, the notice added.