The Board of Directors of the Karachi Stock Exchange (KSE) met here Thursday to direct the Exchange that all necessary steps be taken to protect investor interest. Specifically in case of ACE Securities Limited, the Board directed the management of KSE to determine shortfall of investors and initiate the process whereby, under KSE regulations, it was ensured that specific steps were taken in a timely manner to provide relief to the legitimate claimants.
As such, the process of verification of claims should be initiated concurrently with request to claimants to bring forth relevant evidences to substantiate the accuracy of their claims. The Board specifically directed the management to expedite relief to small investors as quickly as possible. Earlier, the management briefed the Board regarding their meeting with SECP here whereby Commission's Chairman Zafar Hijazi urged KSE to take all necessary actions to bring relief to investors in the earliest possible time frame.
Zafar asked KSE to provide SECP within a week with a concrete plan and an expected time line for facilitating investors, with special emphasis being on smaller investors. The KSE Board also directed the management of KSE to explore every avenue and seek assistance from SECP in order to bring the perpetrator to justice so that a clear example is made that breakers of trust of investing public would not go unpunished.