Qamar Zaman Chaudhry, Chairman National Accountability Bureau (NAB) has taken serious notice on a complaint regarding alleged fraud, embezzlement and cheating public at large by the Sponsors, Directors and Management of M/s ACE Securities (Private) Limited (ASPL) Broker of Karachi Stock Exchange Limited.
As per complaint received by NAB, M/s ACE Securities (Private) Limited is alleged for handling of securities entered the sub-accounts maintained under its participant ID without authority of the sub-account holders in violation of applicable laws.
The Karachi Stock Exchange (KSE) being a front line regulator has been receiving claims/complaints against M/s ACE Securities (Private) Limited (ASPL). On April 23, 2015, KSE through a show cause notice conveyed to M/s ACE Securities (Private) Limited (ASPL) that all trading work stations would be switched off before opening of market on Monday, April 27, 2015 if no response/action is given/taken by the ASPL's.
On failure to address the investor's claims by ASPL, the KSE vide notice dated April 27, 2015 suspended operations of all trading terminals of ASPL till further notice. The total numbers of complaints received by the Karachi Stock Exchange (KSE) against ASPL are: 201 and the alleged amount of claims against M/s ACE Securities (Private) Limited (ASPL) is Rs 236 million.
In view of the alarming rise in number of unresolved complaints against M/s ACE Securities (Private) Limited (ASPL), the Chairman NAB has sought a detailed report from DG NAB Karachi regarding alleged fraud, embezzlement and cheating public at large by the Sponsors, Directors and Management of M/s ACE Securities (Private) Limited, Broker of Karachi Stock Exchange Limited at the earliest regarding the matter and put up a report for further necessary action as per rules.-PR