Subsequent to the sale of 40 percent shares of the brokers of Pakistan Stock Exchange (PSX), previously lying in a blocked account, to the Chinese consortium, PSX has initiated the disbursement from the proceeds of this sale pertaining to defaulter brokers which had outstanding investor complaints against them, to the affected investors of such brokers.
According to a PSX statement issued Thursday, Zafar Hijazi, Chairman Securities and Exchange Commission of Pakistan (SECP), in his recent meeting with the PSX Board had stressed upon accommodating the claims of affected investors to a maximum possible extent, to compensate them on an urgent basis to restore the investor confidence.
Resultantly, the disbursement of funds has been commenced to approved and verified claimants of a former broker M/s Moosa, Noor Mohammad, and Shahzada & Company (Pvt) Limited. Prior to these disbursements, a majority of the said brokers' hundred claimants will be compensated in full against their claims, while the remaining will be compensated for more than 80 percent of their claimed amounts, which is a very positive development.
The total amount paid against the claims of these broker stands around Rs 80.8 million, which includes previous payments released from PSX's investor Protection Fund (IPF) of Rs 25.3 million and the sale of certain assets of the defaulted broker amounting to approximately Rs 13.3 million.-PR