RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) has invited applications for issuance of 15 new Trading Right Entitlement (TRE) Certificates.

According to a PSX notice only a private company (excluding Single Member Company) or a public company shall be eligible to obtain licence as a Securities Broker and the eligible entitles will have to comply with relevant Rules and Regulations of SECP and PSX, including Securities Brokers (Licensing and Operations) Regulations, 2016 and Chapter - IV of PSX Regulations.

Any person who meets the Fit and Proper Criteria under Securities Brokers (Licensing and Operations) Regulations 2016 shall be eligible to be issued a TRE Certificate, the notice said. The company which is issued new TRE Certificates shall get licence as a Securities Broker from SECP under the Securities Brokers (Licensing and Operations) Regulations 2016 not later than six months from the date of issuance of such TRE and shall have to commence business within three months from the date of licence as a Securities Broker as per section 16(7) of the Act.

A fee of Rs 2.5 million for issuance of new TRE Certificate and a non-refundable application processing fee of Rs 100,000 is required to be paid through Pay Order in favour of PSX alongwith application.

Companies interested in acquiring TRE Certificate are asked to submit the application alongwith requisite fee latest by September 15, 2017.

Any person intending to apply for TREC of the Exchange is required to submit all information for review/consideration, the Exchange may ask additional details/information as may be deemed necessary while review of the initial application.

The Exchange shall accept or reject an application for issuance of a TRE Certificate and its decision shall be final, conclusive and binding on the application.

The Exchange may reject any application without assigning any reason in its sole discretion.