The default committee of Karachi Stock Exchange (KSE) has asked two out of five suspended members of exchange to pay the defaulted amount by August 12, 2009, otherwise their cards would be sold to pay off their liabilities. The committee met here on Tuesday and took up the case of Capital One Securities and Click Securities. Securities & Exchange Commission of Pakistan (SECP) suspended the membership of five brokerage firms last month for violation of regulations and their default on payments of borrowed money. The other three suspended brokerage companies are Eastern Securities, Prudential Securities and MKA Securities. According to sources in KSE, the total defaulted amount of these companies is estimated to be around Rs 1.5 billion as only two brokerage firms Capital One and Click Securities, whose case was heard today have the liabilities of Rs 630 million. At the time of suspension of their membership, SECP declared that the registration of the above-mentioned brokerage houses...
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