Stocks Observer. com

The Karachi Stock Exchange has asked its members to furnish any claim against Noman Abid Securities (Pvt) Ltd, the incoming member or M/s Noman Abid and Company Ltd the retiring member. In its notice to all members on Thursday, the KSE has intimated that Noman Abid Securities Ltd has submitted corporate membership application on the nomination of Noman Abid and Company Ltd. The proposing corporate member is IGI Finex Securities Ltd and the second is Al Habib Capital Markets Ltd.

The suspension of memberships of five brokerage firms of the Karachi Stock Exchange (KSE) is taking new turns and twists as the name of a nominee director and chief executive officer of one of the suspended brokerage company was put in Exit Control List (ECL), instead of its owner. The name of Zafar Habib, Nominee Director and CEO Clicktrade, one the brokerage firms whose membership was suspended by the apex regulator on June 30, 2009, has been placed in ECL instead of its owner and major shareholder Hanif Peerani. Addressing a press conference at the Karachi Press Club (KPC) on Wednesday, Habib and another director Shehzad accused Haneef Peerani and Chief Financial Officer (CFO) Syed Wajid Ali of misappropriating and embezzling over Rs 200 million of clients’ investments. They disclosed that both Peerani and Ali have shareholding of 94 percent and five percent respectively and entire portfolio of the company’s clients was pledged by these two to fund their personal losses by taking lo...