Imposition of restriction on opening of new accounts on Switch Securities (Pvt.) Limited

Karachi, Pakistan Stock Exchange informed that due to non-compliance of the clause of PSX Regulations, the Exchange vide its order dated May 30, 2016 has decided to “impose restriction on the opening of new accounts” on Switch Securities (Pvt.) Limited.

Switch Securities (Pvt.) Limited was formed in 1997 with the objective of providing professional consultancy in stock related services. SSPL is a corporate member of the Lahore and Islamabad Stock Exchanges as well as the Commodity Exchange, Karachi. Being a non-banking institution, SSPL is a major brokerage house providing a host of services to its client within the broad area of investment management.

Keeping in view the development in Pakistan’s stock markets, SSPL maintains a pro-active approach in segregating its securities business to focus on current and future opportunities in the capital markets. The activities covered by Switch Securities include equity and fixed income trading, investment counseling, trading in short-term money market instruments, market-making in equity and fixed income investments, discounting financial instruments and origination of corporate finance deals.