SECP cancels licenses of four securities brokerages

The Securities and Exchange Commission of Pakistan (SECP) has canceled the licenses of four securities brokerages due to regulatory breaches.

Trading terminals for the affected firms have been deactivated or suspended by the Pakistan Stock Exchange (PSX).

According to the SECP, the following firms were impacted:

1. First Choice Securities Limited: The firm voluntarily surrendered its Trading Right Entitlement (TRE) Certificate, leading to the deactivation of its trading terminals.

2. Surmawala Securities (Private) Limited: The company applied for voluntary surrender of its TRE Certificate and did not seek renewal of its broker license. As a result, its trading terminals were deactivated.

3. First National Equities Limited: This firm faced suspension due to a regulatory breach and also failed to apply for the renewal of its broker license. Consequently, its trading terminals were suspended by PSX.

4. Falki Capital (Private) Limited: The firm was suspended due to regulatory breaches. Additionally, it applied for the voluntary surrender of its TRE Certificate and did not pursue license renewal, leading to the suspension of its trading terminals by PSX.

The SECP and PSX have emphasized the importance of adhering to regulatory standards and license renewal processes to ensure smooth operations and market integrity.