Karachi: MCB Bank Limited has reported a significant loss of share certificates under folio number 648836, according to a recent notification. The affected shareholder, Sheikh Aftab Anwar, residing in DHA, Lahore, has encountered the loss of multiple share certificates, with quantities ranging from one to fifty-two shares, encompassing a variety of distinct numbers and certificates.

This incident was made public on September 19, 2024, highlighting a total of ten certificates affected, with distinctive numbers spanning from 107337768 to 921712616. According to information available from the Pakistan Stock Exchange (PSX), the total number of shares involved reaches 343, increasing concerns about the security of physical share certificates.

MCB Bank has initiated a standard procedure that includes circulating this information amongst the members of the Exchange and advising them against dealing with these certificates. The bank has also stipulated a seven-day period for objections to be filed. In the absence of any objections, duplicate certificates will be issued to Mr. Anwar to mitigate any potential financial losses.

The ongoing instances of lost share certificates underscore the challenges and vulnerabilities inherent in the management and safeguarding of physical securities in the financial market. This case adds to the growing call for enhanced digital measures to secure and manage shareholder assets more effectively.