Karachi: The National Clearing Company of Pakistan Limited (NCCPL) issued a final reminder on 11 October 2024, October 11, 2024, for Broker Clearing Members (BCMs) and Professional Clearing Members (PCM) to meet stringent capital adequacy requirements by submitting their audited financial statements by the end of this month.
According to information available from the Pakistan Stock Exchange (PSX), the reminder pertains to the regulation of liquid capital statements required under the Securities Brokers (Licensing and Operation) Regulations, 2016. This directive follows earlier communications in August and September, underscoring the importance of compliance to sustain trading privileges.
BCM and PCM entities, whose financial years concluded on June 30, must submit their audited financial statements, including statements of liquid capital, by October 31, 2024. The NCCPL has highlighted that the audited figures will determine the trading limits for these members, with any discrepancies between audited and unaudited figures leading to potential trading restrictions.
The Securities Brokers Regulations empower the PSX and NCCPL to enforce strict actions, including the restriction of trading facilities for brokers who fail to comply. Such brokers may only be permitted to close out existing positions under controlled conditions, ensuring market stability and compliance.
For members to remain in good standing, the NCCPL also requires the monthly submission of unaudited liquid capital statements during business hours, with system adjustments following within two business days after submissions.
Brokers are encouraged to address any concerns or queries to the NCCPL Customer Support Department, which is available through traditional channels and WhatsApp.