Karachi: Three companies have been placed in the defaulter segment of the Pakistan Stock Exchange (PSX), according to a notification issued by the National Clearing Company of Pakistan Limited (NCCPL). The companies affected include Aruj Industries Limited, Siddiqsons Tin Plate Limited, and Saritow Spinning Mills Limited. This placement will take effect on Thursday, December 5, 2024, as per the notice.

According to information available from the Pakistan Stock Exchange (PSX), the placement of these companies in the defaulter segment is in accordance with the NCCPL Regulations, 2015, specifically under Clauses 7A.3.4, 7B.3.1.4, and 7E.2.1.1. Once placed in the defaulter segment, these securities will not be eligible for trading in the Securities Lending and Borrowing (SLB) Market, Margin Financing (MF) Market, and Murabaha Share Financing (MSF) Market from the specified date.

The regulations state that while the securities are in the defaulter segment, all open SLB contracts will be released on their maturity dates. Similarly, MF transactions will be released as per the Margin Financing Agreement terms, and MSF transactions will be settled according to the Murabaha Master Agreement. The trading restrictions will remain in place unless the securities are reinstated during a review period.

The exclusion from the list of SLB Eligible Securities, MF Eligible Securities, and MSF Eligible Securities will be implemented starting December 5, 2024. The notification requests that all concerned parties take note of these changes.