Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced a suspension and reduction in the shares of Bank Makramah Limited (BML), creating significant ripples in the trading community. This decision follows the Pakistan Stock Exchange (PSX) Notice # PSX/N-77 dated January 19, 2026, which outlined the changes in trading schedules and settlement procedures for BML shares in both the Regular and Leverage Markets.

The announcement, dated January 26, 2026, details a revised clearing and settlement schedule effective immediately. For the Regular Market, the trading and settlement schedule is set between January 27 and January 30, 2026. The settlement cycle includes a T + 2 process, with any pending deliveries subject to a square-up or close-out on January 30. Notably, trades scheduled for January 29 and January 30 will follow a T + 0 settlement, with the same close-out provision. Netting between T + 2 and T + 0 trades on the same settlement date is prohibited, and the IDS facility will not be available for T + 0 trading. Regular Market trades and unsettled trades of all DFC contracts ending on January 23 will be settled on January 27 on a net basis.

In the Leverage Market, trading and settlement adjustments are also in place. The Margin Financing System (MFN) and Securities Lending & Borrowing (SLB) for taking up new positions will end on January 27, with settlements on January 29. The release of open positions through MFS and SLB will occur on January 28, with settlements on January 30. Margin financed securities will be transferred to respective CDS sub-accounts on January 28 after forced release of open positions.

According to information available from the Pakistan Stock Exchange (PSX), these significant changes have sparked apprehension among traders and investors, who are navigating the complexities of these adjustments. The pledging facility for BML shares in favor of NCCPL will be unavailable on February 2, 2026, but will resume on February 3, 2026.

Market participants and stakeholders are closely monitoring the situation, assessing the implications of the suspension and reduction in BML shares. This development illustrates the dynamic nature of financial markets and underscores the importance of timely updates and adaptive strategies in response to regulatory changes.