Karachi: The National Clearing Company of Pakistan Limited has announced a change in the face value of First National Equities Limited (FNEL) shares, effective February 2, 2026. This announcement, dated January 26, 2026, comes in reference to the Pakistan Stock Exchange Notice # PSX/N-118. Clearing members are advised to take note of the updated clearing and settlement schedules for both regular and leverage markets.

According to the updated schedule, the regular market will operate under specific trading and settlement cycles. On January 27, 2026, trades will settle on January 29, 2026, following a T+2 cycle. Any pending deliveries from this cycle must be squared up or closed out by January 30, 2026. The schedule for January 28, 2026, also stipulates the close-out of pending deliveries by January 30, 2026, without a specified settlement cycle. On January 29, 2026, trades will follow a T+0 cycle, with pending deliveries subject to close-out on January 30, 2026. The final trading day, January 30, 2026, will require close-out of pending deliveries on the same day.

In the leverage market, the schedule outlines specific provisions for the Margin Financing System (MFN) and Securities Lending & Borrowing (SLB). For new positions, trading will occur on January 27, 2026, with settlement on January 29, 2026. Notably, the MFN facility will not be available for trading on January 28, 2026.

For the release of open positions, the schedule specifies that Margin Financing System (MFS) positions will be forcibly released at the end of the day on January 28, 2026. Consequently, margin-financed securities will be transferred to the respective CDS sub-accounts of margin financees on the same day. Similarly, SLB open positions will be forcibly released after the market closes on January 28, 2026, with settlement on January 30, 2026.

According to information available from the Pakistan Stock Exchange (PSX), these changes are vital for ensuring smooth operations during the transition of FNEL's face value adjustment. Market participants are urged to comply with the outlined schedules to avoid any disruptions in the trading and settlement processes.

Clearing members are reminded that no netting will be allowed between T+2 and T+0 trades falling on the same settlement date. Additionally, the facility of all types of IDS will not be available for T+0 trading. These measures have been put in place to maintain orderly market operations during the face value change.