Karachi: First National Equities Limited (FNEL) is undertaking significant strategic changes, as confirmed by its Board of Directors. The company has decided to shift its focus to areas beyond its traditional brokerage services, initiating the conversion of its Self Clearing Broker License to a Trading Only Broker category. This initial request was made to the Apex Regulator on July 25, 2024, with approval still pending from the Commission.

According to information available from the Pakistan Stock Exchange (PSX), FNEL has also taken proactive measures by formally requesting the Pakistan Stock Exchange to temporarily suspend its trading terminals. This step is seen as an interim arrangement, allowing the company to prepare for the anticipated transition and await the necessary regulatory approval from the Securities and Exchange Commission of Pakistan (SECP).

FNEL emphasizes that this suspension is merely temporary and assures that trading activities will resume once the conversion to a Trading Only Broker category is officially approved and implemented.

In the interim, FNEL has reported that its associated companies are making significant strides and are poised to enhance shareholder value in the near future. Additionally, FNEL plans to introduce major management changes aimed at redefining and consolidating its business model to ensure sustained growth, subject to regulatory approvals and compliance with relevant procedures, rules, and regulations.