Karachi: Habib Bank Limited reported an insider trading activity involving one of its top executives on July 12, 2024. The transaction was disclosed as part of the regulatory requirements under PSX Regulation 5.6.1.0, which mandates transparency in dealings by directors, CEOs, executives, their spouses, and substantial shareholders.

Ms. Fouzia Jabeen Janjua, General Manager at Habib Bank Limited, sold 2,000 shares of the company at a rate of 144.95 PKR per share. The shares were sold in the 'Ready' market via the Central Depository Company (CDC). The total transaction amounted to approximately 289,900 PKR.

According to information available from the Pakistan Stock Exchange (PSX), this transaction will be discussed in the upcoming board meeting of Habib Bank Limited. The disclosure highlighted the need to address any non-compliance issues that might arise, as per clause No. 5.6.1(d) of PSX Regulations.

The bank also confirmed that the holding period for the shares sold by Ms. Janjua exceeded six months. In instances where the holding period is less than six months, regulations require that the profit from such transactions be returned to the Securities and Exchange Commission of Pakistan (SECP) through a cheque, a stipulation that aims to discourage short-term speculative trading by insiders.

Habib Bank Limited’s adherence to these regulations underscores the organization's commitment to transparency and governance, ensuring that all transactions are in compliance with legal and ethical standards.