Karachi: In the latest regulatory action, the Pakistan Stock Exchange (PSX) has decided to extend the suspension of trading in the shares of M/s. Safa Textiles Limited. According to information available from the Pakistan Stock Exchange (PSX), this decision follows the company's continued failure to adhere to mandatory regulatory requirements, including holding annual general meetings, submitting annual audited financial statements, and paying dues to the Exchange.

Originally detailed in PSX Notice No.PSX/N-742 dated August 01, 2024, the suspension will persist until either the causes for the suspension are resolved or another period of 60 days starting from October 02, 2024, elapses. This move comes as part of the Exchange's authority under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

The compliance issues at Safa Textiles have led to significant disruptions for its shareholders and have triggered this severe regulatory response to ensure the integrity and transparency of market operations.