Karachi: Trading of shares for Trust Investment Bank Limited remains suspended, according to a recent directive from the Pakistan Stock Exchange (PSX). This enforcement follows a series of non-compliances with PSX regulations, specifically related to corporate governance and financial responsibilities. According to information available from the Pakistan Stock Exchange (PSX), the suspension, which started on August 1, 2024, is set to continue for an additional 60 days effective from October 2, 2024, unless the bank addresses the regulatory concerns.

The bank failed to hold its Annual General Meetings and did not submit its Annual Audited Financial Statements. Additionally, it has outstanding dues with the Exchange, and its Investment Finance Services (IFS) license has been canceled by the Securities and Exchange Commission of Pakistan (SECP). SECP has also initiated winding-up proceedings against the bank.

The PSX has exercised its authority under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations to extend the suspension. The decision aims to enforce compliance and protect investor interests.

This ongoing suspension highlights the stringent regulatory environment in Pakistan’s financial sector, designed to uphold transparency and accountability.