Karachi: Reliance Insurance Company Limited has reported recent share transactions by members of its board and substantial shareholders, as mandated by the Pakistan Stock Exchange regulations.

According to information available from the Pakistan Stock Exchange (PSX), on August 13, 2024, Muhammad Omar Bawany, a non-executive director at Reliance Insurance, received 1,150,937 shares as a gift, registered through the Central Depository Company (CDC). On the same day, Ahmed Ali Bawany, another non-executive director, was gifted 540,605 shares and purchased an additional 420,027 shares at a rate of 8.90 per share, both transactions also processed through the CDC.

These transactions are part of the routine disclosures required under clause 5.6.1.0 of the PSX Regulations, which stipulate that all such dealings be reported to the board and highlighted for any non-compliance. The company confirmed that these transactions will be reviewed in the upcoming board meeting.

Furthermore, the company has ensured compliance with the Securities Act of 2015, stating that if the holding period for these transactions is under six months, any profit realized will be remitted to the Securities and Exchange Commission of Pakistan (SECP) through a cheque, with due notification to the PSX.