Karachi: Trading in the shares of M/s. Trust Investment Bank Limited will continue to be suspended, as the financial institution has yet to address several regulatory non-compliances, the Pakistan Stock Exchange (PSX) announced today. The suspension, effective from August 03, 2024, will last for an additional 60 days or until the bank rectifies the issues.
This decision follows the earlier PSX Notice No. PSX/N-521 issued on June 03, 2024, which initially suspended trading due to multiple violations of PSX Regulations. The cited infractions include the bank's failure to hold Annual General Meetings, the non-submission of Annual Audited Financial Statements, and non-payment of dues to the Exchange. Additionally, Trust Investment Bank's Investment Finance Services (IFS) license was cancelled by the Securities and Exchange Commission of Pakistan (SECP), which has also issued an order to initiate winding-up proceedings against the bank.
According to information available from the Pakistan Stock Exchange (PSX), the continued suspension is grounded in Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The measures are seen as necessary steps to ensure compliance and protect investor interests.
The market stakeholders are advised to take note of this ongoing suspension for their record purposes and trading decisions.