Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of three companies, citing regulatory non-compliance and operational issues. The suspension, effective from October 30, 2026, will remain in place until the companies address the stipulated causes or for another 60 days.

On October 28, 2026, the PSX issued a notice addressing the ongoing suspension of M/s. Gulistan Textile Mills Limited, M/s. Progressive Insurance Company Limited, and M/s. Silver Star Insurance Company Limited. The decision stems from issues identified in a previous notice, PSX/N-1072, dated August 28, 2026.

M/s. Gulistan Textile Mills Limited is facing suspension due to the halted commercial production in its primary business line, non-payment of dues to the exchange, and a winding-up petition filed against it by creditors.

M/s. Progressive Insurance Company Limited has been cited for multiple defaults, including the suspension of its primary operations, failure to conduct its annual general meeting, not submitting annual audited financial statements, non-payment of dues, and a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP).

M/s. Silver Star Insurance Company Limited has also failed to hold its annual general meetings and submit its annual audited accounts.

According to information available from the Pakistan Stock Exchange (PSX), the decision to maintain the suspension is in accordance with Sub-Section (7) of Section 19 of the Securities Act, 2015 and Clause 5.11 of PSX Regulations. This measure is intended to ensure compliance with the exchange's regulatory framework and to protect investors' interests.

The PSX operates under the designated market category of regulatory and compliance, holding companies accountable for adherence to its rules and regulations. The affected companies are required to rectify the causes of suspension to resume trading activities on the exchange.