Karachi: The Pakistan Stock Exchange (PSX) has announced that the suspension of trading in the shares of M/s. First National Bank Modaraba will remain in effect due to ongoing regulatory compliance issues. The exchange confirmed this development through Notice No.PSX/N-264, initially issued on March 11, 2025, highlighting unresolved matters concerning the Modaraba's business operations and legal proceedings.

The suspension, as detailed by the PSX, is attributed to the Modaraba's failure to address non-compliance with Clauses 5.11.1.(a) and 5.11.2.(b) of the PSX Regulations. These clauses pertain to the cessation of commercial production and business activities in the entity's main line of business, coupled with a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) against the Modaraba in court.

According to information available from the Pakistan Stock Exchange (PSX), trading in the certificates of First National Bank Modaraba will continue to be suspended until the underlying causes for the suspension are rectified. Alternatively, the suspension will last for an additional 60 days starting from May 12, 2025, depending on which condition is met first.

This decision was made under the authority granted to the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and in accordance with Clause 5.11 of the PSX Regulations. The market category designated for this update is regulatory compliance and enforcement, as the suspension directly relates to adherence to the established rules and regulations.