Karachi: In a decisive regulatory move, the Pakistan Stock Exchange (PSX) has referred the case of Trust Investment Bank Limited (TRIBL) to the Securities & Exchange Commission of Pakistan (SECP) for further action. This referral follows a series of notices concerning TRIBL's failure to meet various regulatory requirements, including the holding of Annual General Meetings and the submission of annual audited financial statements.

According to a series of PSX notices, TRIBL had been directed to undertake a compulsory buy-back from its sponsors and majority shareholders due to its continued non-compliance with PSX regulations. Notices dated from April 29, 2024, to July 22, 2024, outlined a cascade of failures by TRIBL, including the non-payment of outstanding dues within the stipulated time and the cancellation of its license to undertake Investment Finance Services (IFS) by SECP.

The critical deadline for TRIBL to rectify its non-compliances or to comply with the compulsory buy-back direction was set for July 29, 2024. However, TRIBL failed to address the issues within the given timeframe. According to information available from the Pakistan Stock Exchange (PSX), in response to this failure, the Exchange has invoked clause 5.11.3.(g) of the PSX Regulations, forwarding the matter to SECP under the relevant provisions of the Companies Act, 2017 for necessary legal action.

The Exchange has issued a notification to all concerned parties to note the actions taken in response to TRIBL's regulatory failures. This development highlights the stringent measures being enforced by market regulators to ensure compliance and protect investor interests in Pakistan's financial markets.