Karachi: United Bank Limited and MCB Bank Limited have reported the loss of share certificates, potentially affecting several shareholders and raising concerns about the security of physical share documents.

According to information available from the Pakistan Stock Exchange (PSX), United Bank Limited has announced that share certificates under folio number 26154 have been reported lost by Fazil Mushir Siddiqui from Karachi, among others. The certificates with numbers ranging from 120062 to 177034 include distinctive numbers from 761669061 to 1129555103, totaling 221 shares. These losses were notified from an address in Saadi Town, Karachi.

Additionally, MCB Bank Limited has disclosed that certificates listed under folio number 211 have gone missing. These were reported by Mrs. Naghrna Niaz of Caerphilly, South Wales, UK. The certificates with numbers 1808921 to 1875142 include distinctive numbers from 692892471 to 837984396, accounting for a total of 315 shares.

Both banks have urged the members of the exchange to refrain from dealing in these certificates unless objections are raised within the notice periods—21 days for United Bank and 7 days for MCB Bank. Following these periods, duplicate certificates will be issued to the concerned parties if no objections are received.

The incidents underscore the vulnerabilities associated with physical certificates and highlight the importance of robust measures to secure shareholder assets.