Karachi: The Pakistan Stock Exchange (PSX) has reported an unusual movement in the price of the certificates of First Al-Noor Modaraba (FANM), a development that has prompted regulatory scrutiny and a call for transparency from the company. According to information available from the Pakistan Stock Exchange (PSX), this movement occurred during the preceding period, raising concerns among investors and market regulators.
Under the requirements of Section 97 of the Securities Act, 2015, and clause 5.6.3 of the PSX Regulations, listed companies are mandated to respond promptly to any unusual movement in the price or volume of their traded securities. Companies must disclose any matter or development that may be relevant to these movements or state that no such matters are known.
The PSX regulations stipulate that in the event of any material or price-sensitive information that could potentially affect the price or volume of shares, companies must disseminate this information promptly to the public through the PSX platform. This ensures that all stakeholders have access to the same information and can make informed decisions.
FANM is advised to furnish sufficient information to clarify its position regarding the unusual price movement of its certificates. This is to be done in accordance with PSX Regulation 5.6.3 through the Public Companies Automated Reporting System (PUCAR) to ensure transparency and public information dissemination.