The Pakistan Stock Exchange (PSX) has halted trading in the shares of nine listed companies following multiple regulatory violations. The suspension, effective from February 04, 2025, will remain in place until the companies rectify the cited issues or for another period of 60 days.
The decision was taken under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015 and Clause 5.11 of the PSX Regulations.
Key Reasons for Suspension
The affected companies have been found in breach of several key regulatory requirements, including:
- Failure to hold Annual General Meetings (AGMs)
- Non-submission of annual audited accounts
- Non-payment of dues to the Exchange
- Non-induction of ordinary shares into the Central Depository System (CDS)
- Filing of winding-up petitions and appointment of official liquidators by the Securities and Exchange Commission of Pakistan (SECP)
- Suspension of commercial production in core business lines
A summary of the companies and the specific breaches:
| No. | Companies | Default(s) of PSX Regulations | Reason(s) of Suspension |
| 1. | M/s Regal Ceramics Limited | 5.11.1.(b)(c)(d)(e) 5.11.2.(b)(c) | Multiple AGMs not held, failure to submit audited accounts, non-payment of dues, non-induction into CDS, and pending winding-up petition with an official liquidator appointed. |
| 2. | M/s. Azmat Textile Mills Limited | 5.11.1.(b)(c)(d)(e) 5.11.2.(b) | Similar failures regarding AGMs, audited accounts, dues payment, CDS induction, and appointment of an official liquidator. |
| 3. | M/s. Kaiser Arts & Krafts Limited | 5.11.1.(b)(c)(d)(e) 5.11.2.(b) | Failure to hold AGMs, submit audited accounts, pay dues, induce shares into CDS, and appoint an official liquidator. |
| 4. | M/s. Pakistan Industrial & Commercial Leasing Ltd. | 5.11.1.(b)(c)(d)(e) | Non-compliance in holding AGMs, submission of audited accounts, payment of dues, and induction of shares into CDS. |
| 5. | M/s. Dadabhoy Sack Limited | 5.11.1.(a)(d)(e) | Suspension of core business production, non-payment of dues, and non-induction of shares into CDS. |
| 6. | M/s. Nina Industries Limited | 5.11.1.(b)(c)(d)(e) 5.11.2.(a) | Non-compliance in AGMs, audited accounts, dues payment, CDS induction, and an SECP order concerning a winding-up petition. |
| 7. | M/s. Investec Mutual Fund Limited | 5.11.1.(b)(c)(d)(e) 5.11.2.(b) | Failure to comply with AGM and audited account requirements, dues payment, CDS induction, and facing a winding-up petition. |
| 8. | M/s. Business & Industrial Insurance Company Limited | 5.11.1.(b)(c)(d) and 5.11.2.(b) | Did not hold AGMs, failed to submit audited accounts, did not pay dues, and winding-up proceedings initiated by SECP. Trading will remain suspended until issues are resolved or for an additional 60 days from February 05, 2025. |
| 9. | M/s. Salman Noman Enterprises Limited | 5.11.1(a), (d), (g), and 5.11.2. (b) | Suspension of commercial production, non-payment of dues, auditor issued a disclaimer opinion, and an SECP winding-up petition filed in court. Trading will remain suspended until the issues are remedied or for an additional 60 days from February 04, 2025. |
The PSX’s firm action underscores its commitment to upholding transparency and regulatory compliance in the market. The exchange has emphasized that the reinstatement of trading privileges will be contingent on the affected companies addressing the highlighted discrepancies.
