NatWealth Securities ceases to be primary dealer

The Monetary Board of the Central Bank yesterday withdrew the appointment granted to NatWealth Securities Limited (NWSL) to function as a primary dealer.

A Central Bank statement said the withdrawal is in effect from 4:30 p.m., on November 30, 2020.

It added that the withdrawal was granted having considered a request made by NWSL.

In June, this year, the Monetary Board having considered the continuous failure to comply with the directions applicable to NWSL as a primary dealer, acting in terms of the regulations made under the Registered Stocks and Securities Ordinance and Local Treasury Bills Ordinance, decided to suspend NWSL from carrying on the business and activities of a primary dealer, for a period of six months, with effect from June 1, 2020.