CB suspends NatWealth Securities

The Central Bank yesterday suspended primary dealer Natwealth Securities for six months, citing failure to comply with legal directions.  

Issuing a statement, the Central Bank said the Monetary Board at its meeting held on 30 May, having considered the continuous failure to comply with directions applicable to primary dealers, acting in terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, had decided to suspend NatWealth Securities Ltd. (NWSL) from carrying on the business and activities of a primary dealer for a period of six months with effect from 4:30 p.m. on 31 May.

“The CBSL will take necessary measures to ensure that this regulatory action does not have a disruptive impact on the Government securities market. Action will also be taken to facilitate the handling of the interests of the customers and counterparties of NWSL in an orderly manner,” the statement said.