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Karachi Stock Exchange takes action against errant member

KARACHI (November 27 2002) : The Karachi Stock Exchange (KSE) has prohibited Yousuf Ibrahim, member of the exchange from conducting any trade following complaints of misappropriation.

A notice issued on Tuesday by the KSE says that in view of violation of various Rules and Regulations of the KSE, Securities and Exchange Ordinance, 1997, etc., committed by the member Yousuf Ibrahim, as per complaints of misappropriation of securities and funds by the multiple of investors, the Securities and Exchange Commission of Pakistan, vide its subject order, has prohibited Yousuf Ibrahim, Member-KSE from conducting any trade on or through any of the stock exchanges of which he may or may not be a member and on which he is trading either in the capacity as a member or investor with immediate effect.

However, trades executed by the member up to and on November 25, 2002 will be settled by him.

The stock exchange took action after a complaint of a group of small investors. They earlier held a press conference and said some Rs25 million were stuck up with a member of the exchange, namely Yousuf Ebrahim.

They alleged that the member of the Karachi Stock Exchange (KSE), Yousuf Ebrahim sacked his agent, and they were refused to get the dues cleared.

Investors said that they have been making investment in shares through Ebrahim's agent as he was using all the office and trading facilities to act on his behalf.

The KSE broker had entitled a person Leghari to use the trading terminal at his office.

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