Errant NatWealth Securities Ltd suspended by the Central Bank

NatWealth Securities Ltd, a primary securities market dealer, has been suspended from June 1 by the Central Bank (CB) owing to its persistent failure to follow directions of the banking regulation.
A CB statement on Monday said that the CB Monetary Board “having considered the continuous failure to comply with the directions applicable to NatWealth Securities Ltd a Primary Dealer, acting in terms of the Regulations made under the Registered Stocks and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to suspend the company from carrying on the business and activities of a Primary Dealer for a period of six months with effect from 01.06.2020”.
The CB said it 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 the said company in an orderly manner.