The front regulators at Karachi Stock Exchange on Wednesday declared the Pearl Capital Management as defaulter which would be deemed as expelled from the Exchange with immediate effect. The disgraced firm is a corporate brokerage house and the holder of Trading Rights Entitlement Certificate (TREC), said the KSE on Wednesday. The firm has been declared as defaulter for its “repeated failure” to comply with the instructions of the Exchange to resolve the pending investors’ complaints and claims. “Accordingly, M/s Pearl Capital Management (Pvt) Ltd has ceased to be a TREC holder of this Exchange,” said the KSE. It said the broker’s declaration as a defaulter by the Exchange shall not affect the right of their creditors in any manner and the said corporate entity remains responsible for discharging all its financial obligations.
