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The government run institutions including National Bank of Pakistan, National Investment Trust (NIT) and State Life Corporation along with the private financiers have agreed to buy the outstanding CFS shares under the said Scheme, said Badiuddin Akber, Head of Operations, NCCPL.
It is pertinent to mention here that the issue of CFS emerged few months ago when regulators placed floor on the shares of stock markets. Because of it, business was almost suspended for weeks and almost 40 to 50 members of Karachi Stock Exchange (KSE) faced the default situation.
Moreover, a number of KSE stockbrokers demanded 3 to 6 months extension for CFS rollover but their demands were declined by the regulators. In addition, 2 brokers of Karachi Stock Exchange took this matter to the courts, but they agreed to settle the issue out of court after the matter was resolved due to the settlement between all the three parties including the National Clearing Company of Pakistan (NCCPL), financial institutions and the brokers. The settlement of the CFS shares is the part of the governments strategy to provide Rs 20 billion stock market fund to bail-out the affected brokers.
Stock market observed the worst crisis in the past few months and lost more than 35 percent of its total value since the floor has been removed on December 15, 2008.
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