Members for closure of Karachi bourse

However, some inside sources added the KSE has extended the date of exposure payment till next two days and if the member arrange the exposure payments in these days, he will be safe from default payments.

But the Karachi stock exchange has neither endorsed the default of member nor issued any statement in this regard. However, inside sources said that a well known member of KSE default on exposure counter on Friday following the issuance of several notices by the KSE to pay the exposure payment but the continued recession and crisis in the stock market has diminished the capacity of the member to settle up exposure payments.

Sources said the member had to pay Rs100 million to the stock market against the exposure payments but failed to pay the due amount.

Sources said that either the KSE will sell the membership card of the member or confiscating 20 per cent assets, held with the stock market as security against exposure payments.

While some sources pointed out that actually the KSE had issued notice to the members in which it stated that if the member failed to repay the exposure payments by Friday, the market would seize his security.

Sources said that a consortium has offered the member, who is said to be default to sell his membership card on worth Rs65 million.