KARACHI: The Pakistan Stock Exchange (PSX) and Central Depository Company of Pakistan Limited (CDC), in collaboration with the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP), have announced the removal of transactional limits on the Electronic Initial Public Offering (EIPO) system.
Pakistan Stock Exchange (PSX) and Central Depository Company of Pakistan Limited (CDC), in close coordination with the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP), are working towards facilitating Investors participation in the Initial Public Offerings to have a seamless experience, a statement issued by PSX read.
As part of the initiative, 1Link with the support of SBP has instructed all its member banks to remove the limits on transfer of funds for transactions executed through EIPO platforms. Previously such electronic payments were subject to transactional limits imposed by the Banks.
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A Memo to this effect was issued by 1Link recently whereby all banks were instructed to remove the transactional capping for EIPOs. This step will enable investors to invest in an IPO through the EIPO facility without being restricted by any transactional capping or limit. The EIPO system is utilised to provide an end-to-end digitised experience to investors participating in the IPO through the EIPO platforms.
Speaking about the removal of transactional capping for EIPO transactions, Farrukh H. Khan, MD & CEO of PSX, stated that the Pakistan Stock Exchange continuously endeavours to facilitate investors, market participants and stakeholders.
It is in line with this ethos which PSX follows that today, with the cooperation of the CDC, and the support of the SECP as well as SBP, we have enabled the removal of capping on transaction limits for investors utilizing the EIPO platforms, he said.
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