REGULATIONS FOR READY DELIVERY CONTRACTS
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REGULATIONS FOR READY DELIVERY CONTRACTS
1.
DELIVERY AND PAYMENT
(a) All ready delivery contracts entered into
on a business day during any week shall be settled on every
Thursday the following week unless otherwise ordered by the Board.
The seller shall deliver such securities in lots of trading unit
together with necessary transfer forms, to the buyer before 2 p.m.
on Thursday, and the buyer shall pay for them before 5 p.m. on
that day, provided that the securities of a company shall not be
delivered and payment claimed while the transfer books of a
company are closed.
(b) When securities are not so delivered, the
buyer shall have the right to buy-in the same after giving notice
on the following day to the member in default.
(c) If the buyer fails to take up and pay for
the securities, the seller shall have the right to sell out the
same after giving notice on the following day to the member in
default.
The member in default shall be liable for
any damages which may arise from buying-in or selling out.
2.
MARKET
LOT
(a)
Unless otherwise specified at the time of sale, it shall be deemed
to have been agreed between the parties to give and take delivery
of shares or debentures only in market lots as defined below:
Shares of
the face value of Rs.10/- and under one certificate and one
transfer for every 100 shares.
Shares of
the face value exceeding Rs.10/- but not exceeding Rs.40/- one
certificate and one transfer for every 50 shares.
Shares of
the face value exceeding Rs.49/- but not exceeding Rs.99/- one
certificate and one transfer for every 10 shares. Shares whose
face value exceeds Rs.99/- one certificate and one transfer for
every 5 shares.
Shares of
the market price of which is Rs.1,000/- or above per share; one
certificate and one transfer for each shares.
Shares of
the State Bank of Pakistan, one transfer and one transmission form
for each lot of 5 shares.
(b)
If the delivery is made in lots smaller than marketable lots, the
buyer cannot refuse the delivery, if the lots delivered could be
rounded-up into a marketable lot. The buyer, however, shall have
the right to deduct the extra transfer fees, if charged, under
whatever name, at the rate levied by the company concerned, if
there are more than one transfer form.
The
deduction in respect of extra transfer forms, if any, involved in
delivery of odd lots rounded-up into a marketable lot, will not be
permissible if transfer fee is not charged by the Company
concerned.
The cost of transfer as per Stamp Act will
be borne by the buyer.
3.
CONTRIBUTORY SHARES
In all transactions of contributory shares the members
taking delivery shall have been deemed to have given an
undertaking to the seller that the shares shall be lodged with the
Company concerned for registration in the name of the buyer within
one month from the date of the delivery of such shares.
4.
DELIVERY OF SHARES IN PART
The buyer
must accept and pay before 5 p.m. for all or such of the shares
bought which may be delivered before 2 p.m. and he may buy-in any
shares not delivered in accordance with the provisions of these
Rules.
5.
BUYING-IN AND SELLING-OUT IN OPEN MARKET
Buying-in
and selling-out must be effected by the Secretary of the Exchange
in the open market during the Official Business Hours. Only
members may make a bid or offer. The charges for buying-in and
selling-out shall be such as may be fixed by the Board from time
to time.
6.
WHEN SECURITIES MAY BE BOUGHT-IN OR SOLD-OUT
(a)
Securities (including new issues) may be bought-in or sold-out on
failure to comply with any Rule of the Exchange applicable to
delivery or payment or on any failure to carry out any special
conditions subject to which the bargain for ready delivery was
made.
(b)
Buying-in or selling-out may be effected on the day following the
failure to make payment or give delivery of transfer or securities
in accordance with the Rules or on the day thereafter not later
than one year of the date of contract after such failure.
Further
delivery shall be enforceable within 3rd and 7th day of the
transactions. The Rules of Ready Delivery Contracts shall stand
amended accordingly.
(c)
Forfeiture of Right
A member who
fails to exercise his right to sell-out or buy-in in the manner
provided in these Rules shall forfeit all rights of recourse
against the member in default, unless it shall appear that such
member has not exercised his right on the written request of the
other member.
(d)
Delaying Buying-in or Selling-out
If the
buying-in or selling-out is not effected within the period
prescribed in this Rule, and if the member buys-in or sells-out at
a later date and satisfies the Arbitration Committee that it was
impracticable to buy-in or sell-out earlier than he did, the
Arbitration Committee may allow damages, on the footing of the
rates at which the Securities were bought-in or sold-out or at
such other rates as the Arbitration Committee may determine.
7.
BUYING-IN AND SELLING-OUT WHEN FORBIDDEN
The shares of a Company shall not be bought-in or
sold-out while its transfer books are closed for payment of
dividend or bonus or the receipt of calls or for any other reason.
8.
NOTICE OF BUYING-IN AND SELLING-OUT
Notice in writing signed by the Secretary of the
Exchange of the intention to buy-in or sell-out securities must be
delivered at the office of the member in default, and if such
notice be not so delivered, the buyer or the seller, as the case
may be, shall not be entitled to buy-in or sell-out or claim
damages.
9.
TENDER BY SELLER BEFORE NOTICE
(a)
The buyer must accept and pay for the Securities any time prior to
the actual exercise of his right to buy-in.
(b)
Tender by Seller before Notice
If the buyer
has issued notice of his intention to buy-in securities for
default in delivery, and if the seller, before the securities have
been bought-in makes a proper tender of such securities, the buyer
must accept and pay for such securities.
10.
TENDER BY BUYER BEFORE NOTICE
(a)
The seller must accept payment and deliver securities at any time
prior to the actual exercise by him of his right to sell-out.
(b)
Tender by Buyer before Notice
If a seller
has issued notice of his intention to sell-out securities for
default in payment, and if the buyer tenders payment before the
securities are sold-out, the seller must deliver the securities
and accept payment.
11.
SECURITIES BOUGHT-IN BUT UNDELIVERED
(a)
Securities bought-in and not delivered on the next business day
may be again bought-in for immediate delivery without further
notice and any loss shall be paid by the member causing such
further buying-out.
(b)
Securities sold-out and not paid for on the next business day may
be again sold-out for immediate delivery without further notice
and any loss shall be paid by the member causing such further
selling-out.
12.
BID BY BUYER OR SELLER BARRED
(a) A
member on whose account the buying-in or selling-out is effected
shall not be permitted to make a bid or offer.
(b)
Notice of Damages
A member
buying-in or selling-out securities must within two days of the
buying-in or selling-out give notice of the same to the member in
default and claim damages, if any, arising there from. The member
on whose account the buying-in or selling-out is effected shall,
notwithstanding that he is in default, be entitled to the
difference or profit which may arise by the buying-in or
selling-out on his account, as the case may be.
13.
SETTLEMENT ON RE-OPENING OF TRANSFER BOOKS
All
contracts in shares falling due while the transfer books of such
shares are closed, shall be completed on the opening of the books.
14.
CONTRACTS DUE ON HOLIDAYS
All
contracts due for settlement on holidays shall be settled on the
business day next following.
15.
DEDUCTIONS OF DIVIDENDS
The buyer is
entitled when paying for shares on which a dividend, interest,
bonus etc., has been recommended or declared, and for which the
transfer books of the company were closed before delivery, to
deduct the dividend, interest, bonus etc., declared or
recommended, provided that the member of the Exchange through whom
the transaction shall have been effected shall be personally
responsible for effecting adjustments finally between the buyer
and the seller when the dividend is actually paid.
16.
STAMP AND TRANSFER FEES
Stamp duties
payable to Government and fees charged by a company registering
transfers of shares and known as "Transfer fees" shall be paid by
the buyer.
17.
SETTLEMENT IN SETTLEMENT ROOM
The buying
member or one of his clerks shall be present in the Settlement
Room for the purpose of receiving and making payment for shares
and securities and the selling member shall not be obliged to
deliver the shares and receive payment at the office of the buying
member.
18.
DIVIDENDS AND RIGHTS
(a)
Buyers entitled to Rights
The buyers
shall be entitled to receive all interests, dividends, bonus,
rights and privileges which may appertain to shares bought and for
the payment or declaration of which the transfer books shall have
been closed during the pendency of the contract.
(b)
Interest on Debentures
In all
transactions for debentures the seller is entitled to the interest
till the date of payment-out, if the seller fails to deliver the
debentures within seven days from the date of sale, interest shall
cease.
19.
DIVIDENDS
All
transactions in shares shall be ex-dividend from the day on which
interest or dividend is payable they shall be ex-rights from the
latest day fixed for the receipt of applications for rights by the
company; provided that all transactions before that day shall be
cum-dividend and cum-rights.
20.
LIABILITIES OF MEMBERS
Members
shall not be personally liable between themselves for interest,
dividend, bonus or rights on shares sold by them when such shares,
were delivered to the buyer at least six clear days (including
holidays) before the last working day immediately preceding the
closing of the books of the Company to enable the buyer to get the
shares transferred to his name, but nothing in this Rule shall
affect the rights and obligation of buyer and sellers between
themselves as constituents or principals, for the recovery of such
interest, dividends, bonus or rights.
21.
APPLICATION FOR RIGHTS
(a)
The buyer is entitled to new shares issued in right of old,
provided that he specially claims the same in writing from the
seller not latter than 1 p.m. on the second day preceding the
latest day fixed for receipt of applications by the Company.
(b)
Notwithstanding the provisions of the above clause, the seller if
he be in possession of the new securities, should be responsible
to the buyer for the same, if claimed by him before one O'clock
on the day following the last day fixed for the receipt of
applications by the Company, and should he not be in possession of
the new securities, he is bound to render every assistance to the
buyer in tracing them.
22.
LETTERS OF RENUNCIATION
Rights are
to be settled by letters of renunciation when practicable, when
proper letters of renunciation are delivered or tendered to the
buyer before 2 p.m. on the day preceding the last day fixed for
the receipt of application, the seller shall be relieved of all
further liability in respect of all such right. A member shall
not be bound to accept letters of renunciation not tendered within
the time provided in this Rule.
23.
NON-DELIVERY OF LETTERS OF RENUNCIATION
If the
settlement of claims to rights be not made by letters of
renunciation by reason of the failure of the seller to deliver
such letters within the time prescribed in Rule 22, the seller
shall bear any extra expense of transfer, provided that when no
letters of renunciation are issued or recognized by the Company,
the expenses of transfer shall be borne by the buyer.
24.
PAYMENTS OF RIGHTS
When letters
of renunciation are not issued, all payments as and when required
by the Company are to be advanced to the seller by the buyer, who
may demand a receipt for the same, and the seller shall be deemed
a trustee for the buyer of such payments.
25.
TEMPORARY SETTLEMENT
When
securities are sold cum-rights and are delivered after the closing
of the transfer books for rights and when a new security cannot be
obtained by letters of renunciation, the Board shall fix a price
which may be deducted by the buyer from the purchase money of the
old securities.
The buyer
shall pay this price, namely, the balance due on the contract when
the seller delivers the new securities at any time on or before
the day fixed by the Board for the settlement of rights.
26.
DOCUMENTS AND REGISTRATION
(a)
Regularity and Genuineness of Documents
A member who
has received payment against delivery of necessary documents
either on his own account or on behalf of his constituent shall be
personally responsible to the member to whom the same are
delivered for their title, regularity and genuineness provided the
documents are lodged with the Company for registration by or on
behalf of the purchaser or any subsequent purchaser within two
years of the date of the receipt of such documents, or if the
books of the Company are closed earlier for the payment of
dividend, or entitlement of bonus shares, then, upto the said
period of books closures, if within the said period of two years,
or within two months after the date of the book closure for the
purpose of paying dividend, or entitlement of bonus shares, the
Company returns the shares either with or without objections or
refuses to register any transfer for any reason whatsoever the
selling member shall on receipt of a notice from the buying member
whether of return of the shares or refusal of registration, as the
case may be, replace the shares within seven days of the receipt
of such notice, if the documents are not lodged within the
prescribed period of two years or upto the closure of transfer
books, if closed earlier for the purpose of paying dividend or
entitlement of bonus shares, then except in case of fraud or bad
faith on the part of the selling member or of his constituent the
liability of the selling member to both the buying member and the
constituent as also the liability of the buying member to his
constituent, shall cease in all respects.
(b)
Liability of Constituents
Nothing in
this Rule shall effect the liability of the constituents (which
term shall in cases where a member has dealt on his account
include such member) from whom the member may have received the
documents in any action at law or in any other proceedings. The
member who delivered the documents shall however be bound to
render every assistance to the buyer in any proceedings he may
take against the seller.
27.
REPLACEMENT OF IRREGULAR DOCUMENTS AND REFUND
(a)
If member, to whom the documents are delivered, gives intimation
in writing to the member delivered them of his objection as to
their title, regularity or genuineness as soon as it comes to his
knowledge, the member who delivered them shall within a week from
the date of such intimation remove any irregularity or establish
the title or genuineness of the documents; as the case may be, or
deliver other regular genuine and valid documents, but in the
event of such member failing to deliver such other documents he
shall refund on return of the documents the monies paid against
such documents provided that the documents were lodged for
registration within twenty one days from the receipt thereof as
provided by rule 26.
(b) A
refund of the price on the return of documents shall not operate
as cancellation of the contract, and if the selling member within
a period of twenty one days from the refund tenders to the buying
member regular, genuine and valid documents, the buying member
shall be bound to accept such documents, in fulfillment of the
original contract and pay the purchase price.
28.
BUYING-IN ON NON-TENDER
If the
selling member fails to tender such documents within such period
the buying member shall be entitled to buy-in the securities
against him as provided in Rule 6 and claim damages, if any.
29.
SALES NOT CONDITIONAL ON TRANSFER
Sales as is
provided in Rule 34, a sale of shares is not conditional on the
Company transferring the shares to the name of the buyer. The
only obligation on the seller on the sale of shares is to tender
delivery of the necessary certificates with a properly executed
transfer.
Such seller
not be deemed to guarantee that the Company will transfer the
shares to the name of the buyer and shall incur no liability by
reason of the refusal of the Company in exercise of the power
vested in it under the Articles of Association to transfer such
shares.
29(a)
EXPLANATION
A transfer
signed on behalf of the vendor by a person purporting to be his
constituted attorney shall not be considered a properly executed
transfer if the power of attorney in question is conditional and
not absolute.
30.
FRESH TRANSFER ON REFUSAL OF COMPANY
When a
company objects to a transferee and refuses to register a transfer
on the ground of such objection the transferor shall on request
and on the original transfer being presented to him for
cancellation of his signature, shall sign a fresh transfer.
31.
PAYMENT OF CALLS
(a)
The purchaser shall pay every call or contribution which becomes
payable after delivery of the certificate and transfer.
(b)
If the purchaser fails to make such payment and the seller is
compelled to pay the same, the seller shall be entitled to recover
the same from the purchaser, notwithstanding that the purchaser
applied to the Company to transfer the shares and that the
Directors of the Company refused the transfer.
32.
PAYMENT OF CALLS BY SELLING MEMBER
A selling
member may previous to delivery pay any call made on securities
although not due, and may claim the sum paid from the buying
member.
33.
LIABILITY OF BROKERS ON CALLS
No member
shall, subject to the provisions of Rule 32 in respect of any
bargain made by such member on behalf of a principal and as broker
only, be deemed personally liable or responsible in any way to any
party for the payment of calls made by a company subsequent to
delivery and payment.
34.
REFUSAL BY COMPANY TO TRANSFER ON ACCOUNT OF LIEN
The
provisions of Rules 29 & 31 shall not apply where the Company
refuses to transfer the shares on the ground that the shares are
subject to a lien on account of any debt or liability of the
transfer; and if the transfer is refused on that ground, the
selling member shall within seven days of his being called upon to
do so by the buying member, either release the shares from such
lien or give other shares free of lien, and if the selling member
fails to effect such release or to give such shares the buying
member shall be entitled to rescind the sale and recover the
price-paid damages for any loss sustained. In the case of every
such shares the buying member shall be entitled to the benefit of
this Rule provided he has applied to the Company to have the
shares transferred within twenty one days of the date of the
delivery of such share.
35.
COMPANY IN LIQUIDATION
If a company
be wound up at the date of the contract or between the date of the
contract and the due date of payment the seller is entitled to
recover from the purchaser the purchase money and any contribution
or call required to be paid even though the liquidator refuses to
consent to the transfer. If the buyer cannot get the shares
transferred to his name, the seller shall if required to do so by
the buyer and at the buyer's cost, assign his title to and his
rights in the shares sold to the buyer and shall execute a power
of attorney in favour of buyer to enable him to recover any
dividends becoming payable after the date of the contract in
respect of the shares bought.
36.
DISPUTE AFTER REGISTRATION
When the
official certificate of registration of securities bought has been
issued by the Company concerned, neither the selling member nor
the buying member shall be personally responsible to the buyer for
any subsequent dispute to the title unless bad faith or fraud is
alleged against such member or unless such member has dealt on his
own account. Nothing in this rule shall affect the liability of
the transferor or actual seller who may have received payment
against delivery of such securities, in any action at law or in
other proceedings. The provisions of this rule shall apply only
to the rights and obligations of members inter-se.
37.
BANK DELIVERY
(a)
Bank delivery shall mean either taking or giving delivery through
a recognized Scheduled Bank.
(b)
Either the seller or the buyer or both can give or take delivery
through their bank after making the necessary arrangements with
the bank concerned.
(c)
The member, who is not taking or giving delivery through his bank
shall take or give delivery to the bank of the member who is
taking or giving delivery through his bank.
(d)
If both members are taking and giving delivery through their
bankers, then the seller's bank shall deliver the shares and or
securities to the buyer's bank.
38.
HOURS OF BUSINESS
The trading
shall be opened to members on every business day at 10:00 a.m. and
shall remain open till 1:45 p.m. except on Fridays when it shall
open at 9:45 a.m. and will close at 12:15 p.m.
Trading Hours
Monday through Saturday except Friday 10:15 a.m. to
1:30.
39.
HOURS OF BUSINESS
The opening
and closing of the hours of business shall be announced by the
ringing of a bell and a warning bell shall be rung fifteen minutes
before the closing.
40.
BUSINESS OUTSIDE HOURS FIXED BY THE BOARD FORBIDDEN
No bargain
shall be made before or after the hours fixed for business in
accordance with the provisions as of the Rule (38) and a member
who shall make any bid or offer or enter into any contract or
transaction within or without the market contrary to the
provisions of this Rule or on Resolution of the Board.
41.
EXTENDING FOR CURTAILING BUSINESS HOURS
The Board
may by a Resolution extend or curtail the business hours on any
particular day, provided that, if it is not possible to hold a
meeting of the said Board, the President of the Association may
exercise the power conferred upon the said Board by this rule.
42.
HOLIDAYS
The market
will be closed on the following days, namely, all banking holidays
declared by the Government, under the Negotiable Instruments Act
the such days as the Board may consider it desirable to observe as
holidays provided that these days be notified at least three
months previously.
43.
CONTRACT NOTES AND BROKERAGE
(a)
Member shall render contract notice to non-members in respect of
every bargain made for such non-members accounts, stating the
price at which the bargain has been made. Such contract notes
shall contain a charge for commission at rates not less than the
scale prescribed in Appendix "A" annexed to these Rules. Such
contract may be formed “A” in appendix “B” to these Rules.
(b)
Contract by Members as Principals
In case
where a member is buying for himself the securities of his
constituent or selling his own securities to his constituent to
the contract notes may be in Form "B" prescribed in Appendix "B"
annexed to these Rules.
(c)
Signing of Contract Notes
A contract
note shall be signed by a member or by his duly constituted
attorney.
44.
BARGAINS BETWEEN NON-MEMBERS
A member may
receive brokerage from more than one constituents on the
transaction carried through directly between two non-members; and
in such case the contract note shall state that the bargain has
been made between non-members.
45.
OBLIGATION TO CHARGE BROKERAGE
Brokerage
shall be charged and collected upon the execution of all under for
the purchase or sale or carry over of securities on account of
others. This brokerage shall be at rates not less than
the scales prescribed in Appendix "A" and shall be not and free
from any rebate, return discount or allowance made in any shape or
manner or by any method or arrangement direct or indirect.
GOVERNMENT SECURITIES ETC.
Rules
specially applicable to bargains in securities of the Government,
Provincial Government debentures and stocks of Port Trusts,
Municipal Corporation and such other securities as may come within
the provisions of the Negotiable Instruments Act 1881.
46. BARGAINS GENERALLY
Bargains in
securities and stocks to which these Rules apply may be for ready
delivery or for settlement.
47.
BARGAINS FOR PROMISSORY NOTES
All bargains
shall be for promissory notice transferable by endorsement with
interest payable in Islamabad unless there are conditions in the
contract for delivery of bearer bonds.
48.
WRITTEN CONTRACTS ARE TO BE EXCHANGED
(a)
Written contracts shall be rendered on the day of bargains as
provided in Rule 43.
(b)
Accrued Interest
The accrued
interest is not included in the bargain price.
(c)
Buyer to pay interest
The buyer
shall pay interest accrued to the day of payment.
49.
READY DELIVERY BARGAINS
Delivery & Payment
A bargain
for ready delivery shall be for and payment before 3:00 p.m. on
the business day next following the bargain, if such day is a
Saturday, or a holiday delivery and payment shall be made on the
business day next following.
Provided
that if the parties expressly stipulate at the time of the
bargain, a bargain for ready delivery shall not be deemed invalid,
if delivery and payment for the stocks is made not later than 7
days from the date of the contracts.
50.
SELLING OUT
(a)
The buying member shall issue a delivery and received payment
order at or before 12 noon on the day on which delivery and
payment is to be made and shall deliver the order to the selling
member, if the buying member fails to issue the delivery and
receive payment. Order in the manner prescribed, the selling
member shall be entitled to sell-out after giving one business
days, notice in accordance with the rules for selling out.
(b)
If a selling member fails to deliver the scrip before 3.00 p.m. on
the day of issue of the delivery and receive payment order, the
buyer shall be entitled to buy-in after giving one business day's
notice in accordance with the rules for buying-in.
51.
READY DELIVERY
Late Buying-in
The buyer
must receive and pay for the securities, if tendered before the
actual exercise by the buyer of his right to buy-in but he shall
not be liable for interest accrued after the day on which the
delivery should have been made.
52.
LATE SELLING-OUT
The seller
must accept payment if tendered, and deliver the securities before
the actual exercise by the seller of the right to sell-out but he
shall be entitled to interest at bank rate for the days between
the day on which payment should have been made and the day of
actual payment.
53.
RENEWAL FEES
The buyer is
entitled to claim the Renewal Fees when there are less than three
blank cages for endorsement on the back of the note or when there
are six or less than six half-yearly interest columns blank or
when there are more than two endorsement for payment of interest.
54.
CROSS ENDORSEMENTS
The buyer
may refuse to accept the notes and to pay for them if there is a
cross endorsement or if interest is left undrawn for more than one
year or if interest payable on or after the pay day is drawn by
the seller.
55.
VALID DELIVERY
The buyer
may refuse to pay for securities unless all endorsements on the
back of the note are valid, regular and in proper form, but he
shall pay for such portion of the securities as may be in order.
The securities thus returned unpaid must not be bought in until
seven days have been allowed to the seller to put the securities
in order. The buyer is not liable to pay the accrued interest
beyond the due date for the delivery the securities returned. If
the seller fails to deliver the securities within the said period
of seven days the buyer shall after giving one business day's
notice be entitled to buy-in the same within two days thereafter.
56.
LIABILITY OF BROKER
The member
acting as a broker on behalf of a constituent is not responsible
for the genuineness, regularity and validity of securities passing
by the endorsement and delivery and delivered by the seller to the
buyer.
APPENDIX "A"
MINIMUM
SCALE OF BROKERAGE
(Referred
to in Rule 43)
Brokerage
shall be charged by Members on the purchase or sale of stocks,
shares and like securities at not less than the following:
There shall
be a minimum charge of Rupee one on each transaction:
(a)
Brokerage on interest-bearing securities.
on all
Government securities Paisa 12
percent
on the face value
On Municipal
or Port Trust Deb. Paisa 25 percent
On Joint Stock
Debentures Paisa 50 percent
(b)
Brokerage on shares, i.e. preference, ordinary calculated on the
contract price of the shares:
Upto
Rs. 5/- 12 Paisa per share
Above
Rs. 5/- to Rs. 25/- 25
Paisa per share
Above Rs.
25/- to Rs. 50/- 50
Paisa per share
Above Rs.
50/- to Rs. 75/- 75
Paisa per share
Above Rs.
75/- to Rs.100/- Rs. 1/-
per share
Above
Rs.100/- to Rs.200/- Rs.
1.50 per share
Above
Rs.200/- to Rs.300/- Rs.
2.00 per share
and an
additional 50 paisa for every Rs.100/- or part thereof above
Rs.300/-.
This
scale shall not apply to underwriting or the placing of New
Issues.
SCALES OF BROKERAGE FOR NEGOTIATION OF LOANS:
(c)
Subject to maximum of 20% a member may charge brokerage at rates
not exceeding 1/4% per month on the amount of the loan against
securities of Joint Stock Companies.
(d)
Subject to a maximum of 1% a member may charge brokerage at rates
not exceeding 1.8% per month on the amount of loan against
securities of the Government of Pakistan and India, Provincial
Governments, debentures, and stocks of Port Trusts, Municipal
Corporations and such other securities.
APPENDIX "B"
Form "A"
No._____________
Contract
Note issued by Members acting for
constituents, as Brokers.
Name of
the Firm
Name of
Partners
_______________________
'STAMPS AS REQUIRED'
To
Sir,
I/We
have this day bought by your order and on your account the
following securities |
I/We
have this day sold by your order and on your account the
following securities |
Quantity |
Kind of Security
|
Rate |
Quantity |
Kind of
Security |
Rate |
|
|
|
|
|
|
|
This
contract is made subject to the Rules and Regulations of the
Islamabad Stock Exchange (Guarantee) Limited.
Brokerage
has been charged as per schedule.
Yours
faithfully,
Member(s)
of Islamabad Stock Exchange (Guarantee) Limited
Islamabad 1989
APPENDIX "B"
Form "B"
No._____________
Contract
Note issued by Members acting for
constituents, as Principals.
Name of
the Firm
Name of
Partners
_______________________
'STAMPS AS REQUIRED'
To
Sir,
I/We
have this day sold to you |
I/We
have this day bought from you |
Quantity |
Kind of Security
|
Rate |
Quantity |
Kind of
Security |
Rate |
|
|
|
|
|
|
|
This
contract is made subject to the Rules and Regulations of the
Islamabad Stock Exchange (Guarantee) Limited.
Yours
faithfully,
Member(s)
of Islamabad Stock Exchange (Guarantee) Limited
Islamabad 1989
|