REGULATIONS FOR READY DELIVERY CONTRACTS                                                 Back to Rules & Regulations Main

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 

 

 

 

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