Pakistan Stock Exchange imposes coronavirus restrictions

Pakistan Stock Exchange imposes coronavirus restrictions

KARACHI: The Pakistan Stock Exchange (PSX) has introduced strict Standard Operating Procedures (SOPs) for entry into its premises to curb the potential spread of the coronavirus pandemic.

The move comes in adherence to directives issued by the home department of the Sindh government, as the province witnesses a significant rise in COVID-19 cases.

As part of the precautionary measures, the PSX has instructed firms to ensure that at least 50% of their staff work from home. Additionally, the physical presence of individuals within a room, including visitors, should not exceed six people to maintain adequate social distancing and mitigate the risk of virus transmission.

To streamline the implementation of these measures, the PSX has directed occupants to furnish details of their staff and visitors to the PSX administration department by July 30, 2021. These safety protocols are set to be enforced from Monday, August 02, 2021.

Moreover, employees are required to carry their Computerized National Identity Cards (CNIC) and wear their company-issued identity cards while present on the PSX premises. These measures are geared towards ensuring a secure environment for all individuals involved in the stock exchange activities.

The PSX, recognizing the need for business continuity, has already established the necessary infrastructure for all Trading Right Entitlement (TRE) Certificate Holders to connect to the trading system remotely. This setup ensures that trading operations can seamlessly continue, even if staff members are working from locations outside the PSX premises.

In response to the challenging circumstances posed by the ongoing pandemic, the PSX has sought relaxation from the Securities and Exchange Commission of Pakistan (SECP) for clause 8.3.2 of the PSX Rule Book. The requested relaxation pertains to the activation and operation of Disaster Recovery (DR) terminals by TRE Certificate Holders for trading purposes during normal PSX operations.

In a significant development, the SECP, invoking powers under clause 1.4 of the PSX Rule Book, has granted the requested relaxation. TRE Certificate Holders are now permitted to activate and operate their DR terminals for trading purposes until September 30, 2021. This temporary flexibility aims to ensure the smooth functioning of operations during these exceptional circumstances.

The PSX’s proactive approach and collaboration with regulatory authorities underscore its commitment to safeguarding the well-being of market participants while ensuring the continuity of financial activities amid the challenges posed by the ongoing pandemic.