ISLAMABAD - Chairman National Accountability Bureau (NAB) Qamar Zaman Chaudhary has taken a serious notice of the alleged fraud and embezzlement by the sponsors, directors and management of M/s ACE Securities (Private) Limited (ASPL) Broker of Karachi Stock Exchange Limited.

A complaint received to NAB stated that M/s ACE Securities (Private) Limited is alleged for handling securities entered in the sub-accounts maintained under its participant ID without authority of the sub-account holders in violation of applicable laws.

The Karachi Stock Exchange (KSE) being a front line regulator has been receiving claims against M/s ACE Securities (Private) Limited (ASPL). On April 23, 2015 KSE through a show cause notice conveyed to M/s ACE Securities (Private) Limited (ASPL) that all trading work stations would be switched off before opening of market on Monday (April 27, 2015) if no response is given by the ASPL's. On failure to address the investor's claims by ASPL, the KSE vide notice dated April 27, 2015 suspended operations of all trading terminals of ASPL till further notice. The total numbers of complaints received by the Karachi Stock Exchange (KSE) against ASPL are 201 and the alleged amount of claims against M/s ACE Securities (Private) Limited (ASPL) is Rs236 million.

In view of the alarming rise in number of unresolved complaints against M/s ACE Securities (Private) Limited (ASPL), Chairman NAB has sought a detailed report from DG NAB Karachi regarding alleged fraud, embezzlement and cheating public at large by the sponsors, directors and management of M/s ACE Securities (Private) Limited, Broker of Karachi Stock Exchange Limited at the earliest regarding the matter and put up a report for further necessary action as per rules.