TRG
Ktrade caused Intentional Loss through Trader Change: In the TRG case, it was observed that KSL/Ktrade/KASB intentionally caused a loss to their client by unilaterally changing the client's trader without any prior notification. This action directly impacted the client's trade, leading to an unnecessary and preventable financial setback of PKR 451,500.
1-A
Standard Operating Procedures (SOP) were diligently followed during the appointment of Babar Hanif.
Email and WhatsApp notifications were received from KSL as shown below.
Email received from KSL as official notification
1-B
Since required protocols were not observed in the appointment of Nadeem so KSL tried following cover up attempts.
KSL Claims
PSX meeting on 10th August 2023 KSL claimed following in TRG case.
No.
1
2
3
KSL Claim
Client asked to change his trader
Client Said Unauthorized Trade found in TRG
We Notified client in advance for changing his trader
Client Reply
Denied: No such request made
Denied: I never claimed
Denied: I never received
Progress
KSL Failed to provide any Evidence
KSL Failed to provide any Evidence
KSL Failed to provide any Evidence
Status
False Claim
False Claim
False Claim
KSL Requested For Evidences
On multiple platforms asked for evidences as mentioned below.
Asked for evidences in PSX meeting on 10th August 2023. Minutes are available on recorded line.
Asked for same evidences in email on Fri, Aug 11, 2023 at 10:00 AM. Copy attached
1-C
Price History Of TRG From 18th to 19th Jan 2023
TRG Price History
Day's low was 87.82 and my claim is 92.50 => Click for Source and select date range
1-D
With my personal efforts I get Nadeem's number at 3:44pm and placed order for post market at 3:52pm as it was the only chance for me.
Nadeem Confirming That He is my new trader at 3:52pm
BIPL, AKD & KSL - All in one
I might had incurred even greater losses had I not taken the actions I took.
1-E
"
KSL Confess
In the most recent hearing held on Tuesday, November 7, 2023, KSL acknowledged that they lack additional evidence to support their claim of notifying the client about his trader change. The only piece of evidence available is the screenshot that the client had previously shared with the PSX. This confession by KSL brings a new dimension to the case, highlighting a gap in their communication process and potentially affecting the course of ongoing proceedings.
KSL putting SECP's Mandatory Compliance Training under serious question.
Participants are encouraged to post their queries or responses directly in this space regarding TRG. Following each submission, our team will ensure that the content is accurately and promptly updated on the corresponding document.