How to get KSE individual Membership?

1 ANSWERS

1. Guest7602
   

   No person shall be eligible to be admitted as Member, if:
   
            1. He/she is less than 21 years of age;
   
            2. He/she is not a citizen of Pakistan;
   
            3. He/she has been adjudicated a Bankrupt; or a Receiving Order in Bankruptcy has been made against him/her, or he/she has proved to be insolvent even though he/she has obtained his/her final discharge;
   
            4. He/she has compounded with his/her creditors, unless he/she has paid hundred paisa in the rupee;
   
            5. He/she has been convicted of an offence involving fraud or cheating or dishonesty or any other indictable criminal offence;
   
            6. He/she is associated with, or is a member of, or subscriber to, or shareholder or debenture holder in, or connected through a partner or employee with any other Organization, Institution, Association in Karachi where dealings in Securities are carried on;
   
            7. He/she has been at any time expelled or declared a defaulter by any Stock Exchange or Trade Association in Pakistan;
   
            8. He/she has been previously refused admission to the membership of any Stock Exchange unless a period of six months has elapsed from the date of such refusal;
   
   
      2. The applicant should be an income tax or wealth tax assesses or borne as an assesses on the register of income tax/wealth tax.
   
      3. The minimum qualification for an applicant for the Membership shall be "Graduation".
         (In the case of a person holding at least 5 years experience of working as an agent with any of the members of the KSE or a former member of the KSE who had resigned on voluntary basis without any cause of complaint or claim, may be allowed waiver of this requirement by the Board).
   
      4. The applicant should have sufficient knowledge of stock market business.
   
      5. Reference from a scheduled bank in addition to other references as disclosed in the Membership form.
   
      6. In the case of an active member filing his/her/their transfer application/nomination, such member shall also submit a bank guarantee or a guarantee by one of the existing members of the Exchange or a guarantee by the incoming member or any equivalent security in the manner as may be prescribed by the Exchange to the extent of Rs. 2.5 million valid for a period of 2 years from the date of transfer of membership in order to indemnify the Karachi Stock Exchange against all claims of replacement of shares received after the transfer of membership as per Rule 26(a) of Ready Delivery Contracts.

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