Karachi: In an effort to implement an automated mechanism for dissemination of price sensitive/ material information to the public on real time basis the Karachi Stock Exchange has now extended Pakistan Unified Corporate Action Reporting System (PUCARS) for all listed companies w.e.f. August 17, 2015.
The PUCARS was introduced in part on March 17, 2014 with a view to enable the listed companies and issuers of the listed securities to share their price sensitive/ material information simultaneously and transparently in timely manner with minimal human interference.
In the initial phase PUCARS was running in parallel to the conventional Fax To Email Solution System. The same has been made mandatory for all listed companies to use PUCARS w.e.f August 17, 2015 and to ensure that the price sensitive/material information is not disclosed anywhere else before the same is shared with the Exchange.
The listed companies/issuers of listed securities which do not use PUCARS will be considered as noncompliant with the Correspondence Manual and the Exchange reserve its right to take appropriate action against such companies as deemed appropriate in accordance with relevant clauses of Regulations.
KSE desires promoting fully compliant and automated environment to serve market participants better and efficiently regulate the market to protect the interests of the stakeholders and to enhance confidence of both local and foreign investors.