another sub-fund with separate UIN,” it added.
For free of payment transactions (transactions executed outside Pakistan), the FBR said certain investors holding shares may sell through negotiated deal at a price agreed with the buyer outside Pakistan e.g. a strategic sale and purchase of shares to acquire or dispose of controlling shares.
“Such transactions are reported to respective clearing member of foreign institutional investors to transfer the shares from seller account to buyer account,” it said. “In such transactions, respective clearing member does not know the transaction price and merely transfers shares from one account to other on the instructions of its foreign client.”
The notice further said: “A clearing member receiving the instructions from foreign institutional investors shall be responsible to report such transactions in the negotiated deal market at the relevant stock exchange through a stock broker in the manner prescribed by such stock exchange or through reporting interface provided by NCCPL for this purpose.”
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