The Presidents / Chief Executives
All Banks
Dear
Sirs/ Madam,
RECIEPT
OF SUBSCRIPTION APPLICATIONS – KAPCO
We
have received a number of queries from various quarters
relating to the instructions issued to banks vide BPD Circular
No. 24 of 2004 dated 20th July 2004. These instructions
require the bankers to the issue to accept duly completed
subscription applications (i.e., accompanied with pay order/demand
draft in favour of the issuer company and copy of CNIC of
the applicant) from prospective investors, who are not their
account holders. The instructions were issued to facilitate
the potential investors who have accounts in banks other
than bankers to the issue. It is clarified that the bankers
to issue will accept only those subscription applications
where the applicant is either their own account holder or
account holder of any other bank in Pakistan.
2.
You are, therefore, requested to ensure compliance of the
instructions contained in BPD Circular No.24 of 2004 by
advising your branches to accept and process all duly completed
subscription applications.
3.
Please acknowledge receipt.