LAHORE: Lahore Stock Exchange (LSE) has become the first exchange in Pakistan to launch SMS trade alerts and email notifications directly to the investors to keep them abreast about their trade executions.
This step has been taken to enhance the transparency in the order executions by the exchange brokers so that the instances of fictitious trading in the investors account could be checked. Aftab Ahmad Chaudhry MD/CEO of LSE said some very recent defaults of the brokers had highlighted that certain dishonest brokers from all the exchanges had sold the shares of the clients without knowledge of the investors causing huge financial losses to the investors.
He informed LSE would be providing services of SMS/email alerts to clients without assuming any responsibility of accuracy of the orders. He said since it was the brokers who are supposed to act on the orders of the investors, therefore there might be instances when a broker executes a trade at two different exchanges. The trade alerts from LSE would only capture the details of the order executions at LSE on UIN basis.
Trade alerts would work as an early warning system to the clients who could instantly approach the brokers in case of any problem in the accuracy or the sufficiency of the trades.
He said the trade alerts would also work for the benefit of the brokers in cases where certain dishonest investors also lodge wrongful complaints in case their trading positions end up being in loss.