Brokerage Benjamin hit with PSE suspension

MANILA, Philippines — Philippine Stock Exchange said Benjamin Co Ca & Co. Inc. is under involuntary suspension effective July 31, on an order from Capital Markets Integrity Corporation.

In a memorandum issued to the investing public and trading participants, the PSE said CMIC imposed the suspension pursuant to its rules.

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“The involuntary suspension may only be lifted once CMIC determines that Benjamin is compliant with the pertinent requirements and/or the interests of the PSE, the investors and the public in general are safeguarded,” the exchange said.

During the suspension, authorities will restrict Benjamin’s access to the PSE trading system, the Philippine Depository and Trust Corp.’s depository system, and the Securities Clearing Corporation of the Philippines’ clearing facilities.

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CMIC, however, said clients may still transfer securities to another broker via sell transactions, subject to approval.

It added that authorities may bar related-party trades and the brokerage’s proprietary trading during the suspension.

PSE also told Benjamin to promptly inform clients of the suspension and assist them in protecting their interests. /pai INQ