The National Clearing Company of Pakistan Limited (NCCPL) has announced changes to the Securities Lending and Borrowing (SLB) Category A list, adding 22 securities and removing six stocks following its quarterly review of eligibility requirements. The revised list will take effect on October 30, 2026, and will determine which securities qualify for the relevant category used in short-selling transactions in Pakistan’s capital market. The review was conducted under clause 7A.3.3 of the NCCPL Regulations 2015.
The 22 securities being added to Category A represent companies from several industries, including agriculture, textiles, technology, chemicals, energy, real estate investment trusts and financial services. The additions are Al-Ghazi Tractors Limited (AGTL), Biafo Industries Limited (BIFO), Gul Ahmed Textile Mills Limited (GATM), Ghani Dairies Limited (GDL), Ghani Glass Limited (GHGL), Globe Residency REIT (GRR), Image REIT (IREIT), Itanz Technologies Limited (ITANZ), Kohinoor Textile Mills Limited (KTML), LSE Capital Limited (LSECL), MacPac Films Limited (MACFL), Nishat (Chunian) Limited (NCL), Nimir Industrial Chemicals Limited (NICL), Oilboy Energy Limited (OBOY), Quantum Data Technologies Limited (QTECH), Supernet Technologies Limited (STL), TPL REIT Fund I (TPLRF1), TPL Trakker Limited (TPLT), Trust Securities and Brokerage Limited (TSBL), Wafi Energy Pakistan Limited (WAFI), Yousaf Weaving Mills Limited (YOUW) and Zuma Resources Limited (ZUMA).
The inclusion of these securities expands the range of stocks eligible for the SLB Category A framework. Securities Lending and Borrowing allows market participants to borrow shares under prescribed arrangements, including for short-selling where permitted. In a short sale, an investor sells borrowed securities with the expectation of buying them back later. The transaction can support trading activity and market liquidity, although it also carries risks if prices move against the investor. Eligibility requirements help establish which securities meet the applicable criteria for inclusion in the category.
At the same time, NCCPL will remove six securities from the list. Five of the excluded stocks failed to meet the impact-cost requirement, with their impact cost exceeding 2. These companies are Agritech Limited (AGL), First National Equities Limited (FNEL), Kohinoor Industries Limited (KOIL), KSB Pumps Company Limited (KSBP) and Quice Food Industries Limited (QUICE). Impact cost is a measure of the trading cost associated with executing an order relative to a reference market price. A higher figure can indicate that a transaction may move the market price more significantly, particularly when a security has limited trading depth or liquidity.
Lucky Core Industries Limited (LCI) will also be removed, but for a different reason. NCCPL stated that its average daily traded volume fell below the required threshold of 0.50% of free float or 100,000 shares. Free float refers to the portion of a company’s shares available for public trading, excluding holdings that are not generally available in the market. Trading-volume requirements help ensure that securities included in the category have sufficient activity to support transactions under the applicable framework.
The changes reflect NCCPL’s periodic assessment of stock eligibility based on the regulatory criteria governing the SLB Category A list. Investors, brokers and other market participants will need to account for the revised eligibility arrangements when they take effect on October 30. The addition of 22 securities broadens the list, while the removal of six stocks highlights the role of liquidity and impact-cost thresholds in determining eligibility. NCCPL’s announcement did not provide individual impact-cost figures for the five stocks being removed or the exact trading volumes recorded for Lucky Core Industries Limited.
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