No Application for Real Estate Security Tokens (REST) Listing to PSX

DigiEstate, the country’s first Shariah-compliant fintech/proptech startup, has clarified that it has not applied for listing of Real Estate Security Tokens (RESTs) on Pakistan Stock Exchange (PSX). The firm said that its communication with PSX to explore possibility for trading of RESTs through PSX platform was misconstrued as an application from DigiEstate for listing of RESTs on PSX. “It is emphasized that listing/trading of RESTs through PSX is not allowed under the existing laws,” it added. The statement further said that DigiEsate/Magna Engineering is currently only testing its business model for real estate fractionalization under the SECP Regulatory Sandbox and has not received any permission for scaling up its business model or for soliciting funds from the general public. “We regret any unintentional misrepresentation of our current regulatory status and remain firmly focused on successfully completing our SECP Sandbox journey, ensuring all future communications strictly align with the provided guidelines,” it added.