MQM leader Farooq Sattar has unconditionally asked all the participants to end rally, after which all the participants dispersed peacefully.
A large contingency of police had blocked the way of the rally, which was heading towards red zone, at Numaish Chowrangi.
MQM has said its workers and dignitaries were being arrested without any reason. They were not allowed to run election campaign.
MQM leaders Amir Khan, Farooq Sattar, Hyder Abbas Rizvi, Faisal Sabzwari and Waseem Akhter were also present with other Rabita Committee members.
The participants of the rally, that was carried out against raids of Rangers personnel on party offices, had been asked by MQM leaders to sit down on the road.