CDS & Clearing adds 3 more clearing banks

CDS and Clearing Limited has appointed three more clearing banks to expedite the clearance and settlement of payments related to securities transaction. Nepal Stock Exchange Limited (NEPSE)’s Board of Directors (BOD) had earlier set few criteria for selection of clearing banks. As per the press release published in NEPSE, it stated that Nepal Investment Bank Limited, Prabhu Bank Limited and Siddhartha Bank Limited were chosen through a competitive process to add as clearing banks in order to make clearing process less time-consuming and more transparent. Now the number of clearing bank has reached 4. Global IME Bank Limited is currently the only clearing bank operating for settlement of transactions in the secondary market of Nepal. After the addition of clearing banks, transactions and settlement in the secondary market is expected to be less time-consuming and help all concerned parties.