CDSC ropes off 7 more companies for DMAT; no trading in physical, BT shares after Baishakh 14
ShareSansar, April 10:
In its drive to get the shares of listed companies dematerialized, Central Depository and Securities Clearing (CDSC) has selected seven more companies for the process.
Issuing a press release, the CDSC has stated that the shares of Nabil Bank, Ace Development Bank, Everest Insurance, United Finance, Sunrise Bank, Butwal Power Company and Vibor Bikas Bank would be considered for trading and settlement only in DMAT form after Baishakh 14.
Trading in physical shares of these companies would not be allowed after Baishakh 15, 2072.
Meanwhile, after Chaitra 29, shareholders interested to purchase the shares of these companies must have a DMAT account. Buyers of the shares of these companies will get shares only in their DMAT account after Chaitra 29.
Investors should open a DMAT account through authorized depository participants firms.
CDSC has also urged the investors to sell their shares of these companies in Blank Transfer (BT) or get them transferred in their names in DMAT form by Baishakh 14 as buying and selling BT shares would be prohibited after DMAT trading rule comes in to force after Baishakh 15.
Earlier, the CDSC had issued a similar deadline for Shikhar Insurance, Global IME Bank, Unilever Nepal, Himalayan General Insurance, Mahalxmi Finance, Everest Finance and Taragaun Regency.
Buyers of the shares of these companies have already started to receive the shares in their DMAT account from
Chaitra 22. Also, as per CDSC, shares of these companies would be considered for trading and settlement only in DMAT form after Baishakh 6.
CDSC is planning to get the shares of all listed companies converted into DMAT form within three months. As of now, 96 companies are registered at CDSC while 39 are in the pipeline to get registered.
It is mandatory for the Companies listed on NEPSE to get registered at CSDC. There are around 236 companies listed on NEPSE.
CDSC sets deadline for 7 companies; bars BT transactions after Baisakh 6
