CDSC rounds up 7 more companies for DMAT; Bars BT from Baishakh 26

CDSC rounds up 7 more companies for DMAT; Bars BT from Baishakh 26 ShareSansar April 24: Central Depository and Securities Clearing (CDSC) has picked seven more companies for the dematerialization process. From Baishak 26, the trading and settlement of the shares of Nepal Investment Bank Limited, Sanima Mai Hydropower Limited, Standard Chartered Bank Limited, Jyoti Bikas Bank, Nirdhan Uthhan Bank Limited, Prudential Insurance Company Limited and NIDC Development Bank Limited will only take place in DMAT form. CDSC has also urged the investors to sell their shares of these companies if it’s in Blank Transfer (BT) or get them transferred in their names in DMAT form by Baishakh 25 as buying and selling BT shares would be prohibited after DMAT trading rule comes into force after Baishakh 26. 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 Baishak 25. Investors should open a DMAT account through authorized depository participants firms. The CDSC has already asked shareholders of 14 other companies to open a DMAT account. The agency had given the shareholders of Nabil Bank, Ace Development Bank, Everest Insurance, United Finance, Sunrise Bank, Butwal Power Company and Vibor Bikas Bank until Baishakh 14 to convert their shares into electronic form. Likewise, shareholders of Shikhar Insurance, Global IME Bank Limited, Unilever Nepal, Himalayan General Insurance, Mahalaxmi Finance Limited, Everest Finance Company, Taragaoun Regency Hotels had been given till Baishakh 6 to comply with its instructions. Priyanka Jha