SEBON okays C-ASBA directive; says IPO allotment to conclude in 15 days

Securities Board of Nepal (SEBON) has approved “Centralized ASBA Directive, 2074” presented by CDS & Clearing Limited. Under the provisions of the directive, the process of applying for public issues will be uniform across all registered ASBA members. Furthermore, the time required for collecting applications, verifying bank and BOID accounts, filtering duplicate applications, and presentment of final details for allotment will be greatly reduced since all the processes will be done centrally via CDS & Clearing Limited. The Board expects that C-ASBA system will make public issue applications easier for all concerned parties and shares can be allotted within 15 days. Currently, 13 BFIs including 10 commercial banks have already been providing C-ASBA service to their customers.