Siddhartha, Prabhu & Nepal Investment Bank start operation as clearing banks; NIB appointed 'lead bank'
Sun, Jul 2, 2017 3:52 PM on Latest, Featured, Others, Stock Market,
CDS and Clearing Limited (CDSC) inaugurated its new office in Nepal Share Markets Commercial Complex, 4th Floor, Bagbazar, Kathmandu last Friday. Amidst the inauguration, CDSC informed about the operation of three new clearing banks along with several developments it had been making for the past several months.
Three new clearing banks to start operating from Sunday
As per CDSC, Nepal Investment Bank Limited (NIB), Prabhu Bank Limited (PRVU) and Siddhartha Bank Limited (SBL) are starting their operation as clearing banks from today for the settlement of payments in stock transactions. Until today, Global IME Bank Limited (GBIME) was the only bank operating as clearing bank for share transactions. After appointment of multiple clearing banks, settlement of securities will be done in net settlement process, making the transactions less time-consuming and more transparent.
SEBON had earlier directed NEPSE and CDS and Clearing Limited (CDSC) to have at least 3 clearing banks operational in order to make clearing process less time-consuming and more transparent. As per a competitive process for selection of clearing banks, NIB received the highest points, which is why it was selected as the lead bank.
Centralized ASBA
CDSC also informed that is going to implement Centralized application for ASBA Based Issuance (C-ASBA) in order to provide centralized services to examine the securities application forms and Demat accounts of applicants. The system has been used as trial in the recently concluded IPO of Himalayan Power Partner Limited.
'Mero Share' online service
CDSC has been providing online Demat account service named as "Mero Share" software. The number of customers using this service has reached 37,000. With this software, demat account holders can check their current number of holdings of their shares and will also be able to see the value of their portfolio.
CDSC further announced that it has been constantly working for the betterment of capital market, and will be rolling out similar new improvements in the future as well.
Three new clearing banks to start operating from Sunday
As per CDSC, Nepal Investment Bank Limited (NIB), Prabhu Bank Limited (PRVU) and Siddhartha Bank Limited (SBL) are starting their operation as clearing banks from today for the settlement of payments in stock transactions. Until today, Global IME Bank Limited (GBIME) was the only bank operating as clearing bank for share transactions. After appointment of multiple clearing banks, settlement of securities will be done in net settlement process, making the transactions less time-consuming and more transparent.
SEBON had earlier directed NEPSE and CDS and Clearing Limited (CDSC) to have at least 3 clearing banks operational in order to make clearing process less time-consuming and more transparent. As per a competitive process for selection of clearing banks, NIB received the highest points, which is why it was selected as the lead bank.
Centralized ASBA
CDSC also informed that is going to implement Centralized application for ASBA Based Issuance (C-ASBA) in order to provide centralized services to examine the securities application forms and Demat accounts of applicants. The system has been used as trial in the recently concluded IPO of Himalayan Power Partner Limited.
'Mero Share' online service
CDSC has been providing online Demat account service named as "Mero Share" software. The number of customers using this service has reached 37,000. With this software, demat account holders can check their current number of holdings of their shares and will also be able to see the value of their portfolio.
CDSC further announced that it has been constantly working for the betterment of capital market, and will be rolling out similar new improvements in the future as well.
