Stock Brokers' Association of Nepal (SBAN) on course to implement fully-online payment system

Fri, Aug 21, 2020 5:33 PM on Latest, Stock Market, NEPSE News,

Stock Brokers' Association of Nepal (SBAN) has issued a new notice informing investors about the fully-online payment system about to be implemented as early as possible.

Keeping in mind the instructions issued by SEBON on Ashad 14 and Bhadra 03, along with the current scenario of the Covid-19 pandemic, SBAN has issued a notice signaling the updates about the payment procedures.

It is a known fact that most brokers provide the facility of receiving the payment of sold shares to investors via the online system, IPS. However, since some investors do not authorize their bank details in the system or fill incorrect bank details, broker companies sometimes face problems like the amount being returned to them.

Thus, Stock Brokers' Association of Nepal has requested investors to authorize their bank details correctly. The details can be updated to their broker company via email, Viber, or other electronic media. 

Moreover, most investors deposit collateral on their broker office by writing a cheque to their respective broker company. Since SEBON has ordered all broker companies to implement a fully-online payment system in 15 days, SBAN requests all investors to cooperate with their stockbroker company and establish the online payment systems, like Connect IPS.