Sunrise Bank’s shares dematerialized

ShareSansar, August 6th:

Sunrise Bank Limited is the latest to join Central Depository System and Clearing (CDSC) to get its shares dematerialized. The number of CDSC members has now reached 15.

CDSC signed an agreement with Sunrise Bank Limited today, to dematerialize the company’s 2,0150,000 unit of shares. As per the agreement, the Sunrise Bank Limited ISIN (International Securities Identification Number) code is NPE014A00008.

With the establishment of CDSC, share transactions -- such as share transfer, settlement and clearing -- were expected to be swifter, reducing the time for the investors to get hold of share ownership certificates.

CDSC that had officially begun operation on July 16, 2012 has been unable to become fully functional.  It has so far been able to grant membership and open dematerialized accounts of only a handful of listed firms.

Not too many individual investors have opened dematerialized accounts because very few of the listed firms have dematerialized shares. The CDSC has so far a total of 398 demat accounts opened by investors, which hold a paltry 6561 units of securities.    

Apart from Siddhartha Bank, those who have got their shares registered with the CDSC are ACE Development Bank Ltd., Agriculture Development Bank, Everest Finance, Bank of Kathmandu, Laxmi Bank, Himalayan General Insurance, Shikhar Insurance, Siddhartha Insurance Limited, Nepal SBI Bank Limited, Siddhartha Bank Ltd., Prime Life Insurance Co. Ltd., Citizens Bank International Ltd., Civil Bank Ltd. and Nepal Bangladesh Bank Ltd.