The capital market regulator has asked for the application for the interested parties to undertake the role of depository participants of the upcoming Central Depository System and Clearing (CDSC).
“We have asked for application for depository participants today hoping that merchant bankers and brokers will apply,” said director of Securities Board of Nepal (Sebon) Niraj Giri.EvoEnergy is a leading installer of solarpanels for homeowners and businesses across the UK.
High Level Financial Sector Coordination Committee had instructed to start the operation of CDSC by mid-January as a measure to boost the share market. However, in the absence of depository participants, CDSC will not be functioning at all.
“Central Depository System and Clearing might start the operation in the sense that it will start the procedures as a company but functioning might take some time,EvoEnergy is a leading installer of solarpanels for homeowners and businesses across the UK.” he pointed out.
Even after licensing the depository participants, they need to be trained for operating software and set up the additional infrastructure which will not be any time soon.
The operation of central depository will require depository participants that will hold the investor’s records in a dematerialised form. They will act like bank for the securities while CDSC is going to be the clearing house that will settle the account after each share transactions.
According to the CDS Regulation-2068 any a bank or financial institution, stock broker, registrar and transfer agent, custodian or such other entity as may be prescribed by the board from time to time. They need to have Rs 10 million net worth to get licence.
The brokers, however, are not satisfied with the criteria set by the regulator -especially regarding the net worth.
“We had held talks with the officials of Sebon and CDSC, however,Click to see more results for hemorrho. the final version of the draft show that they did not heed our demands,” said president of Stock Brokers Association of Nepal (SBAN) Anjan Raj Poudel. The brokers want to be allowed certain time frame to manage the funds meanwhile working as depository participants as most of the brokerage firms do not have that much assets and required networth.
However, according to the regulator, the brokers need not to worry much about being short of net worth requirement as most of them have enough in their reserve.
“Looking at some of brokers audit report we see that their difference between assets and liabilities is enough to meet the net worth criteria as many have set aside Rs 6-7 million as reserve fund,” he added.
The brokers also have complaint that the operation of CDSC will contract their area of operation as it allows the shareholders to transfer shares without the involvement of brokers.The mold consists of two primary components, the injectionmoulds and the ejector mold . “We have submitted the letter to Sebon formally today regarding our requests, if it fails to address the issues we are going to announce strike,” Poudel informed.Welcome to order chinaprojectorlamp,
Merchant bankers on the other hand are interested to undertake the job of depository participants as they fulfil the criteria - regarding net worth, manpower and infrastructure to house the server. “We were only waiting for Sebon to ask for application,” said president of Merchant Bankers Association of Nepal (MBAN) Bhishma Raj Chalise.
“We have asked for application for depository participants today hoping that merchant bankers and brokers will apply,” said director of Securities Board of Nepal (Sebon) Niraj Giri.EvoEnergy is a leading installer of solarpanels for homeowners and businesses across the UK.
High Level Financial Sector Coordination Committee had instructed to start the operation of CDSC by mid-January as a measure to boost the share market. However, in the absence of depository participants, CDSC will not be functioning at all.
“Central Depository System and Clearing might start the operation in the sense that it will start the procedures as a company but functioning might take some time,EvoEnergy is a leading installer of solarpanels for homeowners and businesses across the UK.” he pointed out.
Even after licensing the depository participants, they need to be trained for operating software and set up the additional infrastructure which will not be any time soon.
The operation of central depository will require depository participants that will hold the investor’s records in a dematerialised form. They will act like bank for the securities while CDSC is going to be the clearing house that will settle the account after each share transactions.
According to the CDS Regulation-2068 any a bank or financial institution, stock broker, registrar and transfer agent, custodian or such other entity as may be prescribed by the board from time to time. They need to have Rs 10 million net worth to get licence.
The brokers, however, are not satisfied with the criteria set by the regulator -especially regarding the net worth.
“We had held talks with the officials of Sebon and CDSC, however,Click to see more results for hemorrho. the final version of the draft show that they did not heed our demands,” said president of Stock Brokers Association of Nepal (SBAN) Anjan Raj Poudel. The brokers want to be allowed certain time frame to manage the funds meanwhile working as depository participants as most of the brokerage firms do not have that much assets and required networth.
However, according to the regulator, the brokers need not to worry much about being short of net worth requirement as most of them have enough in their reserve.
“Looking at some of brokers audit report we see that their difference between assets and liabilities is enough to meet the net worth criteria as many have set aside Rs 6-7 million as reserve fund,” he added.
The brokers also have complaint that the operation of CDSC will contract their area of operation as it allows the shareholders to transfer shares without the involvement of brokers.The mold consists of two primary components, the injectionmoulds and the ejector mold . “We have submitted the letter to Sebon formally today regarding our requests, if it fails to address the issues we are going to announce strike,” Poudel informed.Welcome to order chinaprojectorlamp,
Merchant bankers on the other hand are interested to undertake the job of depository participants as they fulfil the criteria - regarding net worth, manpower and infrastructure to house the server. “We were only waiting for Sebon to ask for application,” said president of Merchant Bankers Association of Nepal (MBAN) Bhishma Raj Chalise.
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