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July 27: With the daily increment of transaction amount in the sole capital market of the country, Central Deposit Settlement and Clearing Company (CDSC) has fasten the process of appointing additional clearing bank. Two weeks earlier, Securities Board of Nepal (SEBON) had reminded Nepal Stock Exchange (NEPSE) and CDSC through correspondence regarding appointment of additional clearing bank. “Securities trading in the market are increasing daily. Additional clearing bank is necessary in order to fasten the clearing process of the stocks without hassles and also to further expand the market,” said Niraj Giri, Spokesperson of SEBON. The board concludes that the progress happening on branch expansion (remote work station) of brokers and significant rise in daily transaction amount in the NEPSE have inadvertently demanded additional clearing bank.
SEBON had earlier directed the concerned parties to increase the number of clearing banks to three on April 15, 2015. However, NEPSE ignored the SEBON direction citing satisfactory services of the present clearing bank and pending AMC agreement on purchasing new software including other problems. But now, following the latest reminder of the board, CDSC is preparing to carry out technical analysis in order to add clearing bank. “Subsequent to the technical analysis, modification of present software will be done. For that, Indian software company ‘Tata Consultancy Services’ have been appointed to build software as per the necessity of the Nepali market,” said Dev Prakash Gupta, CEO of CDSC.
“Once the software is built, tender call for clearing banks will be made. After the thorough study of financial and technical capacities of the banks interested to work as clearing bank, the bank that gets the responsibility will be decided,” Gupta added. He further said “We are conducting study and analysis in a bid to appoint additional clearing bank ASAP. We cannot point out the date. We will implement the software build after technical analysis, only if it meets our requirement. Otherwise, we will send it for modification.”
Broker companies will have to open mandatory account with clearing banks to carryout clearing transaction. The clearing bank helps to transfer fund and clear the share transaction through the account. Presently, Global IME Bank is the sole clearing bank in Nepal.
The securities trading amount that used to be in the range of Rs 100-200 millions till few years ago are currently totalling in Rs 1-2 billions in the Nepali stock market.
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'address' => '',
'gender' => '',
'access' => '1',
'phone' => '',
'access_type' => '0',
'activated' => false,
'sortorder' => '0',
'published' => '0',
'created' => '2016-04-04 17:02:17',
'last_login' => '2018-09-17 11:47:56',
'ip' => '202.63.242.112'
),
'ArticleComment' => array(),
'ArticleFeature' => array(),
'ArticleHasAuthor' => array(),
'ArticleHasTag' => array(),
'ArticleView' => array(
(int) 0 => array(
'article_id' => '4059',
'hit' => '1035'
)
),
'Slider' => array()
)
$current_user = null
$logged_in = false
$xml = false
simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/Articles/view.ctp, line 391
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
