Nepal | September 29, 2020

SEBON seeks more time for C-ASBA

Himalayan News Service
Share Now:

Kathmandu, January 24

The Securities Board of Nepal (SEBON) — securities market regulator — has instructed CDS and Clearing Ltd to provide a month’s time to the banks and financial institutions (also working as depository) for the execution of the centralised ASBA (Applications Supported by Blocked Amount) system.

Issuing a circular, the securities market regulator has urged CDS and Clearing Ltd, a subsidiary of Nepal Stock Exchange (Nepse) to defer the schedule for a month to give the banks and financial institutions (BFIs) more time to make necessary preparations.

Under the ASBA system, BFIs have been providing services of share application (IPOs/FPOs) in the primary market from their branch networks after the instruction of SEBON. ASBA has been fully implemented since last year.

To bring all the ASBA service providing BFIs into the centralised system, CDS and Clearing Ltd has provided the BFIs the required software. However, BFIs need to train their human resources to operate the system provided by CDS and Clearing Ltd and also to manage some technicalities. For example, the bank account number given to the depository, which holds securities account, needs to be the same while applying for shares during IPOs and FPOs. Through this the depository will transfer the cash dividend to the account of the BFIs, according to Neeraj Giri, executive director of SEBON.

“For these preparations, we have instructed CDS and Clearing Ltd to give an additional one month time to depositories as they have to train their staffers and verify the bank account numbers with the securities account holders.”

A version of this article appears in print on January 25, 2018 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

1,351 new cases take Nepal’s coronavirus tally to 74,745 on Monday

KATHMANDU: Nepal’s coronavirus tally moved to 74,745 as 1,351 new infections were reported in the last 24 hours. As many as 742 people that had earlier contracted Covid-19 tested negative for the infection as per the Ministry’s latest data. So far, 54,640 people have recovered from the diseas Read More...

Baitadi district

Baitadi jail facing challenges due to overcrowding

BAITADI: District Jail, Baitadi has been facing problems in the management since it has been housing more than twice the number of jailbirds to its capacity. The jail is currently housing 58 persons including 31 inmates and 27 detainees. However, the prison only has the capacity to accommodate Read More...

Kathmandu Valley records 817 infections on Monday

KATHMANDU: Kathmandu valley logged over 800 additional cases of coronavirus infection in the last 24 hours. As per the Health Ministry’s latest report, 817 new infections surfaced in the valley today, which 60.47 per cent of the total caseload. Read Also: 1,351 new cases take Nepal’s coro Read More...

Four Covid-19 fatalities recorded on Monday, tally shifts to 481

KATHMANDU: Four people passed away from Covid-19 related complications in the last 24 hours, with which the nationwide death-toll has moved to 481. Two women and two men lost their lives due to this infection, the Health Ministry’s latest update showed. Read Also: 1,351 new cases take Nepal Read More...

Royal Bengal Tiger of Chitwan National Park

Mahout killed in tiger attack in Chitwan National Park

CHITWAN: A man has been killed in a tiger attack in an intermediate community forest of Chitwan National Park today. Previously, a person was killed by a tiger two days ago on Saturday in the western part of Chitwan district. The deceased has been identified as Babana Chaudhary (55) of Ratnanagar Read More...

Coronavirus , vaccines, vaccines trails

Inovio's potential COVID-19 vaccine trial on partial clinical hold

LONDON: Inovio Pharmaceuticals Inc said on Monday the US Food and Drug Administration had placed a partial clinical hold on the company's planned mid-to-late-stage trial of its experimental coronavirus vaccine candidate. The company said the pause was not due to any side effects in its early-stag Read More...

Ronaldo double earns point for 10-man Juventus at Roma

ROME: Cristiano Ronaldo’s second goal of the night rescued a 2-2 draw for 10-man Juventus away to AS Roma in Serie A on Sunday, after Jordan Veretout had twice put the capital club in front. Veretout and Ronaldo netted penalties after both teams were penalised for handball, and the French midfield Read More...

Nepal COVID-19 Update: 1351 new cases, 742 recoveries, four fatalities recorded on Monday

KATHMANDU: Nepal’s Health Ministry, in its regular press briefing, shared the latest updates on coronavirus contagion from across the country, and government’s response to the health crisis. READ ALSO: Kathmandu Valley records 817 infections on Monday As of today, 998,407 tests throug Read More...