Sebon: Open beneficiary accounts within 3 days

- Post Report, Kathmandu
The board has asked investors to call at its hotline (1660-01-44433) to file complaints

Aug 22, 2016-Securities Board of Nepal (Sebon) on Sunday directed depository participants and share registrars to open beneficiary accounts within three days and provide Debit Instruction Slips (DIS).

The depository participants have also been told to submit documents provided by the beneficiaries for dematerialisation of share certificates to the share registrars within seven days. The share registrars should then dematerialise the share certificates within three days after examining the documents and inform the depository participants.

The registrars should ensure that bonus and right’s shares of investors are deposited in the beneficiary accounts within three days from the listing of those shares on the stock market, according to the Sebon directive. The Sebon directive comes after complaints about delays in opening demat accounts, issuing DIS to the account holders and depositing bonus and right’s share in the investors’ accounts. 

Sebon has asked investors to call at its hotline (1660-01-44433) to file complaints if depository participants and share registrars cause any delay. Stockbrokers as depository participants have been told not to compel the investors to open beneficiary accounts with them. Banks and financial institutions working as depository participants have been asked not to force investors to open accounts with them for financial transactions before opening the beneficiary accounts.

Sebon has also directed the depository participants and share registrars not to share user identification and password with persons other than the concerned.

Published: 22-08-2016 11:04

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