{{TAG_OPEN_div_28} Kathmandu. Investors in the stock market have been facing problems as the Securities Board of Nepal (SEBON) has not issued clear instructions regarding the provision of making the national identity card mandatory. Investors have been facing problems after broker companies started making the national ID mandatory while updating demat accounts, TMS, KYC and other details.
Sebon Doesn’t Issue Circular to Investors Mandatory for Demat and KYC Update
Sebon had issued a circular to broker companies and other concerned institutions to implement the provision of mandatory national identity card for updating TMS, Demat account and opening a new account. On the basis of this circular, broker companies have been asking for national identity cards from investors.
The government was preparing to make the national identity card mandatory for opening bank accounts, renewing and availing various services. However, after the change in the system in this regard, banks and other government agencies have not made the national identity card mandatory for the delivery of services. In the stock market, broker companies are demanding a national identity card while the old directive of SEBON remains.
Broker companies have been asking for a national identity card while renewing TMS, Demat account update and revising KYC details. This has especially troubled investors who have not made a national identity card, are taking time to make it and are not able to update their details. Investors have complained that they have to face additional hassle in changing the general details or even renewing the account.
According to the representatives of the broker companies, the main purpose of making the national identity card mandatory is to verify the identity of the client, control possible financial crimes, and facilitate the investigation of fraud and money laundering. They say that this provision has been made to ensure the real identity of the investor.TAG_OPEN_div_20
प्रतिक्रिया दिनुहोस्