Kathmandu. CDS and Clearing Limited has come up with the ‘Securities Dematerialization Operation Directive 2082’ to provide two International Security Identification Number (IGEN) numbers in the capital market.
A meeting of TAG_OPEN_div_67 the Board of Directors held for about four hours at the CDSC on July 14 passed the directive and sent it to the board for approval.
The CDSC has said that it would apply with the approval of the Securities Board of Nepal by exercising the powers of Rule 30 (1) of the Securities Central Deposit Service Rules, 2067 and Regulation 50 of the Securities Central Deposit Service Regulations, 2068, as it is desirable to make the dematerialization of securities systematic, transparent and effective in accordance with the prevailing laws relating to securities.
The guidelines include the process of dematerializing securities, the process of issuing the igine of securities, the process of merging the engine, the process of separating the engine, the issue and sale manager to follow.
TChapter 3 of the draft guidelines provides for the process of issuing the igene of securities. In chapter 3 of 7, the provision of giving igene will be provided, “After the agreement of dematerialization, in accordance with the type of securities issued by the organized organization for depositing securities, the same type of securities group will have to be given to the same type of securities group and different types of securities groups separately.” However, in the memorandum of management and regulations of the organized organization, if the shares of the founder and the general group are separated, the founder and the general share group will have to be given separate ijne. Prior to the implementation of this directive, the same igene for the securities of the founder and the general group will be given to the securities in the lock-in period, after the implementation of the guidelines, different icons will be given.
Such 8 has the method of providing aiegene. According to this method, the CDSC will have to create an engine from the electronic system on the basis of the unique stock symbol and reference number provided by the securities market for tradable securities in the secondary market of securities. However, the unique stock symbol and reference number provided by the securities market will not be required for securities that are not traded immediately in the secondary market of securities.
similarly, “Information about the design and registration provided for securities should be given to the concerned organized organization, registrar of shares, securities market and board”. Similarly, the registrar and transfer representative or organized organization will have to request the CDSC to set up the IPO file and upload it and deposit it in the beneficiary’s account after verifying the details prepared in accordance with the prevailing law. ।
“The CDSC shall deposit the details uploaded on the basis of requests received from the Registrar and transfer representatives to the beneficiary’s account,” reads the provision.
Similarly, chapter 4 deals with the engine mixing process. In the provision that icons can be mixed in it, ‘If a securities is given different icons, such
If it is found that TAG_OPEN_div_50 there is no need for a different engine as per the prevailing law for securities, the CDSC may, at the request of the concerned organized organization, merge the engine provided as per the requirement.
If the securities issued with different icons have to be mixed with the same icon, then the concerned organized organization will have to apply to the CDSC with the following papers and evidence.
A certified copy of the decision passed by the General Assembly of the concerned organized organization regarding the mixing of securities, evidence of publishing information at least twice in the national-level dailies and other media regarding the mixing of securities, proof of the board’s consent regarding the mixing of securities, evidence informed to the securities market regarding the mixing of securities, self-declaration of the concerned organized organization regarding the need of no difference in accordance with the prevailing law.
The guideline provides for a mix of ijns for organized organizations to merge with each other. “The merged entity will have to be placed in the concerned securities group in accordance with Section 7,” it said.
Chapter 5 has the process of separating ijnes. “If a securities has been granted the same igene, then the CDSC may, on the request of the concerned organized organization, provide different igenes by allocating the igene provided as per the requirement, if it is found that different igenes are required for such securities as per the prevailing law,” it said. ।
If the engines provided in this way have to be separated, the concerned organized organization will have to apply to the CDSC with papers and evidence. These include a certified copy of the decision passed by the General Assembly of the concerned organized organization regarding the separation of igene, evidence of publishing information at least twice in the national level daily newspaper and other media regarding the separation of securities, proof of the board’s consent regarding the separation of securities, evidence informed to the securities market regarding the separation of securities, self-declaration of the concerned organized organization regarding the need for different ijns as per the prevailing law. ।
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