The NCS is an effort made by NCCPL
to add to the effectiveness of the capital market operations.
Additionally, the committee observed conflict of interest on the boards' of stock exchanges, NCCPL
and CDC due to presence of broker directors, he added.
10 each and its shares have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the NCCPL
, which has already assigned the Company code/security symbol as "SYS".
Given the significance of the clearing company's role, efforts are in progress to give NCCPL
the status of a Central Counter Party through appropriate changes to its regulations and the current default management process.
Net foreign buying recorded at US$265mn, which included US$172mn worth of net buy in ULEVER, according to NCCPL
data (May 30, 2013).
He said that with the risk management by NCCPL
(National Clearing Company of Pakistan) having
5047 dated July 31, 2012 was removed, and trading in the shares of the Company would resume with effect from tomorrow (Tuesday), he said, adding that all transactions taking place in the shares of the Company would be settled through NCCPL
However so far, such settlement is not guaranteed by the NCCPL
, therefore due to default of any broker in delivery of shares and amounts, the settlement system is affected.
As soon as the CGT rules would be notified by the SECP, the NCCPL
would start deducing the tax on stock market transactions.
GM of ISE gave a detailed presentation on investments, structure of financial system, role of stock exchanges, CDC and NCCPL
and over all procedures of investments.
It was however emphasized that in line with international best practices risk management needs to be consolidated and shifted to NCCPL
with a settlement guarantee fund so as to support NCCPL
to function as a central counter party.
All preparations for CGT collection have already been made by the National Clearing Company of Pakistan Limited (NCCPL
), said the official, adding that under the draft of the Eighth Schedule, the proposed Schedule has also explained the responsibility and obligation of NCCPL