KATHMANDU, March 29: The Securities Board of Nepal (Sebon) since last January enforced the ‘T+2’ Clearing and Settlement System, but many stockbrokers are found hardly implementing the rule of the regulator making the investors suffer by delayed payment.
Citing delayed payments to the investors concerned even in the previous rule of the ‘T+3’ system, Sebon has come up with the new law by amending the Securities Clearing and Settlement Regulations 2013. In the new provision, the stockbrokers have to clear the payments of the sold out stocks to their clients within two days of selling their stocks. But the system has remained just on paper as many investors do not receive their payments even after weeks of selling their stocks.
Insurance companies are cheating the people, and destroying the...
Recently, one of the investors lodged a complaint against Stockbroker No. 37 (Swarnalaxmi Securities Pvt Ltd) at the District Administration Office, Makwanpur. According to the investor, the brokerage company has delayed the payment by over a month.
There are 50 brokerage companies working on transactions of shares on behalf of their clients. “I am planning to switch my transaction to another brokerage company, as I have to make rigorous follow up to receive payment for my sold shares,” said an investor, who has been doing his transaction through Stockbroker No. 42 for the last one year.
Bhisma Raj Dhungana, chairman of Sebon, however, said that the board has not received any such complaint so far. “Sebon requests the investors who have suffered to file complaints at the Sebon rather than any other institution. We will carry out investigation and penalize the stockbrokers concerned if they are dilly-dallying to settle payments,” Dhungana said.
