NEPSE opens online share trading
eKantipur.com, 16-Oct-07
Nepal Stock Exchange (NEPSE) has granted permission to five stock brokers to conduct share trading online, paving the way for the new era of online transactions in the Nepali stock market.
Under the new arrangement, stock brokers can now place shares for selling and ordering shares for procurement using a wide area networking system, according to NEPSE.
Malla and Malla Stock Broking (Broker Number 11), Nepal Stock House (No. 14), Nepal Investment and Securities Trading (No. 19), Shree Krishna Securities (No. 28) and Premier Securities (No. 32) are the broker companies allowed to carry out online trading.
"These brokers have been included in NEPSE's wide area networking (WAN) system," says a press release from NEPSE.
It has also said that NEPSE would include the remaining 17 brokers in the wide area network to enable them to conduct online transactions within a month.
NEPSE also announced that it would convert its system from local area networking to WAN in the next six months.
For payment settlement, NEPSE is also using separate software it got from Comdaq Group of Britain.
"Use of the software will enable sellers to receive payment instantly," says the release. Transacting brokers, on the other hand, would have to submit the transaction amount within two working days.
Likewise, the broker selling the shares would have to handover the share document and ownership certificates within three days of transactions. While brokers would follow a self-audit system for the online business, they would have to secure approval of NEPSE to complete the overall deals.
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