SEBON, stock brokers urge payments via electronic means

KATHMANDU: With the adverse situation created by the coronavirus outbreak, the Securities Board of Nepal (SEBON) and Nepal Stock Brokers Association have appealed and urged stock investors who want to buy shares to join the internet and electronic payment system, including online banking and Connect IPS available in the market.
The association has also requested securities brokers to make payments in advance and after the purchase of securities only through electronic means.
SEBON had issued instructions on June 29 and 30 regarding the payment of transactions in the secondary market through securities brokers.
The member traders have made arrangements to send the payments of most of the transactions sold through them to the bank accounts provided by the customers through the IPS available in the trading system. According to the association, some customers have not been able to make payments as they have not updated their bank account details.
‘Investors, before selling shares are requested to update the details of the bank account (name of the bank, branch address, account number) of the bank they want to withdraw money from before the sale of securities to get timely payment from the IPS system, reads the statement issued by the association.
While some investors are paying for their purchases through the trading system or directly using Connect IPS, many investors are still making payments through checks. Even large investments are being made through checks.
Due to the massive spread of COVID-19, investors are unable to buy and sell stocks by physically being present in the broker offices. Due to limited banking transactions at present, it has been difficult to pay for purchases through checks, the association said. Therefore, the association has made a public appeal to all concerned people to make transactions through the online portal from now on.

Fiscal Nepal |
Friday August 21, 2020, 02:35:48 PM |

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