KATHMANDU, Nov 17: CDS and Clearing Ltd has given a 35-day to stock investors to close their multiple demat accounts.
Issuing a statement on Thursday, CDSCL -- the company that provides centralized depository, clearing and settlement services, has asked the investors to close their multiple demat accounts within 35 days.
The CDSCL's new decision is in line with the recent circular of the Securities Board of Nepal (Sebon) to end the practice of owning and operating multiple demat accounts by an investor.
Investors can operate only two beneficial ownership account and they have to transfer their all securities into these two accounts within 35 days if they have multiple demat accounts, according to the CDSCL. CDSCL has also warned that it would be compelled to block the accounts of beneficial owners who fail to close their multiple accounts within 35 days starting Thursday (Nov 16).
Source: The Republica