Friday, November 15, 2013

CDSC needs to be an autonomous body: Outgoing chairman

CDS and Clearing Ltd (CDSC) – currently a 100 per cent subsidiary of the Nepal Stock Exchange (Nepse) – should be made an autonomous body for the expansion of its working area, according to outgoing chairman of CDSC.
"Nepse has Rs 300 million investment – the current paid up capital of CDSC of its total Rs 500 million authorised capital – has wider scope," said Dr Jiba Nath Dhita, speaking with the press today, the last day in the office for him as chairman of the CDSC.
"CDSC can work as National Academic Depository that can store certificates and transcripts of various universities and digital records of different government agencies apart from stocks," he said, adding that it has a huge scope.
There is a scope of dematerialising government securities like bonds and treasury bills too, said, CDSC chief executive Subodh Sharma Sigdel. "With wider scope of working areas, CDSC might have to work with different regulatory agencies," he said, adding that making  CDSC an autonomous body will not only widen the scope but also make it easier to work with carious regulatory authorities.
Currently, there are 28 clearing members and 10 DPs, 15 firms have dematerialised their shares and 483 demat accounts.

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