NCCPL updates National Clearing and Settlement System procedures
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NCCPL updates National Clearing and Settlement System procedures 05 November 2018Karachi Reporter: Maddie Saghir
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Rehan Saif, head of product development, marketing and customer support at National Clearing Company of Pakistan (NCCPL) has issued a notice referring to an update in NCCPL regulations and National Clearing and Settlement System (NCSS) procedures.
The Securities and Exchange Commission of Pakistan (SEC) has approved certain amendments in NCCPL regulations.
Updates have been made in order to align NCCPL regulations with the provisions stipulated under Securities Act, 2015, and the Clearing House Regulations 2016 in August this year.
NCCPL has amended the NCSS procedures to align with the same amended NCCPL regulations.
The updates have been made in procedures including eligibility criteria of settling banks, trade for trade settlement mechanism, and deletion of BTB mechanism on account of the integration of stock exchanges.
Additionally, balance order client-level settlement and capital gains tax-related provisions on account of various amendments incorporated in NCCPL regulations have been updated.
As well as this, financial institution risk management system updates, deletion of an irrevocable undertaking as acceptable collateral, and audit of clearing members have also been updated.
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