Thursday, February 9, 2023
HomeNewsCentral KYC test begins along with a new TMS

Central KYC test begins along with a new TMS

Nepal Stock Exchange (Nepse) has started the trial of the new Trade Management System (TMS) while CDSC has also started the central KYC test at the same time.  

The exchange first started its new TMS test with Secured Securities (stock broker no. 36). The new system will be more efficient and make services feasible.

“Soon, investors will be able to use new TMS,” Nepse said. TMS helps create a link between investors and brokers and Nepse. With TMS, one can trade shares on computers, smartphones, or other electronic gadgets from anywhere they are.

Already, 34 brokers have received approval to implement the new TMS. Out of the total, 33 brokers will be using the TMS of a Sri Lankan company, while one will adopt the system built by an Indian company.

Meanwhile, 16 brokers will continue using the existing TMS.

Also read: Nepse to bring Trading Demo Account to learn about trading shares 

Central KYC test begins

Along with the new TMS, the central KYC test has also begun. The company’s spokesman Suresh Neupane said that the current beta-phase central KYC test has been carried out by up to 4 depository participants.  

The central KYC system will eliminate the inconvenience investors have to face with repeated form fill-ups. A single system will bring ease and comfort to all.

“Once the system of central KYC is implemented, the hassle of investors having to fill KYC forms at brokers and DPs will come to an end,” Neupane said.

For now, the Central KYC system will be implemented only for the capital market. But banks and financial institutions can also implement it after assessing its effectiveness.

Check out: Brokers Can Use Their Own TMS for Share Trading, Nepse Rules

The central KYC is brought with the sole focus of making share markets more productive and eradicating related inconveniences.

For queries regarding KYC and TMS accounts, let us know in the comments below.

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