TMS account opening now requires a National Identity Card used for trading shares in Nepal. The decision has been made by Nepal Stock Exchange Limited (NEPSE).
In a directive, NEPSE requested its stock brokers to integrate the NID while updating their customers’ KYC (Know Your Customer) forms. That means from now on, any share trader who wants to buy or sell shares will need to produce their NID or at least NID number at their brokers’ for opening a Transaction Management System (TMS) account.
Prior to this, traders were only required to produce a copy of their citizenship for verification for their TMS account. Now, it has been replaced with the need for an NID number. It’s expected that the use of NID in KYC form makes the entire process more straightforward and easier.
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National ID card for all TMS users
All the TMS users for trading shares will now be required to use NID for their TMS accounts. So, if you have been trading shares without using your NID details in your KYC, you might be called up by your broker to submit your NID details.
NEPSE says that it has received instructions from the Securities Board of Nepal (SEBON) for the implementation of the NID details for customer identification and verification.
Thankfully, creating your National ID card is an easy process, and if the servers are working fine, it can be done within hours. In case you don’t know, learn how to apply for your National ID card.
In recent months, the government has made a National ID necessary for different services, including opening a bank account, buying SIM cards, etc. Now, the same has been indicated for TMS accounts too. What’s your opinion on it? You can share in the comments below.