Securities Board of Nepal (SEBON) has issued a circular to the banks and financial institutions (BFIs) to make C- ASBA service more effective. The circular was issued with the aim of fully implementing the service from February 23. SEBON issued the circular stating that some BFIs have not been providing the service effectively. The board informed that it received complaints against some BFIs regarding the acceptance of purchase applications from investors without confirming the available balance in their accounts as well as accepting cheque.
The board has appealed to the institutions to accept the purchase form only by confirming the customers' identity after rechecking the received application for share purchase via C-ASBA software.