Stocks Observer. com

ISLAMABAD, December13: In line with its efforts to promote greater reliability, efficiency and transparency in the capital market operations, the Securities and Exchange Commission of Pakistan (SECP) has approved the project of ‘Automation of Securities Settlement’, at the Central Depository Company of Pakistan Limited (CDC), which will be effective on December 20. The project has been finalised in collaboration with the National Clearing Company of Pakistan Limited (NCCPL) and the three Stock Exchanges. The CDC will automate the mechanism for settlement of book-entry securities at the CDC through straight-through processing solution while eliminating the need for any manual intervention. The said mechanism will allow securities to be automatically transferred from the respective sellers’ account to the respective buyers’ account instead of being routed through the member’s main account. The new system while establishing a link between the National Clearing and Settlement System and