Tuesday, May 18, 2021

Merchant banks to suspend physical service delivery

Kathmandu, May 15

Merchant banks have stopped all services except the services needed to run securities transactions online.

Merchant Banker Association of Nepal (MBAN) said in a statement on Saturday that the services were stopped as per the directives of the Securities Board of Nepal (SEBON) which directed the banks to run only the essential services.

The board on Thursday had directed the merchant banks to run services needed for securities transactions, stop physical service delivery and make payments of the share transactions made by small investors.

MBAN said that all services that require physical presence of the staff and customers are stopped.

"Since the government has restricted people to go out unless they have urgent work and the SEBON directed us not to keep more than three staff in the office and run services through work from home, we urge all investors to give priority to online services for the lockdown period," read the statement.

It has urged the investors to make share transactions online and use EDIS (Electronic Deposit Instruction Slip) while selling the shares. 

 Published in The Rising Nepal daily on 16 May 2021. 

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