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Tag: NCCPL

  • NCCPL excludes Hascol Petroleum from list of eligible securities

    NCCPL excludes Hascol Petroleum from list of eligible securities

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Monday excluded M/s. Hascol Petroleum from the list of eligible securities after the stock exchange placed the oil company into defaulter segment.

    The NCCPL said that this is with reference to Pakistan Stock Exchange Notice No. PSX/N-781 dated: June 25, 2021, regarding placement of M/s. Hascol Petroleum Limited (“HASCOL”) in the Defaulter’s segment with effective from Monday, June 28, 2021.

    This event leads to action under Clauses 7A.3.5 and 7B.3.1.4 of NCCPL Regulations, 2015 that has been reproduced below for ready reference;

    “Where a Security that has been quoted on the defaulter’s segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment. However, all open SLB Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.”

    “In case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period.” (Regulations 7A.3.5)

    “Where a Security that have been quoted on the Defaulter segment of the Exchange and notified to the Company, such Security shall not be made available on MF Market from the date it has been placed on the defaulter segment. However, all MF (R) Transactions shall be released as per the terms and conditions defined in the Margin Financing Agreement between MF Participants.”

    “In case where such Security is reinstated during the review period, trading in MF Market shall not be allowed during that review period.” (Regulations 7B.3.1.4)

    Where a MT Eligible Security that have been quoted on the defaulter segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the MT Market from the date it has been placed on the Defaulter segment. However, all open MT Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.

    In case where such Security is reinstated during the review period, trading in MT Market shall not be allowed during that review period. (Regulations 7C.3.2 (15)

    Accordingly, in pursuance of provisions stipulated in the above referred clauses of NCCPL Regulations, 2015, M/s. Hascol Petroleum Limited shall be excluded from the list of SLB Eligible Securities, MF Eligible Securities and MTS eligible Securities with effect from Monday, June 28, 2021.

  • NCCPL directs stock brokers to complete customers’ verification by Feb 28

    NCCPL directs stock brokers to complete customers’ verification by Feb 28

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Tuesday directed stock brokers and clearing members to complete customers’ verification by February 28, 2021 in order to avoid restrictions.

    The NCCPL while issuing the final reminder to authorized intermediaries (AIs) that it had previously issued notification on December 04, 2020 advising the AIs to complete either the biometric verification process or customer verification process for all such accounts opened till September 30, 2020 by February 28, 2021.

    “In order to facilitate AIs and their customers in terms of recent amendments made to Centralized Know Your Customer (KYC) Organization Regulations 2017 that allow customer verification to be performed in replacement of biometric verification process, NCCPL shall be sending an SMS on the registered/verified mobile number of all such accounts opened till September 30, 2020.”

    Detailed/step wise process for completing the customer verification in replacement of biometric verification is prescribed as follow:

    1. This verification activity shall be performed for the resident individual Pakistan Customers that had registered client code, during the aforementioned period, without performing biometric verification.

    2. For this purpose, an SMS shall be sent on the registered/verified mobile number of such investor to obtain his/her consent/acknowledgement for the trading account/KYC registration/UKN issuance requested through the respective AI.

    3. Investors would be required to reply to such SMS with ‘A’ which means acceptance for UKN issuance through the respective AI consent or ‘D’ in case of decline, latest by February 28, 2021.

    4. Where the investor replies with ‘A’, the CKO process for such investors shall be considered as completed.

    5. Where the investor replies with ‘D’, trading/account restriction as per CKO regulations shall be imposed on the underlying trading account of such investor.

    6. Where the investor response is not received within the stipulated timelines, trading/account restriction as per CKO Regulations shall be imposed on the underlying trading account of such investor.

    7. Subsequent to trading/account restriction as mentioned in the point 5 and 6 above, customer trading / account can be re-activated upon a written request submitted by Customer/AI to NCCPL. Accordingly, an SMS shall be re-sent on the registered / verified mobile number of such investor. After receiving the investor’s response with ‘A’, the CKO process of such investors shall be considered as completed and the restriction on trading account shall be removed.

    8. After receiving response from customer as ‘A’ or ‘D’ or in case of no response, NCCPL shall auto-send intimation to customer via SMS regarding necessary action being taken by NCCPL as per CKO Regulation 2017.

    The NCCPL advised all the AIs to complete either the biometric verification process or abovementioned customer verification process of such accounts latest by February 28, 2021, failing which necessary restrictions shall be applied on such accounts in accordance with applicable CKO regulations.

  • FBR obtains transaction information of stock members, brokers from NCCPL

    FBR obtains transaction information of stock members, brokers from NCCPL

    The Federal Board of Revenue (FBR) is set to gain direct access to transaction information of members, brokers, and investors within Pakistan’s equity market.

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  • NCCPL updates app compatible with Android 10

    NCCPL updates app compatible with Android 10

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has updated and configured its biometric application which is compatible with Android’s newer version.

    The NCCPL in a statement said that it has updated and configured its biometric application and released new support for Android version 10 which is available for biometric verification through scanner based mobile application for AIs.

    “From now onwards, mobile IMEI number will be replaced by Mobile Key Number for all mobile users using Android version 10 while for mobile users using Android version below 10, IMEI authentication will still be intact and remain the same,” the NCCPL added.

    The NCCPL said that with the release of Android version 10 by Google Inc., new security controls were introduced owing to which third party applications were restricted to access device IMEI number.

    As NCCPL Biometric Android Application is based on IMEI number to recognize registered devices, this caused an inconsistency of the NCCPL Biometric Android Application to work with devices bearing Android version 10.

    The NCCPL said that to obtain Mobile Key Number, AIs must install an updated ‘APK’ file. “Upon launching the app, it will display Mobile Key Number on app screen and AIs will be required to share Mobile Key Number with the NCCPL through the same procedure as applicable for Binding IMEI numbers as before,” it said.

    In this respect, AIs can start using this service effective from Monday November 02, 2020.

  • Stock brokers seek tax adjustment against capital losses

    Stock brokers seek tax adjustment against capital losses

    KARACHI: Brokers at Pakistan Stock Exchange (PSX) have approached the Federal Board of Revenue (FBR) to allow tax adjustment against brought forward capital losses.

    National Clearing Company of Pakistan (NCCPL) on Friday issued a notification regarding deferment of collection of capital gain tax from clearing members and Pakistan Mercantile Exchange.

    The NCCPL said that this is in continuation to our Circular No. NCCPL/CM/OCTOBER-20/01 Dated October 02, 2020 on the subject.

    “In this respect, the Market Participants are being informed that NCCPL has taken up the matter related to manner of adjustment of brought forward Capital Losses with the Federal Board of Revenue (FBR) and it is expected that FBR will shortly issue a clarification on the matter.”

    Accordingly, NCCPL will inform timelines for collection of CGT to Market Participants once FBR advises NCCPL in this respect.

  • NCCPL announces collection of capital gain tax on September 30

    NCCPL announces collection of capital gain tax on September 30

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday announced that it will collect/deduct capital gain tax (CGT) for the period of July – August on September 30, 2020.

    In a letter to Pakistan Stock Exchange (PSX), the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period July 01, 2020 to August 31, 2020, would be collected on Wednesday September 30, 2020 through respective settling banks of the Clearing Members.

    All Clearing Members have been asked to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System, the NCCPL said.

    Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period July 01, 2020 to August 31, 2020, would also be collected from the Pakistan Mercantile Exchange on Wednesday September 30, 2020.

    The NCCPL advised clearing members and Pakistan Mercantile Exchange are hereby requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

    In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, it warned.

  • Capital gain tax to be collected on July 30: NCCPL

    Capital gain tax to be collected on July 30: NCCPL

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday announced to collect capital gain tax for month of June 2020 on July 30, 2020.

    The NCCPL in a statement said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period June 01, 2020 to June 30, 2020, would be collected on Thursday July 30, 2020 through respective settling banks of the clearing members, along with refund or adjustments on the basis of amount collected up to previous month.

    All Clearing Members are advised to ensure requisite amount in their respective settling bank’s account.

    Necessary details and reports for the said period have already been made available in the CGT System, the NCCPL said.

    Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period June 01, 2020 to June 30, 2020, would also be collected from the Pakistan Mercantile Exchange on Thursday July 30, 2020. Necessary details and reports for the said period have already been made available.

    Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period June 01, 2020 to June 30, 2020. Necessary details and reports have already been made available in the CGT System.

    The NCCPL further said that consequent to amendments introduced in section 37 A pertaining to adjustment of carry forward of losses for three years, net capital gains as on June 30, 2020 has been adjusted with net capital loss as on June 30, 2019 and accordingly any CGT collected thereon if any, shall be refunded/adjusted.

  • CGT on shares disposal to be collected on June 29

    CGT on shares disposal to be collected on June 29

    KARACHI: National Clearing Company Pakistan Limited (NCCPL) on Monday said that Gain Tax (CGT) for the month of May 2020 will be collected on June 29, 2020.

    In a statement the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period May 01, 2020 to May 31, 2020, would be collected on Monday June 29, 2020 through respective settling banks of the clearing members.

    All Clearing Members are hereby requested to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.

    Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period May 01, 2020 to May 31, 2020, would also be collected from the Pakistan Mercantile Exchange on Monday June 29, 2020.

    Necessary details and reports for the said period have already been made available.

    Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period May 01, 2020 to May 31, 2020. Necessary details and reports have already been made available in the CGT System.

    The NCCPL asked the clearing members and Pakistan Mercantile Exchange to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

    It further said that in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.

  • NCCPL announces CGT collection on May 29

    NCCPL announces CGT collection on May 29

    The National Clearing Company of Pakistan Limited (NCCPL) has declared that Capital Gain Tax (CGT) for the month of April 2020 will be collected on May 29, 2020.

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  • NCCPL announces March CGT collection on April 29

    NCCPL announces March CGT collection on April 29

    KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) on the disposal of shares for the month of March 2020 will take place on April 29, 2020.

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