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Tag: NCCPL

  • 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.

    (more…)
  • NCCPL allows remote access on coronavirus threat

    NCCPL allows remote access on coronavirus threat

    KARACHI: National Clearing Company of Pakistan (NCCPL) has allowed stock investors to access the company remotely in the wake of spread of coronavirus epidemic.

    A notification issued on Monday said as part of this endeavor, NCCPL’s is providing an option to all its clients to connect remotely from any location in Pakistan to avail and access all the services provided by the Company.

    In order to avail this option, clients are required to meet following basic pre requisites:

    Two Mbps Internet connection from any vendor with Public static IP.

    Share the above connectivity details with NCCPL customer services through official communication channel.

    On fulfillment of these requirements, NCCPL technical support team will get in touch to setup necessary configuration at client’s end.

    NCCPL has been continuously updating and aligning its processes, technology and human resource capabilities as per emerging national and international Business Continuity challenges.

    The NCCPL said: “We are also making sincere efforts to ensure that all such scenarios are covered in our Business Continuity Drills. Because of recent outbreak of pandemic diseases CORONA, NCCPL has improved its business continuity planning with key focus on mitigating such risks.”

    With reference to pandemic diseases such as the recent outbreak of COVID’19, NCCPL has designed a live BCP drill involving all its business applications.

    This activity is planned on March 18-19, 2020 with special focus on NCCPL staff conducting daily operations from remote locations.

    “We would also encourage all NCCPL clients to take part in this activity and connect NCCPL business applications from remote locations as well in order to test and ensure continuity of their operations from their remote setups.”