The National Clearing Company of Pakistan Limited (NCCPL) has announced that it will collect Capital Gain Tax (CGT) on the disposal of securities for the month of October 2021 on December 30, 2021.
(more…)Tag: NCCPL
-
CGT on shares disposal to be collected on Nov 19
KARACHI: The capital gain tax (CGT) on disposal of shares for the month of September 2021 will be collected on November 19, 2021, according to a notification issued on Thursday.
The National Clearing Company of Pakistan Limited (NCCPL) communicated the stock brokers that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period September 01, 2021 to September 30, 2021, would be collected on Friday November 19, 2021 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 September 01, 2021 to September 30, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday November 19, 2021.
Necessary details and reports for the period have already been made available, the NCCPL said.
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, according to the notification.
-
NCCPL to collect CGT for August 2021 on October 29
KARACHI: National Clearing Company of Pakistan Limited (NCCP) on Wednesday said that it will collect Capital Gain Tax (CGT) for the month of August 2021 on Friday October 29, 2021.
In a communication sent to stock brokers and investors, the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period August 01, 2021 to August 31, 2021, would be collected on Friday October 29, 2021 through respective settling banks of the Clearing Members.
The NCCPL advised all clearing members 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.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange (PMEX) for the period August 01, 2021 to August 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday October 29, 2021. Necessary details and reports for the said period have already been made available.
Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
-
NCCPL to collect capital gain tax on September 24
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Thursday informed all clearing agents that it will collect capital gain tax (CGT) on the disposal of securities for the month of July 2021.
The NCCPL will collect the CGT for the period July 01 – July 31, 2021, on Friday, September 24, 2021, through the respective settling banks of the clearing members.
All clearing members have been asked to ensure the 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.
Further, the aggregate amount of CGT arising on the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period July 01, 2021, to July 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday, September 24, 2021.
Necessary details and reports for the period have already been made available.
Clearing Members and Pakistan Mercantile Exchange have been advised 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 said.
-
NCCPL informs about amended CGT rates to investors
KARACHI: National Clearing Company of Pakistan (NCCPL) on Thursday shared updated capital gain tax (CGT) rates that are applicable from July 01, 2021.
(more…) -
Meezan Bank, NCCPL sign MoU to develop Shariah compliant products for capital market
KARACHI: Meezan Bank and National Clearing Company of Pakistan Limited (NCCPL) have agreed to develop new Shariah-compliant products for the country’s capital market.
Through this collaboration, Meezan Bank will extend its support in introducing Murabaha Share Financing System (‘MSF’), a new Shariah-compliant product, implemented by NCCPL, will help in extending Shariah-compliant stock financing facilities to stock brokers and their customers.
The Memorandum of Understanding (MoU) was signed by Ariful Islam, Deputy CEO – Meezan Bank and Muhammad Lukman, CEO – NCCPL at a ceremony held at Meezan Bank Head Office, Karachi. Also present at the occasion were Mohammad Asif, GM – Head of Operations and Sajid Sikander – Manager Product Development from NCCPL; and Muhammad Raza – Group Head Customer Support, Ayub Baig – Manager Capital Markets and Hasan Faraz – Manager Product Development from Meezan Bank.
Under this agreement, both organizations will work to enhance the proportion of Islamic products in Pakistan’s capital markets and develop new Shariah-compliant financial instruments. Meezan Bank is also the first bank in the country to be inducted in MSF System, a Shariah-compliant product of NCCPL, as a Non Broker Clearing Member for the purpose of extending Shariah-compliant financing to the Stock Brokers and their customers in Pakistan.
Commenting on this occasion, Ariful Islam – Deputy CEO of Meezan Bank, said: “Islamic capital markets form an integral part of the country’s Islamic financial system and offer great potential for product innovation to suit the needs of the customers. Through this collaboration, Meezan Bank aims to overcome the challenges associated with new product development for this sector, while also encouraging growth in both the markets as well as economic investment.”
“This collaboration will pave way for introducing new and innovative Shariah-compliant products in capital markets,” said Mr. Muhammad Lukman, CEO – NCCPL on the occasion.
-
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
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
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.
(more…) -
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.