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15 more companies join NCSS

KARACHI (October 24 2003): Fifteen more companies joined National Clearing and Settlement System (NCSS) of the Central Depository Company (CPC), keeping up its pace as for the second time in the month of October.

A CPC press release said these 15 new securities would be eligible for transaction through NCSS with effect from October 27, 2003. With the induction of these 15 new companies, the total number of Securities settled through NCSS has risen to 331 from 316 reported till October 15.

The following new securities would be eligible for settlement through NCSS:

Shafi Chemical Industries Limited, Modaraba Al-Tijarah, Safeway Mutual Fund Limited, Mirza Sugar Mills Limited, Pangrio Sugar Mills Limited, Jubilee Spinning & Weaving Mills Limited, Safa Textile Mills Limited, Idrees Textile Mills Limited, Kohat Textile Mills Limited, Landmark Spinning Industries Limited, Olympia Textile Mills Limited, Regent Textile Industries Limited, Shaheen Cotton Mills Limited, Sajjad Textile Mills Limited and Kashmir Edible Oils Limited.

Considering that more and more securities are joining the National Clearing & Settlement System, a stress testing exercise of NCSS software and hardware was conducted on October 18, 2003.

The purpose of the exercise was to check the capability of the newly-installed NCSS server machine and modified NCSS software.

The exercise, which was a success proved that the system is capable of handling new securities, and thus able to serve the growing needs of the Pakistani Capital Market.

The NCSS is an important infrastructure project of the capital market of Pakistan, designed to bring efficiency in the capital market through electronic settlement of transactions and on-line payment system.

The NCSS is operated by CDC under a facilities service arrangement with the National Clearing Company of Pakistan Limited (NCCPL).

To ensure optimum performance of the system, the capital expenditure to upgrade hardware and software requirements of NCSS is being done from time to time.

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