Citizen Investment Trust enters secondary market for preliminary study; plans to undertake stock broker duties from Baisakh 2076

Citizen Investment Trust (CIT) has entered the secondary market after it started buying shares to undertake the duties of stock dealer. As per the officials of CIT, the trust started buying shares from the secondary market from Tuesday.

The officials mentioned that initially shares are being bought to study the current situation of the market. The trust plans to gradually increase the investment and make a substantial presence in the market. Currently, shares are being purchased in the trust’s name through the online medium.

Previously, the trust had approached NEPSE and SEBON with the intent of undertaking duties as a market maker. But since there was no provision for stock dealers in the old software, the progress was halted. Upon approaching the authorities again, they suggested the trust to undertake duties of stock dealer rather than that of a market maker. The launch of online trading system paved way for new stock dealers and market makers to emerge.

The trust has plans to create a basket fund of more than Rs.50 Arba. The trust is expected to begin full-fledged operations as a stock dealer from Baisakh 2076.