Delay in depositing shares into Demat accounts frustrates shareholders; right shares of Mount Makalu, Sindhu Bikas Bank and many others not credited even after 22 days of listing

Right shares of several companies have not been deposited to the shareholders' demat accounts even after 22 days of being listed in Nepal Stock Exchange (NEPSE). Typically, the shares should be credited to the demat accounts within 7 days of listing in NEPSE. Mount Makalu Development Bank’s 150% right shares were listed in NEPSE on January 23, 2017. It has been more than 22 days since, but the shares have not been deposited in the respective demat accounts. Likewise, Sindhu Bikas Bank’s 12,09,375 units 100% right shares were listed in NEPSE on January 31, 2017. On the same day, 2,03,175 units bonus shares of Sindhu were also listed. NIBL Capital Markets is the issue manager for the right shares of both Mount Makalu Dev Bank and Sindhu Bikas Bank. Karnali Development Bank’s 1,10,000 units right shares were listed in NEPSE on February 6, 2017. All these shares are yet to be deposited in the demat accounts of the respective shareholders. As per the existing provision, these shares should be listed by CDS & Clearing Limited, in addition to being listed in NEPSE. However, shareholders are only informed if the shares are listed in NEPSE and not in CDS. There is no way for shareholders to see if their shares were listed by CDS, which has increased frustration. Last month, IPO shares of Khani Khola Hydropower were also not deposited in the demat accounts more than 15 days after being listed in NEPSE. This recurring issue has annoyed the shareholders, and has increased the need of effective provision for share listing.