April 2, 2002	Tuesday	Muharram 18,1423

KARACHI, April 1: Twenty-five more securities would join the National Clearing & Settlement System (NCSS), raising the number of securities eligible to be settled through the NCSS to 32, a statement by the Central Depository Company of Pakistan Limited (CDC) said.

The National Clearing and Settlement System (NCSS) — an electronic system developed to replace the individual clearing houses operated in each of Pakistan’s three stock exchanges, by a single entity — was at the head of the capital market reforms and restructuring.

NCSS began live operations from December 24, 2001 with the promise of bringing about stability to the market by capping the systemic risk to a great extent. It is also hoped to bring high degree of transparency and efficiency in the workings of the capital markets. Under the system, all three stock exchanges would operate under standard rules and regulations.

National Clearing Company Pakistan Limited (NCCPL) — a separate legal entity — which manages the NCSS stated that the 25 securities would be eligible for settlement through NCSS with effect from April 8. “Hence, first settlement of the 25 additional securities would take place on April 11, 2002, under a Balance Order (BO) Settlement Option on a T+3 Settlement Cycle.

The 25 securities are: Pak Apex Leasing; Shahtaj Sugar; 3rd ICP Mutual Fund; Zeal Pak Cement; 7th ICP Mutual Fund; Crescent Star Insurance; Merit Packaging; Transpak Corporation; Haroon Oils; Grays of Cambridge; Shell Gas LPG; Latif Jute; Universal Leather; Javedan Cement; Fateh Textile; Dewan Textile; Hinopak Motors; Noon Pakistan; Rafhan Best Foods; Escorts Investment Bank; Al Abid Silk; First Imrooze Modaraba; The Frontier Sugar Mills; Ideal Energy and Olympia Spinning & Weaving Mills.

The seven securities already operating through the NCSS include: BRR International Modaraba; Indus Motor Company; 25th ICP; 22nd ICP; First Habib Bank Modaraba; Reliance Weaving and PNSC.