KARACHI, Aug 16: The Central Depository Company (CDC) has decided to induct 28 more securities on the National Clearing and Settlement System. NCSS is undergoing a phased implementation programme with securities being gradually inducted in batches.

According to CDC, at present, 32 securities have been inducted and are successfully settled through NCSS. Another 28 securities are being declared eligible for clearing and settlement through NCSS with effect from August 26, 2002, CDC said.

The system was launched in December 2001 to ensure adeptness and efficiency in the clearing process of the Stock Exchanges of Pakistan.

The concept of a state of the art consolidated clearing house has not only improved the efficiency of the settlement process but also reduced the systemic risk of the current clearing and settlement procedures of the capital market. There are plans to induct 100 more securities on the system shortly, the CDC said.

The Securities to be settled under the Balance Order System are; Siemens Pakistan Company Engineering Ltd, Bawany air products Ltd, Buxly Paints Ltd, Dyno Pakistan Ltd, Rafhan Maize Products Company Ltd, Shezan International Ltd, Indus Jute Mills Ltd, Grays Leasing Ltd, Pak Gulf Leasing Company Ltd, Sigma Leasing Corporation Ltd, Bata Pakistan Ltd, Service Industries Ltd, Arpak International Investment Ltd, Gillette Pakistan Ltd, Zulfiqar Industries Ltd, 17th ICP Mutual Fund, 1st ICT Mutual Fund, Baba Farid Sugar Mills Ltd, Fecto Sugar Mills Ltd, Husein Sugar Mills Ltd, Bhanero Textile Mills Ltd, Dewan Khalid Textile Mills Ltd, Dewan Mushtaq Textile Mills Ltd, Island Textile Mills Ltd, Salfi Textile Mills Ltd, Sana Industries Ltd, Singer Pakistan Ltd, Colgate- Palmolive (Pakistan) Ltd.—APP