KARACHI: The Karachi Stock Exchange (KSE) has extended the last date for discontinuing manual processing of cash deposits and release to end of August 2012. In an announcement on Wednesday, KSE said that the decision has been taken to facilitate members who could not execute their tripartite agreements among their brokerage houses, the bourse and settling banks. The system will also manage market-to-market differences and other changes related to KSE clearing houses. KSE has advised its members to get CMS facilities at the earliest to their own benefit. The new system will ensure that all cash releases must be routed through new cash release form for CMS so that their excess cash can be released automatically without involving manual processes. KSE has advised members to submit details about their settling banks, account numbers and concerned contact persons to the exchange on non-judicial stamp papers for preparing tripartite agreements.
Published in The Express Tribune, July 27th, 2012.