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Sri Lanka Equity Forum » Stock Market Talk » Sri Lanka’s capital market to introduce “Electronic Funds Transfer”

Sri Lanka’s capital market to introduce “Electronic Funds Transfer”

Go down  Message [Page 1 of 1]

mark

mark
Expert
Expert
Sri Lanka is planning to introduce the “Inter-bank electronic fund transfer system” or SLIPS to the country’s capital market.
Vajira Wijegunawardene, the Director of the capital market development of the Securities Exchange Commission says the system will be introduced to all types of transactions taking place in the capital market.
Accordingly, it will cover IPO payments, dividend payments for investors at the CSE and also share market transactions.
Wijegunawardena revealed “We are looking at the entire clearing and settlement mechanism of the capital market”
As of now, most of the transactions at the CSE are conducted via cheques.
To engage in SLIPS transaction, what the investor requires is only have a bank account.
Wijegunawardena said introducing this system will help reduce transaction time in the capital market.
“At present refunding of IPO cash takes about 10 days” added Wijegunawardena.
Currently the SEC is holding discussions with the industry and the idea is to make the electronic fund transferring system mandatory for all capital market transactions in the future.
Electronic Funds Transfer is movement of funds from one account to another without the corresponding piece of paper to authorize or prove that the transfer had occurred.

http://www.news360.lk/markets/stock-market/sri-lanka%E2%80%99s-capital-market-to-introduce-%E2%80%9Celectronic-funds-transfer

very good move............ Smile Smile Smile

kiri

kiri
Manager - Equity Analytics
Manager - Equity Analytics
@mark wrote:Sri Lanka is planning to introduce the “Inter-bank electronic fund transfer system” or SLIPS to the country’s capital market.
Vajira Wijegunawardene, the Director of the capital market development of the Securities Exchange Commission says the system will be introduced to all types of transactions taking place in the capital market.
Accordingly, it will cover IPO payments, dividend payments for investors at the CSE and also share market transactions.
Wijegunawardena revealed “We are looking at the entire clearing and settlement mechanism of the capital market”
As of now, most of the transactions at the CSE are conducted via cheques.
To engage in SLIPS transaction, what the investor requires is only have a bank account.
Wijegunawardena said introducing this system will help reduce transaction time in the capital market.
“At present refunding of IPO cash takes about 10 days” added Wijegunawardena.
Currently the SEC is holding discussions with the industry and the idea is to make the electronic fund transferring system mandatory for all capital market transactions in the future.
Electronic Funds Transfer is movement of funds from one account to another without the corresponding piece of paper to authorize or prove that the transfer had occurred.

http://www.news360.lk/markets/stock-market/sri-lanka%E2%80%99s-capital-market-to-introduce-%E2%80%9Celectronic-funds-transfer

very good move............ Smile Smile Smile
yes. it is nice. cheers

Paypal


Manager - Equity Analytics
Manager - Equity Analytics
Yes, very good move... Smile

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
yes its good move, but have to wait and see whether they will be able to connect all the banks, because even at present some brokers offer this facility with some of the banks

san1985

san1985
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Good, its gonna be hassle free........

swan03


Vice President - Equity Analytics
Vice President - Equity Analytics
Good. Then I dont want to waste my time in the bank Smile

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
question is who will pay the bank transfer charges? brokers charge the customer, no question. but IPOs don't charge the customer for repayment. and for a dividend of 100 rupees bank charges could be ridiculous.
for paying for IPOs checks must be the cheapest, i think it's only about 20 rupees.

Kaush


Equity Analytic
Equity Analytic
Very good move. By linking CDS accounts and bank accounts, transactions volume can be increased and some may even go bankrupt without having any control over funds due to easy accessibility to funds in bank accounts. Anyway for me convenience matters a lot and even I'm prepared to pay premium price for it.

salimts


Senior Equity Analytic
Senior Equity Analytic
@duke wrote:question is who will pay the bank transfer charges? brokers charge the customer, no question. but IPOs don't charge the customer for repayment. and for a dividend of 100 rupees bank charges could be ridiculous.
for paying for IPOs checks must be the cheapest, i think it's only about 20 rupees.

Hai Duke,
I transfer funds from Sampath Bank to Asha Phiillips and JBS. No charge.

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