1. NCD Custodian Account Opening:
In order to open a NCD Custodian Account, banks and financial institutions need to provide the following required documents:
• Application Form Opening Custodian Account
• Authorized letter
• 3 Copies of Specimen Signature (Available at Securities Management Division)
• Other copied documents such as:
- Memorandum and Article of Associations
- Passport or National ID card of Account Holders and Authorized Persons
2. NCD Subscription:
Once a customer has opened a custodian account, they can now subscribe to an NCD. The subscriber needs to provide the Securities Management Division of Banking Operations Department at the NBC as follows:
• Application for Subscription Tradable Securities
• Payment Instruments such as Check or Transfer Order
3. Ownership Transfer:
NCD Ownership Transfer occurs when the sale of NCDs is straight forward, pledged as collateral or Repurchased Agreement (REPO) between NCD’s holders with the other banks and financial institutions which have opened their Custodian Account at the NBC.
These transactions may occur in two cases:
1. Settlement through the NBC: Both Parties must provide an Application for Ownership Transfer of Tradable Securities to the Securities Management Division of the Banking Operations Department at the NBC. The buyer must issue the payment instrument as check or transfer order to pay seller for transferring this amount of money to seller’s current account at the NBC.
2. Settlement outside of the NBC: Both Parties must provide Change Ownership Application Forms to the Securities Management Division of the Banking Operations Department, three working days (at the latest) after the agreement.
4. Selling NCDs Back to the NBC:
The NBC may buy issued NCDs back which are not matured by calculating the Repurchasing Price based on the Repurchasing Rate, which is published daily on the NBC website. The NCD holder must provide the NCD Selling Back Application Form to the Securities Management Division of the Banking Operations Department.
-The Repurchasing Price will be calculated by using the discounting method:
The repurchased formula which will be used to buy the NCD back is:
For more information please call to 023 724 963 or Email: email@example.com / firstname.lastname@example.org