The Central Depository System (CDSC) has made it so that the mortgage shares can be sold on the same day the mortgage is opened. He said he set up the deal by getting the API software ready.
The API software that CDS made is being tested right now. CDSC said that the final test is being given now because all of the work that had to be done on its behalf has been done. UAT has also been done on API software that CDSC made. UAT is the process of having a third-party test how well the software works after it has been built. The general public can only use software that has been through UAT and passed. What have CDS been doing?
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The software passed UAT, but the broker company did not test it. According to CDSC, test broker No. 48 Trishakti Securities started the process. Broker companies are getting ready to get new TMS. They are getting ready to bring SriLankan TMS to the market. People think Trishakti Securities has also been given a chance to test how the API works in the TMS. People say Trishakti Securities has given work to all broker companies bringing new TMS to testing.
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Trishakti Securities is testing the newly made API, and CDS has produced a guide so that anyone can use the API. The focus has been sent to the Nepal Securities Board for approval. The “API Working Guidelines 2079” have been sent to the Board for approval. After the directive is passed, CDSC is ready to give API to everyone. CDSC says that after the order comes, the work of all banks, depositors, broker companies, and payment companies will be done in real-time. What is the social rule?
When the bank accepts the primary share application, the applicant’s money isn’t put together until a while later. But after taking API, the applicant will get the money all at once when they apply. In the same way, depositors offer the ability to renew a Demat account online, but you have to go to My Share again from their site. But when the depositor takes the API, I will no longer have to hold on to my shares. You can renew your account from their website. On the other hand, payment companies can also offer services that are done in real-time.
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In the same way, pledged shares can’t be sold until the next day. But once the broker company gets the API, the work can be done the same day in real-time. The CDSC has said that the test is about whether the settlement date and the BO holding check should or should not be done.
Any company that wants API has to pay a certain fee. There are rules in the directory about how much things cost. It is said that the fee amount will not be known until after the Board approves the rules. Important Readings: Sustainable Graphics Design
At this point, CDS’ work is done. He has also made rules and sent them to the Board to see if they are okay. CDSC wants to provide API to people who come to ask for it after getting board approval. The CDSC says that the time the public can use the service will depend on how long it takes the Board to approve the rules when it comes up with the authorities. The CDC says the service will begin soon.