As a part of Capital Market Development Program of Asian Development Bank (ADB) in Pakistan, the Capital Market Project Consultants, Arthur Anderson & Company were given mandate to develop recommendations for a National Clearing & Settlement System (NCSS) to replace the separate and individual Clearing Houses of three Stock Exchanges, namely Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange by a single and centralized entity.
Accordingly the Company was incorporated on July 3, 2001 to manage and operate the National Clearing & Settlement System (NCSS) in a fully automated electronic settlement system. NCSS Live Operations commenced from December 24, 2001. However, the Company became fully operational in the year 2003-04 by inducting and handling clearing and settlement of all book-entry securities through NCSS. Thereafter, any security which becomes live in Central Depository System, on ready status, is accordingly inducted into the NCSS.
The Capital Market of Pakistan has a triangular foundation comprising of the stock exchange, Depository Company and NCCPL; the goal of all being an economically stronger, more prosperous Pakistani Capital Market. Armed with this vision, NCCPL is playing a significant role in ensuring growth and prosperity to the Capital Market of Pakistan.
The Operations of NCCPL are governed by the following: