Meezan Bank launches electronic e-subscription to IPO

Meezan Bank launches electronic e-subscription to IPO

KARACHI: Meezan Bank has successfully launched electronic subscription to IPOs (Initial Public Offerings) for its corporate customers via CDC’s (Central Depository Company) newly launched Master TREC Module in Centralized eIPO System (CES).

A statement issued on Wednesday said that using Master TREC in CES, Meezan Bank will allow registered Master TREC Holders (Brokerage Houses) to make payments electronically on behalf of their customers through Meezan Internet Banking.

The newly launched service will also enable Meezan Bank’s corporate customers maintaining an account under CDS Participants (active TREC Holders) to subscribe to IPOs of Shares/Sukuks online on behalf of investors.

Active TRECHolders, having account in Meezan Bank will now be able to electronically register themselves with CDC through this efficient system, 24 hours a day.

CDC has introduced this Centralized Master TREC Facilityfor convenient electronic subscription for corporate customers, in accordance with the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) active agenda of digitalization.

This initiative will provide Brokerage Houses and thus ultimately investors with a hassle-free mechanism for application of subscription to securities.