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Tag: CDC

  • British deputy high commission delegation visits CDC

    British deputy high commission delegation visits CDC

    KARACHI: A delegation from British Deputy High Commission, Karachi visited the Central Depository Company (CDC), a statement said on Monday.

    The delegation was headed by Mike Nithavrianakis, British Deputy High Commissioner in Karachi. Representatives of leading Pakistani corporate units and UK businesses in Pakistan attended this event.

    British Deputy High Commissioner, Mike Nithavrianakis spoke about the untapped potential Pakistan has to offer and how the landscape of UK Business in Pakistan needs to expand and grow.

    Mike Nithavrianakis said: “Although I am the Deputy High Commissioner with responsibility for Sindh and Balochistan, a more prominent part of my role is being the director of trade.

    “We feel that diplomatically, in a country like Pakistan, where significant improvements in the security situation are changing perceptions, we need to shift the conversation towards mutual prosperity and increased trade investment.”

    He lauded CDC on its achievements in transforming the Pakistani Capital Market and highlighted the improvement of Pakistan’s ranking to 28 places in the area of Ease of Doing Business, according to the World Bank Index.

    Earlier in his welcome address Moin M. Fudda, Chairman CDC Board of Directors spoke briefly about the long term friendly relations between UK and Pakistan while stressing on the need to foster greater ties on economic, business and other fronts.

    Badiuddin Akber, CEO-CDC, gave a presentation on the Pakistan Capital Market landscape and CDC’s key role in its development.

  • Digital Pakistan Initiative chief visits CDC

    Digital Pakistan Initiative chief visits CDC

    KARACHI: Ms. Tania Aidrus, Head of Prime Minister Imran Khan’s Digital Pakistan Initiative visited Central Depository Company to explain key objectives of the digital Pakistan initiatives, a statement said on Thursday.

    She was welcomed by CDC’s senior management team led by Badiuddin Akber, CEO-CDC who briefed her about the contribution of CDC in transforming the Pakistan Capital Market.

    He also highlighted CDC’s efforts towards digitization of a number of industry sectors including Pakistan Capital Market & Insurance Industry and future plans to introduce reforms in the Government Sector including Zakat Repository and Digitization of National Savings Certificates.

    Ms. Aidrus was pleased to learn about CDC’s achievements and vowed to extend her full support for any future projects.

    The briefing was followed by an interaction session between CDC’s staff with Ms. Aidrus where she talked about key objectives of the Digital Pakistan Initiative which are Access & Connectivity to Internet and Availability of Digital Infrastructure for every Pakistani, eGovernance that digitizes intra-government operations & eGovernment services for citizens, Digital Skilling & Literacy enabling technical graduates to secure relevant jobs and Innovation & Entrepreneurship enabling environment for startups.

    While responding to questions from CDC’s staff members about the prospects of Digital Pakistan Initiative, she reiterated her resolve that “it is not a question of whether we will succeed or not. It is a question of how quickly we can.”

  • ABAD, CDC sign MoU for digitalization of land record

    ABAD, CDC sign MoU for digitalization of land record

    KARACHI: Association of Builders and Developers of Pakistan (ABAD) and Central Depository Company Pvt Limited (CDC) on Thursday signed an historic Memorandum of Understanding (MoU) for the digitalization of land records through Land Repository System, which will be the first ever system of Pakistan and it will cater the need of Electronic Registration of Land and Land Titles.

    The signing ceremony was held at ABAD House here on Thursday.

    Vice Chairman ABAD Abdul Kareem Adhia and Badiuddin Akber CEO of CDC signed the MoU witnessed by Chairman ABAD Muhammad Hassan Bakshi, Chairman CDC Moin M Fudda, Senior Vice Chairman ABAD Anwar Dawood, Chairman Southern Region Ibrahim Habib, senior officials of CDC and members of ABAD were present on this occasion.

    Addressing the ceremony, Moin M Fudda congratulated ABAD for initiating such a gigantic work. He said that electronic registration of land documents will help abolish possibilities of fraud and corruption.

    He said that this system will help not only to purchaser of property but will help grow national economy as it will abolish corruption being witnessed in offices of Registrars at present. He said that almost 60 percent of all cases in various courts are of fraud in lands.

    He pointed out that every third person in Sindh is victim of land fraud and the new Electronic Registration System- Land Repository System will help remove any fraud.

    Chairman ABAD Muhammad Hassan Bakshi said that ABAD is working for the legal and bona fide construction activities in Pakistan and some people are accusing that builders are cheating people but 98 percent of ABAD members are doing their legitimate business. He lamented that ABAD members are wrongly accused of illegal construction activities as more than 5000 buildings are being constructed illegally and without any approval of competent authority while all members of ABAD are getting approvals before starting construction of their buildings.

    He said that Advisor to Sindh Chief Minister Murtaza Wahab has promised to land full support for the legislation of this new system.

    Addressing the ceremony CEO CDC highlighted main points of Land Repository System. Zaigham Rizvi, Chairman Prime Minister’s Task Force for Housing also spoke on this occasion. Vice Chairman ABAD Abdul Kareem Adhia thanked all guests.

  • CDC to facilitate 600 businessmen to receive sales tax refund bonds

    CDC to facilitate 600 businessmen to receive sales tax refund bonds

    KARACHI: Central Depository Company of Pakistan Limited (CDC) will facilitate 600 businessmen in receiving their sales tax refunds issued by the Federal Board of Revenue (FBR) in the shape of refund bonds.

    Out of total 600 sales tax refunds claimants, around 200 businessmen have so far opened their CDC accounts.

    The government has planned to clear around Rs40 to 60 billion worth of refund claims through this scheme and it has finalized around 600 refund claimants who can Sales Tax Refund payments through Refund Bonds.

    CDC has already facilitated 90 businesses, who had opened their CDC Accounts, in getting Rs7 billion sales tax refund payments through Refund Bonds.

    This initiative was taken subsequent to the approval of amendments in Supplementary (Second Amendment) Act, 2019 by the Federal Government.

    In this regard, the Federal Board of Revenue (FBR) has also asked the refund claimants to open Sub Account or Investor Account with Central Depository Company of Pakistan Limited (CDC) and has issued procedures for opening of such accounts.

    The issuance of these Refund Bonds in book entry form through Central Depository System (CDS) will also help create ease of doing business for claimants as the Refund Bonds will be issued electronically in the system and there will be no paper or certificate issued. The claimants may just log in to the CDC web system and confirm that their Refund Bonds have been credited.

    In addition to this, the financing against Refund Bonds by Banks will also be very simple and efficient as Banks are already using CDC system and providing financing against different type of securities worth millions of rupees on daily basis.

    All the claimants need to do is to go to the Bank and mention their CDC account number and the Bank will retrieve all the information on real time basis from CDC system through CDC Pledge functionality and create a charge against these Refund Bonds with a simple click of the button.

    While commenting on this effort, Badiuddin Akber, CEO-CDC said that “CDC has always been ready to play its part in the progress and development of the country’s economy. We are more than willing to introduce convenience in doing business through digitalization to make our economy more business friendly and this initiative is one more step towards it.”

    In order to facilitate claimants, CDC extended full support and established facilitation desks at RTO Faisalabad and Multan in addition to the services extended from its offices in Karachi, Lahore and Islamabad. In this regard, a workshop was also organized for the Towel Manufacturers Association of Pakistan at TMA House, Karachi on June 01, 2019.

    CDC is also planning to establish a special facilitation Desk for the convenience of businesses at their Head office in Karachi.

  • CDC reduces tariff to support stock market

    CDC reduces tariff to support stock market

    KARACHI: Central Depository Company of Pakistan Limited (CDC) has reduced tariff structure to facilitate public and to support the stock market.

    As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business.

    In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services.

    As part of the recent reduction, CDC has provided 100 percent waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts.

    Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65 percent.

    Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14 percent and 16 percent respectively.

    Commenting on this market supporting endeavor, Badiuddin Akber, CEO-CDC said: “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public. While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants. This is our ongoing contribution towards the development of Pakistan Capital Market.”

  • Meezan Bank, CDC sign agreement to launch share custody services

    Meezan Bank, CDC sign agreement to launch share custody services

    KARACHI: Meezan Bank – Pakistan’s leading Islamic bank, and Central Depository Company (CDC) signed an agreement to launch shares custody services, a statement said on Friday.

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  • CDC freezes shares of Ansari Sugar Mills

    CDC freezes shares of Ansari Sugar Mills

    KARACHI: Central Depository Company of Pakistan (CDC) on Tuesday frozen ordinary shares of Ansari Sugar Mills following placement of the company on defaulter segment by Pakistan Stock Exchange (PSX).

    A notification issued by the CDC informed that consequent to placement of Ansari Sugar Mills Limited on the defaulter’s segment by the PSX with effect from April 08, 2019 as informed by PSX dated April 05, 2019 with advise to CDC to freeze the ordinary shares of issuer held in CDS accounts of sponsors, directors and senior management officers of issuer, CDC has frozen the ordinary shares in accordance with the CDC regulations.

    The ordinary shares shall remain frozen in CDS accounts of persons till further notice.

  • CDC launches electronic voting service for companies

    CDC launches electronic voting service for companies

    The Central Depository Company (CDC) of Pakistan has taken a significant leap towards modernizing shareholder engagement with the launch of an electronic voting service.

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