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Tag: Central Depository Company

  • 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.”

  • Turkish consul general visits CDC

    Turkish consul general visits CDC

    KARACHI: A delegation from the Turkish Consulate General in Karachi, headed by Tolga Uçak, Consul General of Republic of Turkey, and his team visited the Central Depository Company (CDC).

    Representatives of leading Pakistani corporate and Turkish Businesses in Pakistan attended this event.

    Moin M. Fudda, Chairman CDC Board of Directors, and Badiuddin Akber, CEO CDC, welcomed the delegation.

    Moin M. Fudda spoke briefly about the long term friendly relations between Turkey & Pakistan while stressing on the need to foster greater ties on economic, business and other platforms.

    Badiuddin Akber gave a presentation on the achievements of CDC and its key role in the development of Pakistan’s Capital Market.

    He also spoke about the collaboration between MKK Turkey and CDC Pakistan, the securities depositories of both the countries.

    Consul General Tolga Uçak apprised, while giving his presentation at Central Depository Company about the Turkish economic status, in particular macroeconomics, growth rate and investment.

    He further stated that Turkish exports to the world are increasing on yearly basis and made a peak last year.

    He stated that bilateral trade between Turkey and Pakistan is on rise.

    Ucak also briefed the participants about banking and finance sector of Turkey and Turkish official development assistance to the world.

    He further explained overall tourism figures of Turkey as well as bilateral tourism relation between Turkey and Pakistan.

  • 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.

  • Interloop IPO’s 43pc subscription made through CDC’s electronic system

    Interloop IPO’s 43pc subscription made through CDC’s electronic system

    KARACHI: Stock market investors now prefer to use electronic IPO platforms to subscribe for new IPOs. In recent Interloop IPO, 43 percent of total subscriptions (both physical and electronic), or around 80 percent of all electronic subscriptions were made through CDC’s Centralized eIPO System (CES), said a statement issued on Thursday.

    Central Depository Company (CDC)’s Centralized eIPO System (CES) has become the premium choice of stock market investors as 2283 investors in the Interloop IPO subscribed through CDC’s Centralized eIPO System (CES).

    Investors had the option of physically submitting the IPO applications at designated banks, using Electronic IPO portals of designated Banks or using Centralized eIPO System (CES) of CDC.

    The CES is an online portal, available 24 hours a day from anywhere in the world and connected with all leading banks.

    This was also the first time that CDC introduced the IPO facilitation Account, an additional facility through which investors can subscribe securities even if they do not have CDC Account at the time of IPO subscription.

    The investors can later open their accounts and get their securities transferred in their respective accounts, till then securities will be in safe custody of CDC.

    This facility was introduced with the objective of facilitating new investors and encouraging maximum participation of retail investors in the IPO.

    Around 900 new investors participated in the Interloop IPO through this facility, which is a testament of the pilot phase’ success.

    In its continuous resolve to increase convenience for stock market investment, Central Depository Company of Pakistan Limited is taking regular initiatives to provide ease and efficiency for the subscription of shares offered through IPOs to general public.

    Commenting on this success, CEO-CDC Badiuddin Akber said, “This is an important step towards expanding the investor base in the Capital Market.

    “We are hopeful that this facility will be utilized by a large number of new investors and will become a good tool for attracting new investors towards our market.”

    He further said that “While it is important to note that both CES and IPO Facilitation Account are free-of-cost facilities for investors, this endeavor is part of CDC’s long time commitment towards the development of Pakistan Capital Market and our continuous efforts to introduce new technological solutions to enhance ease of doing business.

  • 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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