In February 2009, the number of Investor Accounts in Central Depository Company exceeded 50,000 accounts. At this occasion, CDC reiterated its commitment towards its clients to provide enhanced levels of security and control over their securities portfolio, complemented with enhanced customer services.
Launched in 1999, Investor Account Services (IAS) allows investors to directly open and maintain accounts in Central Depository System (CDS) for safe custody and electronic settlement of securities. By opening IAS accounts with CDC, investors can have direct access to their electronic securities. IAS accounts are under complete control of CDC and are operated on direct written instruction of the account holders. As of March 31, 2009, 50,380 accounts (49,346 individual accounts and 1,034 corporate accounts) have been opened with over 19 billion securities worth over Rs. 415 billion.
CDC - IAS Services are unique in a sense that there are only two depositories (Singapore and Hong Kong) other than CDC in the Asia Pacific region that provide the facility to investors to open accounts directly with a depository at the retail level.
Realizing the need of the market and to allow more and more investors to reap the benefits of this unique service, CDC has drastically reduced the tariff over the years. With a reduction of over 80% in transaction fee, 70% in Custody fee, 83% in Annual Fee for individuals and 60% in Annual Fee for Corporates, CDC has strived to broaden the investor base of the country.
Moreover, to facilitate its IAS account holders, CDC implemented CDC access, a multi channel customer support platform that facilitates the investors through IVR (Interactive Voice Response) which includes a state-of-the-art call center and toll free number [0800-CDCPL (23275)], interactive Web (https://www.cdcaccess.com.pk) and SMS. IAS account holders also receive the Account Balance Statements by CDC at their registered addresses on a quarterly basis.
This landmark achievement of 50,000 accounts is a testament of the confidence reposed by the investors on CDC’s efforts for the development of the Pakistani capital market. CDC would continue to come up with such market benefiting measures on a continuous basis to develop the market further.