CDC access features Interactive Voice Response (IVR), Web access and SMS alerts, there by providing Sub-Account Holders real time access to their account related information. Through this new SAOF, offering CDC access free of cost services to the respective Sub-Account Holders is made mandatory for Participants. Incase if any Sub-Account Holder decides not to avail the SMS facility, he or she has to opt out by signing in the specific column of the SAOF. The CDC access SMS Service has been devised to provide up-to-date and timely information regarding account activities through SMS alerts, thus giving increased sense of security and building trust between Participants and Account Holders.
Bank Verification:
In order to ensure the authenticity of the individual client, verification of the bank account details of the main applicant from the bank manager or any other authorized person of the bank has been made part of the SAOF.
New Provisions in the Sub-Account Setup Functionality in CDS:
In line with the new SAOF, following new provisions in the Sub-Account Setup functionality have been introduced in the Central Depository System (CDS):
1. CNIC: This field has been modified to accommodate both CNIC and NICOP. NICOP shall be mandatory where the Residential Status of a Sub-Account Holder is “Non-Resident Pakistani”. Senior Citizens (60 years of age and above) have been exempted from providing expiry date of CNIC/NICOP in the system. However, to bypass the expiry date field for senior citizens, Participants would be required to provide attested true copy of CNIC/NICOP of the applicant along with a request letter, duly signed by authorized signatories to CDC.
2. Permanent Address: This new mandatory address field has been added in addition to the current address field. Further, a new feature for selection of city, province and country (as applicable) from predefined list is introduced. The Residential Status is associated with the city, province and country fields such that the fields become enabled or disabled as per the selected Residential Status.
3. Mailing Address: Selection of city, province and country (as applicable) has been introduced for the existing address field as well. Participants are required toupdate the mailing address field for all existing Sub-Accounts to ensure that the city, province and country information is reflected appropriately. Incase the permanent address is same as the mailing address, the Participant would be able to copy the same address. The Residential Status has been associated with the above mentioned fields such that the fields become enabled or disabled as per the selected Residential Status.
4. Zakat Status: Zakat status has been linked with the Residential Status such that upon selecting Resident Pakistani, Non-Resident Pakistani (Repatriable) or Non-Resident Pakistani (Non-Repatriable), the Zakat status has to be entered. For all the other selections, it will be automatically marked as ‘Not Applicable’.
5. SCRA Details: New fields pertaining to Special Convertible Rupee Account(SCRA) have been added in account setup in CDS.
6. Nominee Relation: The existing field for Nominee relation has been replaced with the drop down menu, where only specific predefined relations can be selected.In case of Joint Holders, nominee field will be disabled.
7. Attorney:A provision for “Attorney Details” has been created to record the details of Attorney (where applicable) in the system.
In order to facilitate the Participants in personalizing the new SAOF, provision has been made in the design to place the company logo, name and address. However, any change in the contents of the form or merging it with any other form is prohibited.
CDC has already provided orientation on SAOF in its Element Training Program (ETP 2009-10) to explain the features in detail. A detailed briefing session was also held at KSE Auditorium on June 23, 2009 onthe request of KSE management.
