Central Depository Company has implemented the Partial Cancellation of Securities functionality in CDS. This would facilitate Issuers in handling Put Option through the system (CDS). Previously, these cases were mostly handled outside the system.
Following are salient features of the functionality:
- Allows cancellation of redeemable securities partially or completely directly from the account holders’ CDS accounts.
- Enables Participant / Accountholders to initiate cancellation request directly from their CDS terminal.
- Allows Issuers to approve / reject the cancellation request by way of uploading data in CDS.
In this regard, necessary amendments have been made in CDCPL Regulations and published in the official Gazette of Pakistan. Detailed procedures and user manual were also shared with Participants / Account Holders and R/TAs and have also been placed on CDC’s corporate website (www.cdcpakistan.com) for ready reference.