This is to inform you that effective June 30, 2012 the current Policy for Portfolio Transfer of securities has been revised. As per the revised policy, Portfolio Transfer between the two Accounts/Sub-account/IAS accounts shall only be allowed if the UIN(s) of all the account holders (Principal as well as Joint Holders) in both the accounts/sub-accounts/IAS accounts are the same.

Accordingly, new Reason Codes (both for Inter and Intra account Free Delivery Transactions) are already available in CDS. In addition, currently applicable Portfolio Transfer regime (where only any one UIN should match) will also be available in parallel to the new regime till June 30, 2012.

REGIME	REASON CODES
Existing	For Intra Account FD – A025 Portfolio Transfer (where anyone UIN match)
Existing	For Inter Account FD – P018 Portfolio Transfer (where anyone UIN match)
New	For Intra Account FD – A052 Portfolio Transfer (where all UINs match)
New	For Inter Account FD – P045 Portfolio Transfer (where all UINs match)

CGT on Portfolio Transfer

Until June 30, 2012, in respect to the promulgation of Capital Gains Tax Ordinance 2012 transfer of securities from one account to another account where all UINs are matching in both transferor and transferee accounts’, would be treated as Portfolio transfer not attracting Capital Gain Tax (CGT). Whereas, transfer of securities from one account to another account where anyone UIN is matching in both transferor and transferee accounts’, would attract CGT.

In view of the above, all account holders / sub-account holders / IAS account holders maintaining multiple accounts with different joint holder details and are required to transfer securities between these accounts are requested to regularize their accounts by opening new accounts before June 30, 2012 to avoid inconvenience.
 
For further details Sub Account holders should contact their respective Participants and IAS Account Holders should contact CDC at 0800-23275 (CDCPL) or info@cdcpak.com.