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Participants / Account Holders:::::::::
Account Holders in CDS are divided into two categories; Participants
and Account Holders. Account Holders are allowed to keep their
beneficially owned securities into CDS whereas Participants, apart
from keeping their beneficially owned securities, are entitled to have
client accounting facilities and therefore can provide custody
services to their clients.
Eligibility Criteria:-
Participant
As per Central Depository Company of Pakistan Limited Regulations,
Any:
• Stock broker;
• Banking company within the meaning of the Banking Companies
Ordinance, 1962 (LVII of 1962);
• Company, corporation or institution to which Section 3-A of
the Banking Companies Ordinance,
1962 is applicable; or
• Company, corporation or institution in such class as the Board
may, from time to time, determine
in this behalf,
may apply to the CDC for admission to the CDS as a Participant.
Account Holder
As per Central Depository Company of Pakistan Limited Regulations, any
person, company, corporation or institution in such class as the Board
may, from time to time, determine in this behalf, may apply to the CDC
for admission to the CDS as an Account Holder.
Account Opening Procedure
A) The applicant initiates a
written request for the account-opening package (containing necessary
documents to open an account).
B) Upon ascertaining that
the applicant meets the eligibility criteria, an account-opening
package
containing the following original/specimen documents is
sent to the applicant.
Documents included in
Account Opening Package (Account Holder/Participant)
and other required documents
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Documents
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Individual Account |
Corporate Account |
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Admission Form:
General information about the client is obtained on this
form (address, telephone #'s, authorized signatories of
the account etc). |
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Users
Establishment Form: This form is required to establish the
users as per CDS users access policy, who will be using
the system on day to day basis. |
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Agreement: The
agreement states terms and conditions agreed upon by both
parties for opening an account with CDC.
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Specimen
Signature Card: Name & signatures of authorized
signatories are obtained on this card. |
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Specimen Hardware
Confirmation Letter: To confirm that the applicant has the
necessary hardware for installation of software to
interface with CDS. |
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Specimen Letter
of Declaration: A declaration regarding maintenance of
general ledger with client wise accounts & settlement
register showing incoming/outgoing deliveries is required
from the applicant. |
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Specimen
Undertaking: An undertaking regarding maintenance of back
office record for group accounts is required (NOTE A)
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Specimen Users
Profile: A profile of users who will be using the system
on day to day basis is required from the applicant.
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Specimen Board
Resolution: Certified true copy of the Board Resolution
authorizing the company to enter into an agreement with
CDC and nominating signatories on behalf of the company is
required. |
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OTHER REQUIRED
DOCUMENTS |
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Power of Attorney
in case of an agent |
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Attested copy of
Passport of joint holder (if applicable)
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Attested copy of
NIC/Passport of Nominee |
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Attested copy of
Stock Exchange Registration Certificate (if applicable)
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If applicable
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Attested copy of
NIC of the applicant |
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Certified true
copy of Memorandum & Articles of Assoc./Charter/Bye laws
(which ever is applicable) |
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Certified true
copy of certificate of incorporation |
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Certified true
copy of Certificate of Commencement of Business (if
applicable) |
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Security Deposit
& Documentation Fee |
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NOTE A: - Not
required from Account Holders
C) The applicant submits the
above-mentioned documents (complete in all respect) to CDC.
D) Upon receipt of the
documents, CDS software is installed at the premises of the applicant.
E) As soon as the account is
activated, the applicant is provided with a sealed envelope
containing
Ids and Passwords of the Central Depository System.
Please note that it takes three working days to open an account after
submission of documents (provided the documents are complete in every
respect).
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