Author: cdc_admin

CDC becomes ACCA Approved Employer

The Central Depository Company of Pakistan Limited (CDC) has been registered as an Approved Employer with the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants.

 

The registration process involved the assessment of CDC’s standards for staff training and development as well as overall learning environment at the organization. This close relationship will indeed help CDC attract and retain best talent in the field of Accounting and Finance and will also provide an opportunity for existing CDC employees to receive credit for their work experience. Currently there is a substantial number of ACCA trainees working at CDC offices across Pakistan.

 

In an award presentation ceremony organized at the CDC office in Karachi Mr. Muhammad Hanif Jakhura, Chief Executive Officer, CDC Pakistan Ltd, said that “The diversified businesses of CDC require highly skilled and qualified professionals who have high moral and ethical values. It is through organizations such as ACCA, that we expect to meet the rising need of accounting and finance professionals”.

 

Speaking at the occasion Mr. Arif Masud Mirza, Head of ACCA Pakistan said, “ACCA is excited about this strategic partnership formed with the only depository company in Pakistan. Besides providing CDC with human talent, ACCA Pakistan will support CDC in conducting researches and supporting them in their diversified role through ACCA’s thought leadership initiatives. He further added that employers like CDC Pakistan Ltd. have a great impact on businesses in Pakistan and ACCA is proud to be associated with them”.

 

Mr. Aftab Diwan – Chief Operating Officer, Mr. Anwar Goplani- Head of Human Resources, Mr. Kamran Ahmed Qazi – CFO and Company Secretary, Mr Fazal Hussain Gaffoor – Chief Internal Auditor, Mr Ejaz Ali Shah – General Manager Marketing and Customer Support Services, CDC Pakistan, Mr. Haroon A. Jan – Head of Business Development, ACCA Pakistan and Mr. Taimur Beiram Khan – Business Development Manager, ACCA Pakistan were also present at the ceremony.

 

ACCA is the largest and fastest-growing global professional accountancy body and has over 122,000 members and 325,000 students in over 170 countries. Over 8,500 companies are now ACCA Approved Employers, including international blue chip organisations such as: BP, HSBC, Roche and Tesco.

Central Depository Company becomes ISO 27001 certified

Central Depository Company (CDC) has been recently certified with the prestigious ISO 27001 standard, the highest Information Security Management System (ISMS) certification in the world. After this achievement, CDC is now amongst the top 3 companies in Pakistan to receive this award in the financial sector.

 

CDC has received this certification for overall depository operations including functional, technical and legal aspects. The process involved identification of areas & controls, gap analysis and development of policies & procedures. Other areas included identifying assets & associated risks and third party controls implementation. A rigorous company-wide awareness and training exercise was under taken to understand and comply with the standard. Later, an internal audit exercise was performed as well to review the implementation and compliance.

 

Awarded by the United Kingdom Accreditation Service (UKAS), the ISO/IEC 27001:2005 is the only Information Security Management System (ISMS) standard accepted globally and a critical requirement for organizations with clientele comprising of public sector and corporate organizations. It was published

in October 2005 by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).

 

The ISMS not only specifies pre-emptive measures for information security but also specifies an effective information security incident reporting mechanism. This mechanism ensures that all security threats, whether identified by management, staff or customers are not only reported in a structured manner but also appropriate corrective/pre-emptive action is performed on the same.

 

This accreditation is a giant stride for CDC towards achieving operational excellence and maximizing customer trust & confidence in the Company’s infrastructure and security capabilities. The effort and motivation involved in achieving this standard highlights CDC’s best practices approach for the benefit of its stakeholders and capital market investors through stringent security of their information and data.

CDC implements Induction of Unpaid Rights in Central Depository System (CDS)

Karachi November 24, 2009: CDC has recently implemented the functionality for induction of Unpaid Rights into CDS. The electronic issuance and settlement of unpaid Rights will result in increased efficiency and convenience for the investors as well as Issuers.

 

Previously, Unpaid Rights could only be issued in physical form which entailed cumbersome manual processing. With the new functionality, Unpaid Rights are credited into the shareholders’ accounts in CDS in the form of a separate security just like any other security in CDS which can be easily settled and pledged.

 

Investors can subscribe, fully as well as partially, to the right issue by making the payment to the designated banker to the issue before the last payment date, after which the securities are directly credited into the accounts of shareholders making

the entire process virtually straight-through. The Rights issued in physical form can also be easily deposited into CDS through the deposit request functionality.

This recent introduction of the functionality to cater the induction of unpaid Rights through CDS will help the issuers in reducing unnecessary costs of printing and dispatching of letter of rights to the shareholders and also eliminate the manual processing relating to dispatch, verification and renunciation of Letter of Rights. As the issuance, exercise and renunciation of Rights will become virtually paperless and hassle free, it will enhance the capacity of brokers to handle large volumes.

 

Investors prior to the introduction of this functionality had to face various problems in receiving the LoRs through mail and physical settlement after trading. With the introduction of the automated process, investors would not only be saved from these common problems but also would be spared from the hassles of filling forms for subscription and renunciation of the Right Issue.

 

To ensure smooth implementation, extensive training sessions to the CDS Elements (including Registrars / Transfer Agents) have been held in Karachi, Lahore and Islamabad.

 

Since its inception, CDC has facilitated efficient processing of all corporate actions through the Central Depository System (CDS). A major step in moving towards a paperless and highly efficient capital market, this recent development points at a long-standing aspiration for the efficient handling of Unpaid Rights by the market participants, regulators and CDC alike.

Central Depository Company launches 3 new services for the Capital Market

“Central Depository Company has recently launched a series of customer centric services in its drive for betterment of the Pakistani Capital Market. These services have been devised and initiated by CDC in line with its role as the ‘custodian’ of shares and as a facilitator for the capital market processes.” This was stated by Mr. Muhammad Hanif, Chief Executive Officer – CDC. The three newly introduced state-of-the-art services include:

 

Shares Registrar Services:

 

CDC has recently launched Shares Registrar Services for the Pakistani Capital Market. Termed as the most comprehensive R/TA service package in the market currently, CDC’s offering is complimented by a country-wide branch network and state-of-the-art IT infrastructure. A well-equipped call center backed by trained and dedicated customer support staff will facilitate issuers and shareholders on a day-to-day basis. The most important feature that gives CDC a real edge over other R/TA service providers is its Business Continuity Plan (BCP) supported by backup sites and disaster recovery capabilities to ensure recovery of the service immediately in case of any disaster.

 

With the introduction of R/TA services, CDC has raised the bar of service standards in the industry. Arif Habib Limited has already started benefiting from these services since the recent launch.

 

Fund Management System:

 

Realizing its importance as the largest and most preferred provider of Trustee and Custodial services in the private sector, CDC has recently launched a comprehensive Fund Management System (FMS). FMS is an electronic system that creates an automated interface between all its elements to ensure Straight

Through Processing (STP) for settlement of transactions. It develops an online link between the Trustee and Custodial Department at CDC and Asset Management Companies & Settling Banks.

 

A value-added facility by CDC, FMS will bring efficiency by eliminating manual processes and duplication of work and in minimizing chances of error. Through this system, AMCs will be able to pass online instructions of unit management to the CDC Trustee and Custodial department. FMS provides a single link through which Mutual funds complete transactions as well as avoid multiple individual connections that are costly and inefficient.

 

CDC access SMS:

 

Adding another channel of increased customer convenience, CDC has recently introduced CDC access – SMS, a brand new facility that will provide upto date account information to investors through their cell phone.

 

CDC access, a value-added service that enables investor account holders to access their account information through multiple channels initially comprised of CDC access – IVR, a round-the-clock Interactive Voice Response system supported by a dedicated call center, and CDC access – Web, which allows investor account holders to access their account information through https://www.cdcaccess.com.pk While the IVR and Web facilities are being offered completely free of charge, a nominal fee of Rs. 25 per month is charged for CDC access – SMS facility.