Author: Raja Ali

Islamic Investment Awareness Session held in Sialkot and Gujranwala in collaboration with PSX and Al Meezan Investments

Taking forward its enduring tradition of promoting awareness about Capital Market investment opportunities, processes and asset protection measures, CDC conducted Investor Awareness Seminars in Gujranwala and Sialkot on March 14 and 15 respectively. These seminars were organized in collaboration with Pakistan Stock Exchange (PSX) and Al Meezan Investments to provide in-depth understanding about Islamic investment options available in Pakistan Capital Market. This initiative was taken in line with CDC’s belief that an informed investor is essential for growth and development of the Capital Market.

The two sessions were attended by over 500 people. Mr. Talha Anwar, Head of Sales, Al Meezan Investments briefed the audience at both the events about Shariah compliant options of investment in Mutual Funds available in Pakistan. Mr. Sarmad Hussain from PSX highlighted the major achievements of PSX and its performance in recent years. CDC’s representative, Mr. Faisal Parekh, Manager, Investor Account Services (IAS) discussed CDC’s role in ensuring investor protection and the protective measures investors should take before investing in Capital Market. The audience was also informed about CDC’s Centralized eIPO System (CES) and the ways in which this system brings more efficiency and transparency to the IPO process.

The presentations were well received and were followed by Question and Answer sessions. A highlight of these seminars was a separate area set-up by CDC and Al Meezan Investments to offer one-on-one guidance to the audience.

Investor Awareness Seminars for Sub Account and Investor Account Holders held in Karachi, Lahore & Rawalpindi

CDC conducted a series of Investor Awareness Seminars for Sub-Account and Investor Account Holders in Karachi, Lahore and Rawalpindi during the first quarter of this year. The seminars were held at CDC offices in the respective cities. A total of 220 account holders attended these seminars.

The seminars aimed at spreading awareness about depository processes and updating account holders about the recent developments made to provide them a better investing experience. These seminars also offered the investors an opportunity to interact directly with CDC representatives and resolve their queries.

CDC honors outgoing Directors

CDC’s Board plays a vital role in determining the strategic direction of the Company. The Board of Directors ensure Company’s prosperity through critical decision making about issues related to corporate governance, corporate social responsibility and corporate ethics and by setting a collective vision for Company’s sustainable future.
In recognition of the services of the Board and to honor the three outgoing Directors, CDC hosted a dinner for all Board members On February 13, 2018.

The guests were welcomed by Mr. Aftab Ahmed Diwan CEO-CDC and Chairman Board, Mr. Moin M. Fudda. They expressed their gratitude to the outgoing board members for offering critical insight on challenging issues and guiding the Company forward onto the path of growth and progress.

The contributions of Mr. Hussain Lawai, the longest serving former Chairman of the Board, were also acknowledged and his tremendous commitment towards welfare of the organization was appreciated by the CEO and Chairman of the Board.

Mr. Arif Habib, Founding Chairman, welcomed the initiative and appreciated the efforts of the organizing team.

eDividend Repository service awareness seminar conducted for Share Registrar Companies in Karachi & Lahore

CDC has always supported introduction of reforms in Pakistan Capital Market and adoption of best practices of the global CSD industry. With a similar objective, one recent initiative in this direction has been the launch of an eDividend Repository service which maintains history of all cash benefits paid to shareholders in a Centralized Cash Dividend Register (CCDR).

The service enables listed companies to comply with the requirements of the newly introduced ‘The Companies (Distribution of Dividends) Regulations 2017’ by SECP. The Regulations require listed companies to pay dividends electronically and provide the record of all related details to CDC.

For shareholders, the eDividend Repository provides a streamlined online record of all their cash benefits due, received or withheld for any reason. The shareholders can also access a dividend report that provides all the details required for filing of returns on the dividend received such as gross amount, tax and zakat deductions, financial year and other details.

To provide in-depth understanding of the eDividend Repository system and its processes, an awareness training session was conducted for Share Registrars/Transfer Agents (R/TAs) and Custodian Banks in Karachi on February 7 and 22, 2018 respectively. A similar training was held for R/TAs in Lahore on February 22, 2018 as well.
The training focused on providing a complete review of the service along with practical demonstration of the system. Such hands-on understanding will ensure proper record maintenance in the CCDR and provision of smooth user experience to the shareholders.

CDC Board reconstituted: Moin M. Fudda appointed Chairman

The Board of Directors of Central Depository Company of Pakistan Limited (CDC) has been reconstituted and now consists of 4 independent directors namely Mr. Moin M. Fudda, Syed Masoud Ali Naqvi, Syed Majid Ali and Mr. Aqeel Ahmed Nasir and 5 directors representing shareholding institutions Dr. Aamir Matin, Mr. Abid Ali Habib, Mr. Farid Malik, Mr. Muhammad Tariq Rafi, Mr. Shahnawaz Mahmood and the Chief Executive Officer Mr. Aftab Ahmed Diwan.

The appointment of 2 new directors, Mr. Aqeel Ahmed Nasir and Syed Masoud Ali Naqvi enriches the diverse set of expertise of the Board.

Upon reconstitution, the board unanimously elected Mr. Moin M. Fudda as the Chairman of the Board of Directors of CDC. He has been serving as a Director on the CDC Board from 2016.
Mr. Fudda is a recipient of the coveted Sitara-e-Imtiaz awarded by the President of Pakistan in 2006. He has over 40 years of professional experience which encompasses working for the corporate sector and performing diplomatic duties.

Mr. Fudda is also an Independent Director on the Board of Pakistan Stock Exchange. Furthermore, he has helped in creation of Pakistan Institute of Corporate Governance (PICG). He has also contributed significantly towards development of Corporate Governance Rules for Public sector Enterprises and Corporate Governance Guide for Family Owned Businesses.

CDC launches eDividend Repository

For more than two decades, Central Depository Company pf Pakistan Limited (CDC) has been spearheading initiatives to bring technological reforms in Capital Market practices. These reforms add efficiency and transparency to the processes and offer greater convenience to the investors of Capital Market. One such recent initiative is the launch of an eDividend Repository.

With the promulgation of the Companies Act 2017, it has become mandatory for all listed companies to process their dividends electronically. Following this development, SECP recently introduced eDividend Regulations which spell out the method and requirements for making dividend payouts electronically. The Regulations also require all listed companies to provide details related to cash dividends to Central Depository Company of Pakistan Limited (CDC), so that the record of all cash dividends can be accumulated at one place.

The eDividend Repository has been developed to facilitate this process. This is an internet based web portal and can be accessed by investors from anywhere in the world. It will provide investors consolidated data of all their cash benefits due and credited by issuers, and in case their dividends have not been credited, the reason for non-disbursement of dividend will also be available. CDC will also issue an electronic certificate to the shareholders which will contain all the details related to the cash disbursement such as dividend rates, net dividend paid, tax and zakat deductions etc. The certificate will also facilitate investors in filing their tax returns.

This initiative is a part of CDC’s digitization drive to remodel Capital Market’s manual processes to digital alternatives. Other initiatives of this drive include eIPO, e-voting, eLoR, etc.

With all details available through a single source, this newly developed facility will enable shareholders to keep track of returns on their investment and unclaimed dividends if any, and maintain history of all cash benefits availed besides many other features.

Investors can access CDC’s eDividend Repository via https://eservices.cdcaccess.com.pk or call at 0800-23275 for further assistance.