Mr. Muhammad Hanif (CEO – Central Depository Company of Pakistan Limited) re-elected as the Chairman of Executive Committee of Asia Pacific Central Securities Depository Group (ACG) after defeating Mr. Nageshwar Rao (MD – National Securities Depository Limited, India).
In the 20th General Meeting of Asia Pacific Central Securities Depository Group (ACG) held at Tehran, Iran, honors comes to Pakistan as the CEO of Pakistani Depository again elected as Chairman of the Executive Committee. Here, it is worth mentioning that Mr. Hanif secured 5 votes (out of the total 8) and his opponent Mr. Rao of Indian Depository secured only 3 votes. The Executive committee of ACG is comprising of 8 elite depositories of the region representing countries like China, Japan. Korea, India and Pakistan.
Asia Pacific Central Securities Depository Group (ACG) is an informal body of all the depositories and Clearing houses of the Asia-pacific region. The group consist of 34 CSDs representing 23 countries. ACG is also one of the five members of the World Forum of CSDs (WFC), which is the global body of Depositories, representing all the five continents.
Mr. Muhammad Hanif served as the Chairman ACG for last three years and CDC Pakistan was acting as the Secretariat for ACG. His termed ended last week in Tehran but majority of Executive Members of ACG were of the view that he should continue to lead ACG, as ACG in the last three years of his Chairmanship has been transformed into a vibrant body and has become the true voice of Asian Depositories on the global front. Majority of the members of the General body of ACG were also of the view that CDC Pakistan served remarkably as Secretariat and they really want CDC Pakistan and Mr. Muhammad Hanif to continue.
NSDL India contested against CDC Pakistan and Mr. Nageswara Rao MD – NSDL India opted to run for the position of Chairman Executive Committee against Mr. Hanif. However. 5 members of the Executive Committee voted for Mr. Hanif and only 3 voted in favor of Mr. Rao, resultantly electing Mr. Muhammad Hanif as the Chairman Executive Committee for another three years term. This also shows the confidence and trust members of ACG has on CDC Pakistan.