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.