Mr. Badiuddin Akber takes charges as CEO of Central Depository Company of Pakistan Limited
Mr. Badiuddin Akber has taken charge as the Chief Executive Officer of the Central Depository Company of Pakistan Limited (CDC). Earlier, the Securities and Exchange Commission of Pakistan (SECP) approved his appointment on the recommendation of CDC’s Board of Directors.
This key appointment has been done while taking into consideration that CDC is a key capital market institution which plays a unique role in the settlement process and has immense responsibility in terms of maintaining transparency, integrity and investor confidence in the market. As the only securities depository in the country, it is entrusted with maintaining book-entry securities worth trillions of rupees and must therefore demonstrate the highest standards of governance in the performance of its functions. CDC’s role in the capital market landscape places increased responsibility on its CEO, at the helm of its affairs of such a strategic institution.
This is the third time in a row that the CEO of CDC has been selected from within its senior management. It is a testament of the company’s effective succession planning and also an expression of continued trust by the board of directors of the company on the senior management.
Mr. Akber has more than 20 years of diversified senior management experience in the fields of finance and operations. He has served as Chief Financial Officer, Company Secretary and Chief Operating Officer in various renowned conglomerates in Pakistan. He has also served as the CFO and Company Secretary and Chief Operating Officer at the National Clearing Company of Pakistan Limited. He was previously serving as the Chief Compliance and Risk Officer at CDC and was also the nominated Chairman of the Oversight Committee formed by the Securities and Exchange Commission of Pakistan under Joint Inspection Regulations, 2015.
Mr. Akber has demonstrated extensive expertise in the spheres of Financial Management, Clearing & Settlement, Risk Management, Operations, Product Development and Project Management in the Pakistan Capital Market. He has played an instrumental role in the implementation of various significant products, services and reform measures which include Revamping of Capital Gain Tax Regime, Unique Identification Number (UIN), Institutions’ Risk Management System, Straight through Processing of Market Settlements, and in the introduction of Leverage Products.
He is a Fellow Member of the Institute of Cost & Management Accountants of Pakistan (FCMA). He also holds ACMA-CGMA (Chartered Global Management Accountants) qualification from the Chartered Institute of Management Accountants (CIMA – UK) and membership of Chartered Professional Accountant (CPA, CMA – Ontario, Canada).