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The Causes of Pak Rupee Devaluation. What is Central Depository System? Installed by an IBM-led consortium, CDS is an electronic book-entry system used to record and maintain securities and to register the transfer of securities. The system changes the ownership of securities without any physical movement or endorsement of certificates and execution of transfer instruments.

CDS facilitates equ ity , deb t and oth er fin anc ial ins tru men ts in the Pa kis tan i Cap ital Mar ke t. Benefits of Electronic Settlement through CDS. Following are some of the benefits of electronic settlement of securities through CDS: Reduced workload and manpower requirements due to paperless settlement. Instantaneous transfer of ownership.

No stamp duty on transfers in CDS. No risk of damaged, lost, forged or duplicate certificates. No impact in case of sudden increase of settlement volumes.

Instant credit of corporate entitlements bonus, rights and new issues. Paperless environment no traditional vaults. Secure custody of securities. Substantial reduction of paperwork during book closure. Convenient pledging of securities. Eligible Pledgee These elements have a defined role in the Central Depository System as the system is driven by them without direct involvement of CDC on a day-to-day basis. CDC, however, keeps the system under its surveillance to ensure its smooth functioning and confidentiality.

Account Holders in CDS are divided in two categories: Acc ount Holde rs: All the members of Stock Exchanges, Banks Both Commercial and Investment , and DFIs can open their account as a Participant whereas, Corpor ate Bodies and Qualified Private Investors can open their account as an Account Holder. The physi cal secu rities are conv erted into elect ronic book entry securit ies only after proper verification and approval by these Issuers in CDS.

This process eliminates the pro ble m of fak e ce rti fic ate s as se cur itie s are tho rou ghly che ck ed by the Iss uer s before approval for CDS.

Financial institutions that lend against securities can join CDC in the capacity of. Transactions handled by CDS. Once the securities are deposited in CDS, they become available for deli very from one CDS account to another. If the transfer of securities is within the account family of a Participant, it i s called Intra-Partic ipant Free Delivery.

Similarly, if securities are transferred from one Participant to another , the transaction is called Inter-Par ticipant Free Delivery. An Account Holder or a Participant can place securities under. Placing securities under pledge results in the securities being flagged as no l onger available for delivery until released from pledge.

The beneficial owner however continues to get the corporate benefits dividends, etc. As soon as securities are released from pledge, they become available to the Pledgor for further transactions such as a delivery, withdr awal or another pledge.

Securities can be withdrawn in the form of physical certificates from CDS through. This facility is provided to cater for those i nvestors who prefer to keep physical security certificates. At the time of book closure for. CDS also facilitates the. Investors can have their securities, subscribed in IPOs, directly credited to their accounts in electronic form.

Frequently asked questions - The Central Depository & Settlement Corporation Limited (CDSC)

With this feature, they can save costs and hassles involved in obtaining physical certificates and then getting them deposited in electronic form. T ransaction is a series of actions through which physical certificates are converted into electronic book entry securities in CDS.

| African Securities Exchanges Association

The deposit request transaction is initiated by Participants either on behalf of their client or on their own behalf. It is after the approval of the relevant Issuer that the physical securities become available for electronic settlement. About About Scribd Press Our blog Join our team! Contact Us Join today Invite Friends Gifts. Legal Terms Privacy Copyright. Sign up to vote on this title. You're Reading a Free Preview Download.

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