Sri Lanka CDS signs MoU with Pakistani counterpart

Sep 07, 2016 (LBO) – Central Depository Systems (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), has signed a memorandum of understanding to strengthen cooperation on mutual development and knowledge sharing with the Central Depository Company of Pakistan.

“The MoU indicates the continued commitment of the CDS to enhance cooperation within depositories and clearing institutions in the Asian region, especially with those representing neighboring countries,” Vajira Kulatilaka, chairman of CSE said.

“The exposure we have gained through affiliations with regional organizations and peers such as the ACG and NSDL India have been instrumental in developing the CDS into an institution of international standards, particularly in terms of implementing best practices. CDC Pakistan is a leading depository in the region and we are pleased at the prospect of working with CDC for the betterment of our depositories and the capital market at-large.”

The CDS in recent years has actively worked towards building up its international alliances,of which notable outcomes include a MoU with the National Securities Depository (Pvt) Ltd of India in 2015 and expanding its role as an active participant of the ACG, the CSE statement said.

It specializes in the settlement of securities, transactions and the safekeeping of securities on behalf of domestic and international investors.

Today, the CDS handles dematerialization operations, accounts services, corporate action services and clearing & settlement services for its stakeholders.

The MoU was signed following the 25th Anniversary celebrations of the CDS, which was attended by the Chairman of the Asia-Pacific Central Securities Depository Group (ACG) Muhammad Hanif, Chairman of CSE and Muhammad Hanif, CEO of CDC Pakistan signed the agreement.