Islamabad June 27 2024: The Central Depository Company of Pakistan Limited (CDC) has completely eliminated annual maintenance fee for the sub-account holders, as well as announced a full waiver of the CDS connection fee and minimum fees for Securities Brokers.
However, in order to make the transaction fee equitable, the Intra account movement transaction fee has been introduced, said a news release.
The revised tariffs reflect CDC’s commitment to enhancing market accessibility and cost reduction for all capital market stakeholders.
DC has announced the additional reduction and rationalization in tariffs, effective July 1, 2024.
In alignment with the Securities and Exchange Commission of Pakistan’s (SECP) vision for investor facilitation and reducing the cost of doing business, CDC has, since its inception, reduced its transaction and custody fees by nearly 95%.
Commenting on the above reductions, Chairman CDC Farrukh H. Sabzwari and CEO CDC Badiuddin Akber said, “CDC has consistently passed on these benefits to investors through significant tariff reductions under the visionary guidance of CDC Board.
The current tariff rationalization is in line with CDC’s Management Strategy of reducing cost of doing business and facilitating the Investors and other market players, including Securities Brokers.”
They further mentioned that they are thankful to SECP in this regard, especially SECP Chairman Akif Saeed and Commissioner (SMD) Abdul Rehman Warraich, for their continued support and encouragement towards CDC for coming up with reforms to enhance ease of doing business and tariff reductions and rationalizations.
Since its inception in 1997, CDC has consistently prioritized the delivery of efficient, cost-effective services to its diverse clientele, including market participants and general investors. During the last five years, CDC has been at the frontline of spearheading the digitization drive and has launched numerous groundbreaking initiatives in a very cost effective manner, most of them at even NO COST to investors.
These included implementation of Professional Clearing Member regime with the formation of a separate company named EClear Services, and introduction of many digital solutions and services such as CDS Access, Dividend Repository, eIPO, eLOR, eVoting, e-Meeting, Zakat Repository, Emlaak Financials for mutual fund investments, and the Centralized Gateway Portal, among many other initiatives aimed at streamlining payments and business processes.
CDC has been functioning as an indispensable pillar of the capital market infrastructure by driving innovation and efficiency in the financial sector with innovative and efficient financial solutions.
