With the establishment of a branch of Central Depository Company (CDC) of Pakistan Limited here in the textile capital of Pakistan, Faisalabad will emerge as the Fourth biggest capital market centre in the county, after Karachi, Lahore and Islamabad, said Muhammad Hanif, President of Faisalabad Chamber of Commerce and Industry (FCCI) here on Tuesday.
Addressing a function after the inauguration of the branch office of CDC here, he referred to various previous default cases in the capital market and said that the main reason of default was mismanagement or lack of regularity in rules and regulations. However, he said, CDC has provided an in-built mechanism for the safety of investors with a transparent system of monitoring. "These arrangements would not only plug the recurrence of default cases in future but would also play a vital role in strengthening the capital market on strong scientific basis.
He said that investors of Faisalabad were fully aware of the importance of money market, but had to repeatedly visit Karachi for the sale and purchase of shares. "The branch office of CDC will provide best facilities along with the safety of investment," he added.
He was appreciative of the minimum service charges and said that CDC would charge only Re 1 on transaction of Rs 100,000.
Bashir Jan, Chairman of Central Depository Company (CDC), said that Faisalabad "has made miraculous development" in all sectors of national economy, including trade and industry. "It is heartening to note that the investors of this city are also fully aware of their social responsibilities and are also participating in charity work," he added.
About CDC, he said that 95 percent brokers are honest but only 5 percent were misusing the shares of the investors. However, CDC would provide 100 percent security to investors' shares.
He said that another branch of CDC would be opened very soon in Peshawar, while Faisalabad branch would also become web-enabled within the next couple of months.
Muhammad Hanif Jagura, Chief Executive Officer, CDC, gave a multimedia presentation about the working of CDC. Leading industrialists Sartaj Siddiqi, Waheed Ramey, Sultan Noorani, Zahid Anwar, Bashir Ahmed and Khalid Habib also attended the function, while Chairman Bashir Jan presented memento of CDC to Faisalabad Chamber of Commerce and Industry president.
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