The Central Depository Company (CDC) on Wednesday launched its management training programme which is aimed at educating investors, members and brokers in the stock market about share deposit functions being launched by the company from the next month.
LSE Chairman Syed Asim Zafar inaugurated the programme at the auditorium of the exchange.
The ceremony was attended by brokers, members, investors, LSE management and people representing the CDC.
Speaking on the occasion, Syed Asim Zafar said that CDC remains helpful to members, brokers and investors throughout the year and it has also played an effective role in strengthening the stock market.
The current boom in the market in terms of value, capitalisation and volume could not have been possible without the support of CDC, he observed. He, however, urged the CDC management to also pass on to investors the benefit of its profits earned on huge shares in its accounts.
Asim maintained that the CDC had enormous potential for improvement in its value-added services and hoped that best professional and managers will train the participants at this programme.
He also emphasised brokers and investors to attend this training programme, as it will help them in acquiring required information.
He also lauded the CDC management for taking this initiative to educate and train the people associated with stock market in various domains.
Earlier, CDC Chief Executive Officer, M. Hanif Jhakura while highlighting the salient features of the programme said it was meant not only for training the attendants but also to benefit from the suggestions to be forwarded by them. He said last year CDC had received a lot of suggestions, which will be implemented soon.
He said that last year the attendance in the programme was 50 percent but this year it is expected to reach 90 percent.
He said that CDC will launch the share deposit function in the first week of July from Karachi and immediately thereafter people are required to know the relevant requirements of these laws, regulations and procedures. Any non-compliance of the law may attract penal provisions, he added.
The purpose of this programme is to educate people that how the system operates and what are the main requirements of the legislation.
Last year CDC had issued certificates to those who attended the training programme.
In other jurisdictions it is compulsory for a depository participant to hire at least one person who has passed exams prescribed by the depository. "From next year we would make mandatory for the participants to attend the training sessions," he disclosed.
Highlighting other CDC achievements, Jhakura said that success of the company operations can be judged from the fact that, at present more than 10.5 billion securities are in the system having value of over 460 billion of rupees.
Current year has seen tremendous growth in number of securities deposited and approximately 3 billion securities have been deposited in the system.
"Moreover, we have seen breakthrough in bringing securities of those companies which were reluctant to join the system for last seven years or so, and I am happy to say that 120 more companies have joined the system in the current year."
Similarly, he added, currently 13,000 accounts have been opened directly with CDC and almost 20 accounts are being opened daily.
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