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Central depository ready for trial operation

SEC clears last legal requirement

M SHAMSUR RAHMAN
The Central Depository of Bangladesh Limited (CDBL) is expected to go live any moment with the Securities and Exchange Commission (SEC) yesterday approving the necessary bye-laws.
With the approval of the byelaws, the last legal requirement for it, the CDBL will begin mock scripless transactions of shares soon, CDBL Managing Director MH Samad told The Daily Star.
He said during the initial few months of trial operation, the depository will introduce its activities before the prospective depository participants who will manage accounts of investors for the CDBL.
Brokers, dealers, banks, financial institutions or even limited companies will qualify to be depository participants.
"All a depository participant will need is a PC and a telephone line to log into our system through dialup," Samad said explaining the system of share trading electronically, without paper scripts.
He said the depository will demonstrate its system and facilities before the market players. "We will also train-up people where we find it necessary." SEC officials said they have approved the last legal requirement and the operation of the depository is awaiting just a click on button.
CDBL officials said they will still need some time to conduct the mock operation for a maximum period of time, and obtain business commencement certificate and a full registration certificate from SEC, prior to going live.
The central depository system is expected to reduce the cost of share trading as all the paper certificates will gradually be dematerialised to start electronic transactions of shares.
Through such trading mechanism, the risk of fake shares will also be eliminated. And the listed companies will see their expenses reduced as they would hardly need full fledged share departments to handle accounts of investors.
Under the system, an investor will need to open an account with a depository participant (DP) and credit his shares to the broker through whom he intends to sell his shares, explained an SEC official.
He said the broker will deliver the share of his investors to the stock exchanges on the third day
from the trading day and collect the money from the stock exchanges on the fifth day from the trading day.
The broker would then credit the collected amount to the account of his client against the sold shares.
In case an investor decides to dematerialise his shares all he will need to do is to open an account with a DP and submit a request form. The DP will issue a 'request for demat' in the CDBL system and return the share certificates, the official said.
The investor will then have to take his shares to the listed company concerned and submit for verification.
"Upon verification the company will deduct the shares from the folio account of the investor and issue a receipt to the investor. The company will also credit the shares against the number of dematerialised shares to the DP who had issued the request form," said the SEC official.
The investor will then be able to sell those dematerialised shares through his broker whose account will be credited by the DP as per instruction of the client.