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CDBL launches radio-link to speed up share demat

Star Business Report
Central Depository Bangladesh Ltd (CDBL) has started offering radiolink connections to depository participants (DPs) to speed up the process of demat and electronic settlement of shares under the central depository system (CDS).
CDBL recently established a hub on the seventh floor of Dhaka Stock Exchange (DSE) building and so far provided radio-link connections to five DPs.
The radio-link connection would largely mitigate sufferings of DPs who previously could not log on the CDBL server due to heavy rush on limited telephone capacity of the CDS service provider, said an official of DSE’s DP office which first got the radio connection.
"Previously, we could not get free line to log on CDBL server. So, we had to wait until night to get day's works done," he said.
The initial connection charge of the radio link is Tk 5,000 and monthly rental is Tk 750. The radio link would speed up the demat process which is quite slow now as DPs find the CDBLserver busy most of the time.
A total of 40 companies are now in CDS, but only 14 percent of the total shares have so far been dematted. As shares of a CDS adopter can not be traded without dematting, this small number of dematted shares hamper secondarymarket transactions.
Chief Executive Officer of CDBL MH Samad said, "Radio link will surely help DPs to get smooth connection to our server speeding up settlement and dematting. After getting all our ordered equipment after Eid, we will be able to provide radio link connection to 48 DPs."
"Getting land telephone connection is a big problem in Bangladesh. We have applied for 100 connections and got only 34. If we had got our required telephone lines, the log on problem would not have happened," he told The Daily Star on Tuesday.
Meanwhile, Mona Financial Consultancy and Securities Ltd, a broker, in technical support of Metronet, an IT solutions firm, has taken an independent effort to connect it with CDBL through optical fibre. A bit expensive, but the fibre optic connection will work better than radio link and largely minimise the present timeconsuming process of logging-in onto theCDBLserver.
, Over 80 members of the DSE are DP of the CDBL The CDS was introduced in country’s capital market with share trading of Square Pharmaceuticals Limited on January 24,2004.
CDS facilitates on time corporate actions like electronic distribution of bonus shares, eliminating hassles relating to manual share registration and transfer, and prolonged process of certificate validation.