Friday, February 28, 2020

CDC reduces annual fee by 65 percent, rationalise tariff for five years

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Central Depository Company of Pakistan Limited (CDC) has reduced its annual fee and tariff structure in the larger interest of the public and to support the stock market.

As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business.

In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services.

As part of the recent reduction, CDC has provided 100% waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts.

Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65%.

Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14% and 16% respectively.

Commenting on this market supporting endeavor, Badiuddin Akber, CEO-CDC said that “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public.

While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants.

This is our ongoing contribution towards the development of Pakistan Capital Market.”

Read also: CDC Share Registrar Service launches e-Voting Service

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

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