eDividend Repository service awareness seminar conducted for Share Registrar Companies in Karachi & Lahore
CDC has always supported introduction of reforms in Pakistan Capital Market and adoption of best practices of the global CSD industry. With a similar objective, one recent initiative in this direction has been the launch of an eDividend Repository service which maintains history of all cash benefits paid to shareholders in a Centralized Cash Dividend Register (CCDR).
The service enables listed companies to comply with the requirements of the newly introduced ‘The Companies (Distribution of Dividends) Regulations 2017’ by SECP. The Regulations require listed companies to pay dividends electronically and provide the record of all related details to CDC.
For shareholders, the eDividend Repository provides a streamlined online record of all their cash benefits due, received or withheld for any reason. The shareholders can also access a dividend report that provides all the details required for filing of returns on the dividend received such as gross amount, tax and zakat deductions, financial year and other details.
To provide in-depth understanding of the eDividend Repository system and its processes, an awareness training session was conducted for Share Registrars/Transfer Agents (R/TAs) and Custodian Banks in Karachi on February 7 and 22, 2018 respectively. A similar training was held for R/TAs in Lahore on February 22, 2018 as well.
The training focused on providing a complete review of the service along with practical demonstration of the system. Such hands-on understanding will ensure proper record maintenance in the CCDR and provision of smooth user experience to the shareholders.