CDS launches Online Service
Bringing a new dimension to investors and traders, the Central Depository System (Pvt) Ltd (CDS) launched CDS e-connect, a secure electronic business portal that offers an array of online services to CDS account holders.
With CDS e-connect, account holders have the ability to access resources including transaction details, portfolio reports and past monthly statements – in real time and at the click of a button. Institutions such as margin providers, have the ability to manage multiple user accounts through a single user ID.
Commenting on the launch, the chief operating officer of the CSE, Mr. Renuke Wijayawardhane said, “Offering convenience to investors remains a top priority for us, and in this connection, we are pleased to launch this new online facility. Technology forms a vital component of the transformation process of capital markets around the world and it is important that the Sri Lankan capital market embraces the value technology offers to all stakeholders. e-connect is yet another step in our effort to improve the infrastructure of the CDS.”
The introduction of e-connect means that the CDS now joins many peer depositories from around the world in offering electronic services to account holders. The technology for the e-connect service is provided by Millennium Information Technologies, who is a part of the London Stock Exchange Group. CDS is a fully owned subsidiary of the Colombo Stock Exchange (CSE).
Mr. Nalin Fonseka, head of CDS stated that while the introduction of this new online facility offers value through many technological benefits, it is also aimed at bridging the gap between the CDS and account holders. He added “e-connect will take accessing of CDS account transaction details to a new level because of the accessibility through personal computers, Tablet PCs or mobile devices. We will be able to offer convenience and enable account holders to keep track of changes to the CDS account details through this service. Especially from the perspective of the foreign investors, this would provide a platform for them to verify both their account information and portfolio information, which simplifies the process to a large extent.”
The introduction of e-connect comes at the back of a number of other value added services and improvements to the technology provided by the CDS, including the launch of SMS alerts and eStatements. These initiatives, along with the recent drive by the CSE to promote mobile trading, have been introduced with the objective of encouraging investors to take an active role in the management of their investment portfolios.
The list of services offered through CDS e-connect includes:
- Alerts and notifications on corporate actions due for the next market day
- Transactions/changes of portfolio
- Access to view all accounts registered under the client via a single user ID
- Access to view account balances
- Access to view transaction history for the past 6 months
- Access to view master file data available in the CDS system
- Access to view current monthly statement
- Access to view monthly statements for up to 6 months
- Request for additional monthly statements.