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Depository Services

 
 

 Securities Accounts

Participants open and maintain Securities Accounts. These comprise Clients’ Securities Accounts and Participants’ (proprietary) Securities Accounts which are segregated from each other. Clients’ Securities Accounts are opened through and registered with a Participant. A Client may open accounts with several Participants.

Deposit & Withdrawals

CDS accepts deposits of securities certificates from Clients through Participants. To use the CDS Depository services, the Investor opens a Securities accounts in the CDS system through a Participant. Deposited certificates are forwarded to the registry of the issuer for the confirmation of the authenticity thereof. Clients’ Securities Accounts are credited only upon receipt of the written confirmation of the authenticity of the deposited certificates from the registry. This process eliminates the risk of introducing invalid securities in the CDS system. The registry has up to five business days to submit the confirmation to the CDS.

Clients can withdraw securities from the CDS by submitting a request through the relevant Participant. Upon withdrawal, the Client Securities Account is debited and the issuer’s registry is instructed to issue a certificate in the name of the client.

Key statistics on Depository Services

 

 

@ 30 June 2016

@ 30 June 2015

Official Market

Market value of shares held in the CDS:

Rs 188.88 Billion

Rs 201.54 Billion

% of quantity of shares issued deposited in CDS:

78.05%

87.33%

Development and Enterprise Market

   

Market value of shares held in the CDS:

Rs 37.87 Billion

Rs 42.77 Billion

% of quantity of shares issued deposited in CDS:

80.04%

81.17%

 

Number of securities accounts opened:

436,228

414,601

Number of registered clients:

96,449

93,483

 


Transfers

An investor may have more than one account with the same or different participants. The investor can transfer securities among these accounts by making the request through the relevant Participants which then transfer the securities online.

 

Pledges

The Depository Services also include the recording of pledges in favour of lending institutions with the agreement of both the borrower & the lending institution. The CDS procedures require that both the pledgor (borrower) and the pledgee (lending institution) open accounts in the CDS through their respective Participants. CDS records the pledge in the pledgee's collateral account for the quantity agreed by the different parties and in accordance with the details submitted in the CDS Pledge Form by the parties concerned.

In the records of CDS, a pledgor remains the shareholder of the pledged securities. However, the pledgor cannot avail of these shares unless the pledgee submits the appropriate pledge release instruction in accordance with CDS Procedures.

 

Dividends & Corporate Actions

Payment of dividends and other corporate actions by an Issuer is performed by the Issuer's registry. The role of the CDS is to provide the Registry with the list of shareholders together with all relevant details as at the record date.

In the events of bonus issue, rights issue, share split and initial public offerings, securities are directly credited to the securities accounts of holders in the CDS. The issuer does not issue certificates to shareholders registered in CDS.

 

Statement of Accounts

CDS provides monthly statement of accounts to all holders of active securities accounts. CDS sends all statement of accounts directly to securities account holders by electronic mail or by post at the physical addresses recorded in the CDS system. Account holders can also view the activity on their CDS accounts in real-time via the Internet.


Annual Service Fees Charged by CDS to Issuers

 

Schedule of annual service fees for companies listed on the Official Market 

 

  

Annual Service Fee 

Average Market Capitalisation (Rs)

Initial Listing (Rs)

Additional Listing (Rs)

Not exceeding Rs 100M

68,648

34,324

More than Rs 100M but not exceeding Rs 250M

88,451

44,226

More than Rs 250M but not exceeding Rs 400M

114,282

57,141

More than Rs 400M but not exceeding Rs 1,000M

126,735

63,368

More than Rs 1,000M but not exceeding Rs 2,000M

146,537

73,269

More than Rs 2,000M but not exceeding Rs 4,000M

166,340

83,170

More than Rs 4,000M 

166,340+0.00027% on

excess over Rs 4,000M 

83,170+0.00027% on

excess over Rs 4,000M

 

  

Schedule of annual service fees for companies listed on the Development and Enterprise Market 

 

  

Annual Service Fee

Average Market Capitalisation (Rs)

Initial Listing (Rs)

Additional Listing (Rs)

Not exceeding Rs 50M

19,530

12,959

More than Rs 50M but not exceeding Rs 100M

33,004

16,502

More than Rs 100M but not exceeding Rs 250M

42,245

21,123

More than Rs 250M but not exceeding Rs 400M

51,487

25,744

More than Rs 400M but not exceeding Rs 1,000M

60,728

30,364

More than Rs 1,000M but not exceeding Rs 2,000M

69,968

34,984

More than Rs 2,000M but not exceeding Rs 4,000M 

79,209

39,605

More than Rs 4,000M 

79,209+0.00027% on excess over Rs 4,000M 

39,605+0.00027% on excess over Rs 4,000M

 

Exchange Rate: 1 USD ~ Rs 35.75 

 

Annual Service Fees Applicable to Global Business Companies / Funds that are not Listed

The following schedule of annual service fee is applicable to global business companies / funds that are not listed on the Stock Exchange of Mauritius (SEM) or any other exchange and that wish to use the depository service of CDS:

   

 

Number of shareholders

Annual Service Fee (US$)

25 or less

500

Between 26 and 50

750

More than 50

1,000

 

Issue of ISIN

One-time fee of USD 600