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Central Depository Bangladesh Limited

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Central Depository Bangladesh Limited
Formation2000
HeadquartersDhaka, Bangladesh
Official language
Bengali
Chairman of the Board
Tapan Chowdhury
Websitewww.cdbl.com.bd

Central Depository Bangladesh Limited (Bengali: সেন্ট্রাল ডিপোজিটরি বাংলাদেশ লিমিটেড) is a Bangladesh government regulatory agency that records and facilates the trade of securities in Bangladesh.[1][2][3] It is the National Numbering Agency for International Securities Identification Number in Bangladesh and member of the Association of National Numbering Agencies.[1] Tapan Chowdhury is chairman of the board of directors.[4] It is Bangladesh's only securities depository enterprise.[5]

History

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Central Depository Bangladesh Limited was established on 20 August 2000.[1] AKM Shamsuddin was the founding chairman of Central Depository Bangladesh Limited.[6]

On 20 October 2003, Electronic Government Securities Registry went online, allowing the Central Depository Bangladesh Limited to function.[1][7] Bangladesh Securities and Exchange Commission approved the bylaws necessary for Central Depository Bangladesh Limited to begin operations.[8] M Habibus Samad was then managing director of Central Depository Bangladesh Limited.[8][9] The transformed share transaction from paper to a digital one.[10][11]

Central Depository Bangladesh Limited is an associate member of the South Asian Federation of Exchanges.[1]

The president of Chittagong Stock Exchange, Fakhor Uddin Ali Ahmed, asked Central Depository Bangladesh Limited to reduce their fees to increase the confidence of stock market investors in September 2011.[12]

Bangladesh Bank ordered the Central Depository Bangladesh Limited to examine accounts held by depository participants in November 2014.[13] To participate in the stock market and apply for primary stocks one needs a beneficiary owner through a depository participant.[14][15]

Bangladesh Securities and Exchange Commission ordered the Central Depository Bangladesh Limited to reduce the fees charged by them in 2016.[16] National Board of Revenue ordered Central Depository Bangladesh Limited to investigate Debapriya Bhattacharya and his wife, Irina Bhattacharya, all their assets in the stock market.[17] A. K. M. Nurul Fazal Bulbul, co-founder of Sunlife Insurance Company Limited and EXIM Bank Limited, was elected chairman of Central Depository Bangladesh Limited in 2016.[18]

On 4 February 2018, Shuvra Kanti Choudhury was appointed managing director of Central Depository Bangladesh.[19] The company announced plans to begin web operations with software bought from Tata Consultancy Services.[20] Samson H Chowdhury was a former chairman of Central Depository Bangladesh Limited.[21]

Bangladesh Financial Intelligence Unit ordered Central Depository Bangladesh Limited to investigate the directors of Peoples Leasing and Financial Services.[22]

In 2021, Bangladesh Securities and Exchange Commission ordered Central Depository Bangladesh Limited to halt trading of all shares of Fareast Islami Life Insurance Company Limited whose directors were suspected of embezzling money from policy holders.[23]

In February 2022, investors blamed Central Depository Bangladesh Limited and Dhaka Stock Exchange for securities fraud committed by Tamha Securities.[24] Tamha Securities, Banco Securities, and Crest Securities were three companies that stopped operations due to fraud.[25] The ICT Division identified Central Depository Bangladesh Limited as a critical information infrastructure under the Digital Security Act and protected by the Digital Security Agency and National Data Center.[26]

Board of directors

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Sl. Name Remark Reference
1. Sheikh Kabir Hossain Chairman of Fareast International University [4]
2. A. K. M. Nurul Fazal Bulbul Chairman of Sunlife Insurance Co. Limited [4]
3. Syed Manzur Elahi Chairman of Apex group [4]
4. Azam Jahangir Chowdhury Chairman of East Coast Group and Prime Bank Limited [4]
5. Tapan Chowdhury Managing Director of Square Pharmaceuticals Limited [4]
6. Md. Afzal Karim Managing Director of Sonali Bank Limited [4]
7. Tarique Afzal Managing Director of AB Bank [4]
8. Syed Shahriyar Ahsan Managing Director of Sadharan Bima Corporation [4]
9. Salman F. Rahman Vice chairman of Beximco Group [4]
10. Md. Abul Hossain Managing Director of Investment Corporation of Bangladesh [4]
11. Md. Eunusur Rahman Chairman of Dhaka Stock Exchange [4]
12. Asif Ibrahim Chairman of Chittagong Stock Exchange [4]
13. A. K. M. Shamsuddin Chairman of News Crop Publication Limited [4][27]
14. Md. Abdul Mutaleb Managing Director & CEO (Acting) of Central Depository Bangladesh Limited [4]

References

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  1. ^ a b c d e "Overview | CDBL". www.cdbl.com.bd. Retrieved 2022-10-10.
  2. ^ Sattar, Nasreen. "Banking Tips". The Daily Star. Retrieved 2022-10-10.
  3. ^ "Block module for sale of shares of sponsors and directors". The Daily Star. 2019-05-15. Retrieved 2022-10-10.
  4. ^ a b c d e f g h i j k l m n o "Board of Directors | CDBL". www.cdbl.com.bd. Retrieved 2022-10-10.
  5. ^ "Stock investors to get monthly e-statement". The Daily Star. 2022-01-31. Retrieved 2022-10-10.
  6. ^ "Performance-based pay key to sound corporate culture". The Daily Star. Retrieved 2022-10-10.
  7. ^ "Capital market in 2003". The Daily Star. Retrieved 2022-10-10.
  8. ^ a b Rahman, M Shamsur. "Central depository ready for trial operation". The Daily Star. Retrieved 2022-10-10.
  9. ^ "CDS makes debut in bourses". The Daily Star. Retrieved 2022-10-10.
  10. ^ "5 cos join bandwagon of electronic scrips Sept 29". The Daily Star. Retrieved 2022-10-10.
  11. ^ "HeidelbergCement shares to be traded thru' CDS". The Daily Star. Retrieved 2022-10-10.
  12. ^ "CSE president stresses fresh fund". The Daily Star. 2011-09-25. Retrieved 2022-10-10.
  13. ^ "Depository participants come under CDBL lens". The Daily Star. 2014-11-18. Retrieved 2022-10-10.
  14. ^ Chowdhury, Sarwar A. (2014-08-07). "1.44 lakh BO accounts closed in July". The Daily Star. Retrieved 2022-10-10.
  15. ^ "First mutual fund for micro savers in pipeline". The Business Standard. 2022-10-02. Retrieved 2022-10-10.
  16. ^ "BSEC cuts fees for share trade". The Daily Star. 2016-07-15. Retrieved 2022-10-10.
  17. ^ "NBR hunts for financial info on Debapriya, wife". The Daily Star. 2016-01-07. Retrieved 2022-10-10.
  18. ^ "CDBL elects new vice chairman". The Daily Star. 2016-02-16. Retrieved 2022-10-10.
  19. ^ "Central depository gets new chief". The Daily Star. 2018-02-04. Retrieved 2022-10-10.
  20. ^ Habib, Ahsan (2018-09-26). "Modern depository system for brokers". The Daily Star. Retrieved 2022-10-10.
  21. ^ "Samson H Chowdhury's death anniversary today". The Daily Star. 2019-01-05. Retrieved 2022-10-10.
  22. ^ "Order issued to freeze accounts of 11 former directors, officials". The Daily Star. 2019-07-16. Retrieved 2022-10-10.
  23. ^ Habib, Ahsan (2021-12-15). "Audit Report on Fareast Insurance: Over Tk 2,100cr embezzled". The Daily Star. Retrieved 2022-10-10.
  24. ^ "Embezzlement by Tamha: Investors blame DSE, CDBL". The Daily Star. 2022-02-03. Retrieved 2022-10-10.
  25. ^ Habib, Ahsan (2022-01-10). "Investors pay the price for brokerage houses' forgery". The Daily Star. Retrieved 2022-10-10.
  26. ^ "29 institutions 'critical info infrastructure'". The Daily Star. 2022-10-04. Retrieved 2022-10-10.
  27. ^ "Pragati Insurance Limited - A leading general insurance company of bangladesh". pragatiinsurance.com. Retrieved 2022-10-10.
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