DOHA: Qatar Central Bank (QCB) has announced the establishment of the Qatar Central Securities Depository QCSD (a private QSC) to start its work as of next Thursday, January 2, 2014.
The company will hold all activities and tasks carried out by the Central Registration Department of the Qatar Exchange (QE).
QCB said in a press statement today that the Qatar Central Securities Depository (QCSD) is owned by Qatar Central Bank (QCB) and Qatar Exchange (QE), and obtained all the necessary permits from the official authorities in the State of Qatar, including the Qatar Financial Markets.
The QCSD will start work from its seat at the premises of the Qatar Credit Bureau.
The statement pointed out that the activities of the QCSD include the keeping, management, ownership, clearing and settlement of securities and their derivatives.
The Company will also provide related financial services including the registration and acceptance of government bonds and treasury bills and transference of their ownership.
As well as the application of the mechanism of delivery versus payment (DvP), application of the lending and borrowing system, the management and follow-up of the non-Qatari shareholders shares, the registration and acceptance of exchange traded funds (ETFs) and participation in the Initial Public Offerings (IPOs).
All shareholders records currently being enrolled in the Registration Department of the Qatar Exchange (QE) will be transferred to the new company which will be electronically connected with Qatar Exchange (QE) to enforce property transfers between sellers and buyers of the shares of companies listed on the Qatar Exchange (QE).
All corporate actions related to the shares that will be on the records of the shareholders will be made through the QCSD, where all necessary facilities are available for the shareholders and users at the Customer Service Hall and its website, the statement noted. (QNA)