Online Services for CDS Account Holders Launched via
Central Depository System (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), announces the launch of 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. For institutions such as margin providers, the ability to manage multiple user accounts through a single user ID is another key feature of this facility.
Commenting on the launch, the Chief Operating Officer of the CSE Mr. Renuke Wijayawardhane stated “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 technology for the e-connect service is provided by Millennium Information Technologies (MIT) who are a part of the London Stock Exchange Group. MIT are also the providers of the CDS system.
The introduction of e-connect means that the CDS now joins depositories from around the world in offering electronic services to account holders. Many peer depositories in the Asian region are currently providing similar facilities.
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.
