Doha: Qatar Central Bank (QCB) has announced the establishment of Qatar Central Securities Depository QCSD, which will begin functioning on January 2. 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 yesterday that the QCSD is owned by QCB and QE, and obtained all the necessary permits from the official authorities in Qatar, including the Qatar Financial Markets. The QCSD will start work from its seat at the premises of the Qatar Credit Bureau.
The statement added 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 QE will be transferred to the new company which will be electronically connected with QE to enforce property transfers between sellers and buyers of the shares of the listed companies.
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 said.
QNA
