CDC and 1link sign agreement for centralised eIPO system

CDC and 1link sign agreement for centralised eIPO system

KARACHI: Central Depository Company of Pakistan Limited and 1link recently signed an agreement for Bill Payment System (BPS), as part of the Centralized eIPO System, at CDC House.

The agreement was signed by Aftab Diwan, CEO - CDC and Najeeb Agrawala, CEO - 1Link. Shahid Nasim - Executive Director, SECP, Muhammad Ali Sario - Joint Director, SBP, were also present on this occasion, with team members.

CDC recently had introduced Centralized eIPO System (CES) under the guidance of the Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP). eIPO is an efficient, easy and hassle-free mechanism that lets investors apply for the subscription of shares of companies, offered to general public.

The investors having a valid national identity card, bank accounts in scheduled banks and CDC accounts can electronically subscribe IPO . The eIPO system will help increase the outreach of IPOs, promote the culture of keeping securities in book-entry form and will make the IPO process more user-friendly and efficient.

The Centralized eIPO System will be available for upcoming IPO of Ittefaq Iron Industries. Internet and Mobile banking and the Over the Counter (OTC) payment channel will soon become available for this IPO through a number of banks, the list of which is provided on the said website.