CDS celebrates 25 years in Capital Market

The Central Depository Systems (Pvt) Ltd (CDS), a fully owned subsidiary of the Colombo Stock Exchange (CSE), celebrated 25 years in the Sri Lankan Capital Market on Friday.

The CDS was set up by the CSE in 1991, marking a historic breakthrough in clearing and settlement in Sri Lanka.

The milestone was celebrated at a market opening ceremony organized with the participation of the Chairman of the Securities and Exchange Commission (SEC) Thilak Karunaratne, the Director General of the SEC Vajira Wijegunawardane, the Chairman of the Asia-Pacific Central Securities Depository Group (ACG) Mr. Muhammad Hanif, the Chairman of the CSE Vajira Kulatilaka, Directors of the CSE Ray Abeywardena, Asanga Seneviratne, Aravinda Perera, Ms. Jeeva Niriella and the CEO of the CSE Rajeeva Bandaranaike. CEOs of CSE Member Firms, representatives of Custodian and Settlement Banks, Company Secretaries, Company Registrars, the CSE management, the staff of the CDS and other distinguished guests from the capital market fraternity were also present at the event.

Upon its historic entry to the capital market, the CDS was tasked to specialize in the settlement of securities transactions and the safekeeping of securities on behalf of domestic and international investors.

Today, the CDS handles dematerialization operations, accounts services, corporate action services and clearing & settlement services for its stakeholders – all possible as a result of a transformational journey of constant innovation, stakeholder focus and technical advancement. Sharing his remarks on the milestone, the Chairman of the CSE and the CDS Mr. Vajira Kulatilaka said “Today marks a proud moment as we celebrate our 25th anniversary. The CDS was set up through a project by USAID and was at the time, a unique feature of the capital market in the entire Asian region.

It has made sustained progress since and I believe that we are well equipped to work towards the betterment of the Sri Lankan capital market going forward.”