Banking & Finance

Bursa Malaysia seeks Feedback on Proposed Rule Amendments for CDS eServices

Date: 31 May 2019; Type: Legal News; Source: Bernama

KUALA LUMPUR, May 31 (Bernama) - Bursa Malaysia Bhd has issued a consultation paper seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository Sendirian Bhd (Bursa Depository) to facilitate a suite of central depository system (CDS) eServices for individual depositors. The features for the new CDS eServices will be offered in two stages, namely Release 1 and Release 2. Bursa Malaysia said in a statement, the consultation paper was issued to facilitate additional features in Release 2, which is targeted to be introduced by year-end.

It also said the additional features include allowing individual depositors to open new CDS accounts, subscribe for initial public offerings and rights issues, as well as make payments online to the Bursa Depository for CDS related transactions.

Other additional features are, facilitating other activities, including the transfer of securities between depositors own CDS accounts with the authorised depository agents’ approval, reactivate inactive or dormant CDS accounts, as well as make payments online to the Bursa Depository for CDS related transactions.

This is in line with Bursa Malaysia’s aspiration to transform customers’ experience and empower individual depositors with easy access to a wide range of depository services anywhere and anytime at their convenience.

In addition, this programme also promotes sustainability practices through digitalisation and encourages the industry to embrace digital transformation as a whole.

Rolled out yesterday, Release 1 allows depositors to perform various depository services via their smartphones such as viewing the balance shareholdings of their direct CDS accounts, accessing monthly statements, updating specific depositors’ particulars and receiving notifications in relation to their shareholdings.

MY Bernama

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