Maintenance of Client Accounts

Changing details in a CDS Account

Where an account holder wishes to change any particulars in the account, the account holder shall submit a letter indicating the desired changes together with any supporting document (relevant to the particular change) to the Participant.

The Participant shall verify the accuracy of information provided by the client and authenticate the signature before submitting the documents to the CDS.

The CDS shall effect changes after verifying the documents submitted.

If an existing account holder submits a new Account Opening Form through a different Participant and if the correspondence address of the account holder differs with the CDS system, the CDS will change the address according to the new account opening.

If the CDS is not satisfied with the information submitted, the CDS will reject the request giving reasons by using CDS Form 14

In order to change the name of a fund, the Participant shall forward a request to the CDS furnishing all the relevant details. The CDS shall forward the request for the approval of the SEC.

Once the CDS obtains the approval of the SEC, CDS shall change the name of the fund and THE CDS inform such name change to the Participant in writing.

Documentation Required to Change Details in CDS Account:

For individuals:

  • Change of Name
    A letter from the account holder together with a copy of the NIC/Passport with other supporting documents to prove the relevant name change. (E.g.: Marriage certificate/Affidavits/Birth Certificates)

  • Change of address

    To change the Residential Address;
    A letter from the account holder together with documentary proof for the residential address as per the Rules issued by the Financial Intelligence Unit of Sri Lanka.

    To change the Corresponding address;
    A request letter together with a proof of residency document to prove his residential address. If the account holder has already submitted the documentary proof for the residential address, a request letter would be sufficient to change the correspondent's address.

  • Change of Account numbers
    A letter from the account holder together with a copy of the NIC/passport

For companies:

    A request from the Participant to change the name.
    Instructions from Account holder to change the name of the company.
    Certificate of name change or similar document, issued by the Registrar of Companies/applicable authority where the Company is incorporated.

For Funds:

    A letter of request from the Participant to change the name.
    Instructions from the Account holder to change the name of the Fund.
    Certificate of name change or similar document.
    Letter/copy of extract of name change/other document issued by the Funds Supervisory Authority (Fund regulator) of the relevant country.
    Letter of Approval granted by the Securities and Exchange Commission of Sri Lanka which clearly states the former name and the new name of the fund.

Closure of CDS Accounts

Account holders may request to close or suspend their CDS client accounts in the CDS through the relevant Participant.

Procedure

  • The CDS requires a letter from the account holder through the Participant, instructing the CDS to suspend or close the account.

  • Once the Account is closed, the CDS will inform such closure to the Participant in writing