Decentralization of CDS Account Openings
Sri Lankans can now open a securities account instantly with their Stock broker under a new decentralization program by the Central Depository Systems (CDS) eliminating the need to forward application forms and connected documents to CDS and wait for the CDS to open the account and confirm to the stock Broker and for the stock broker to notify the account holder.
This empowerment would grant Stock Brokers a greater level of flexibility to service investors more efficiently and in a timely manner. The CDS recently upgraded its systems to enable stock brokers to create CDS accounts on behalf of their clients, which enables the investor to trade immediately. Stockbrokers have also been given the ability to carry out Broker to Broker portfolio transfers without the intervention of the CDS thus providing convenience of a faster service to their clients.