Operational Guidelines
Deposits of Share Certificates
Registrars must deposit verified securities with CSCS Plc at least 24 hours before trading them on the trading floor. This ensures that shares are available for trading on the trading day. Stockbrokers submit documents to registrars for verification. Registrars then send the records directly to CSCS Plc. Registrars are required to deposit the electronic records of share certificates with CSCS Plc between 9:00 AM and 2:00 PM every working day.
Trading Accounts
CSCS Plc requires stock brokerage firms to deposit funds in their Trading Accounts at designated settlement banks before trading on the exchange. This ensures that sellers receive payment for their trades. This is a significant improvement over the pre-CSCS Plc era, when brokers often sold stocks without guaranteeing payment to sellers.
Settlement of Trades
CSCS Plc sends trade information to settlement banks by 5 p.m. each working day. Settlement banks review the account status of all traders and process the trades. Payments are made through the NIBSS platform on a T+3 basis.
Registrar Information
CSCS Plc electronically updates certificates deposited with it. Registrars must verify that the securities and lodgement mandate/authorization against their records are genuine. Any forgery or fraud should be reported to CSCS Plc within 48 hours to prevent transactions on the affected shares.
Update of Register
Trading affects the records of listed securities. CSCS Plc sends trade information to registrars electronically and in hard copy for dividend payments and bonus issuance. CSCS Plc has made significant contributions to the capital market and will continue to adapt to the needs of the securities market to improve transparency and settlement speed.
