CSE launches SMS updates for CDS accountholders

Friday, 1 August 2014 00:42 - - {{hitsCtrl.values.hits}}

New initiative to help investors keep abreast with stock market activity through their mobile phone

The Colombo Stock Exchange (CSE), in its continuing endeavour to encourage stock market investors to take an active role in the management of their investment portfolios through timely monitoring of investments, will provide a new service for stock market transaction updates through SMS. The SMS service, which will launch today (1 August), will enable CDS accountholders to receive two daily updates, firstly regarding transactions taking place on their CDS accounts through the Automated Trading System (ATS) of the CSE and secondly detailing all CDS transactions on their CDS account. The end-of-day updates will keep users updated on market purchases, sale of shares, deposit of shares, transfer of shares, IPO direct deposits, subdivisions and consolidations, direct upload of shares resulting from further issue of shares such as Rights issues and direct deposits. This SMS update will enable subscribers to monitor their daily transactions and in turn, clarify with their stock broker any discrepancies with regards to these transactions. These updates will minimise faulty transactions by allowing time for clarifying and rectifying any miscommunications or lapses. This step by the CDS and CSE is in line with other major regional exchanges in Asia which have adopted similar instantaneous updates from depositories. “Daily updates through SMS are an innovative way of keeping our investors informed regarding their transactions. With the launching of our mobile app, we offered them a generic overview of the market, and now we are aiming at providing them information pertaining to their individual accounts and transactions. Our priority is investor engagement to ensure investors are given all the information necessary to make prudent investment decisions,” CSE’s Chief Information Officer Chandrakanth Jayasinghe said. Central Depository Systems Ltd. is a wholly-owned subsidiary of the Colombo Stock Exchange and is the depository for listed securities and is also the clearing and settlement arm of the Colombo Stock Exchange.