CDS rings market opening bell to mark 35 years

From left: CDS Manager – Depository Services, R&D Strategy and Projects Vindhya Colombage; CSE Chief Market Operations Officer Chandrakanth Jayasinghe; CDS Head  Nadeera Athukorale; CDS and CSE Directors Kosala Gamage; Jayantha Fernando and Arjuna Herath; CSE CEO Rajeeva Bandaranaike; CDS Chairman and CSE Director Ray Abeywardena; CSE Chairman Dimuthu Abeyesekera; Director Senaka Kakiriwaragodage; CDS Manager – Central Control and Compliance Ruchira Jayasinghe; and CSE Clear Director Ruwan Manathunga

CDS team

The Central Depository Systems Ltd., (CDS), a wholly owned subsidiary of the Colombo Stock Exchange (CSE), commemorated its 35th anniversary by ringing the market opening bell at the Colombo Stock Exchange last week, marking three and a half decades of supporting the growth and development of Sri Lanka’s capital market infrastructure.

The ceremony brought together members of the CDS and CSE Boards, and former leaders of the institution to celebrate CDS’s journey since its establishment in 1991 as South Asia’s first Central Securities Depository and the seventh of its kind globally.

CDS Head Nadeera Athukorale said: For 35 years, the story of CDS has been one of continuous commitment, continuous improvement, and continuous dedication – powering trust, enabling progress, and shaping the future. Generations of employees have carried that torch forward.”

CSE Chief Market Operations Officer Chandrakanth Jayasinghe remarked upon the anniversary and the role of CDS in Sri Lanka’s capital market stating, “35 years of achievement have positioned CDS as a cornerstone of market infrastructure, enabling seamless post-trade operations and supporting long-term market development.”

CDS Chairman Ray Abeywardena, in his keynote address, reflected on the bold leap forward represented by the establishment of CDS and the transition to a scripless system, while highlighting the institution’s enduring role in Sri Lanka’s capital market infrastructure. Emphasising the significance of CDS, he stated, “CDS is considered the backbone of the CSE and provides an invaluable service. It is far more than a mere technology platform; it is an institution of trust and integrity. It safeguards the integrity of ownership and commands the highest levels of trust and confidence of all stakeholders. It also ensures efficiency, strong governance, transparency, accountability and resilience throughout its 35 years of unwavering service.”

Addressing the gathering, CSE CEO Rajeeva Bandaranaike, reflected on the future direction of CDS, saying, “We envision a CDS that serves as Sri Lanka’s National Depository, offers trusted escrow solutions, safeguards digital credentials through EduVault, powers an interconnected financial ecosystem, and embraces FinTech innovation.”

A special address was delivered by Ravi Peiris, the first General Manager of the Colombo Stock Exchange, who reflected on the formative years of both the CSE and CDS. He recalled how the CSE emerged following economic liberalisation, while CDS was established to meet the demands of a rapidly evolving share market and growing investor participation. Peiris noted that CDS marked a significant step into the digital age and, as the first depository of its kind in South Asia and the seventh globally, was a pioneering initiative. Despite numerous challenges, the project was successfully realised with the support of USAID and the industry leadership 

As part of the anniversary celebrations, CDS unveiled several new digital service offerings aimed at further enhancing convenience, accessibility and engagement for stakeholders. These included the launch of the CDS WhatsApp Chatbot, designed to provide users with quick and convenient access to information and support services; the newly launched CDS e-Connect Web Portal, offering an enhanced digital experience for CDS account holders; and the CDS Corporate Solutions Virtual AGM e-Voting Solution, a new platform designed to support digital shareholder participation and corporate governance through virtual Annual General Meetings and electronic voting capabilities.

A special segment of the event was dedicated to recognising individuals who have played a pivotal role in shaping the CDS over the past three and a half decades. Commemorative plaques were presented to former Heads of the CDS Renuke Wijayawardhane, Charitha Dumbukola, Rajeeva Bandaranaike, and Nalin Fonseka.

Since its establishment, CDS has remained at the forefront of capital market development, providing secure and efficient depository services while continuously introducing innovative solutions for investors, issuers and market participants. Today, with over one million accounts and a comprehensive suite of digital services, CDS continues to play a central role in safeguarding investor assets and supporting the integrity of Sri Lanka’s securities market.

As CDS embarks on its next chapter, the institution remains focused on digital transformation, innovation, strategic partnerships and the development of future-ready solutions that will contribute to the continued growth and resilience of Sri Lanka’s capital market.