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Director of the Center for Iraqi deposit (morning): approximately 2 trillion shares have been registered on behalf of shareholders in the center
14/06/2011
BAGHDAD - Haider al-Rubaie Filaih
Revealed Managing Director of the Centre for filing the Iraqi that the proportion of shareholders of non-Iraqi in the Iraqi market for securities reached during the month of May last more than 628 million, noting that the monthly report of the Centre for the filing said that the volume of record shareholders amounted to 1.987 trillion shares, an applicant which amounted to 1.095 trillion shares of any 53 percent of the equity and venture capital firms, indicating that the number of applicants reached 72,471 people, including the size of 70 798 while the volume of companies 1645.
At the same time pointing out that the banking sector, the volume of deposits issued over the past month, it reached 916 billion shares by 55.6 percent of the total volume of applicants ..
, "Said Salim Amin during his speech for the (morning): The SDC is responsible for the maintenance of stock ownership for all shareholders and can not be any shareholder to sell its shares in the Iraqi market for securities only after the deposit in the Centre (CDS), and also indicates that the center is the institution economic non-profit organization contributing to the promotion of economic investment is safe and discreet and stable support of all sectors and the beneficiaries of the services provided by the Centre, saying that among the main tasks entrusted to the Centre is to accept the shareholder register of joint stock companies registered in the center of the filing of Iraq, as well as keeping the ownership of securities (certificates of stock), as well as miscellaneous services adoption and the adoption of international standards of credibility and clarity in dealing with the beneficiaries, whether capital markets or joint-stock companies or brokerage firms or shareholders, investors or government departments.
And between the Secretary of the culture of the stock market in Iraq is moving towards the achievement of good gains after absorption of the people for the most advantages and the laws relating thereto, which prompted the citizens to look for how to participate in the trading markets and before that their search for how they provide them cover as Secretary for their money and their shares traded, and therefore The Centre prepared for the same goals sought to achieve aims mainly to enhance the confidence of investors in securities and enable them to pursue their investments and easily through the preparation of a central registry for keeping stock of all corporations, according to the words of Amin, who explained that the center also aims to reduce the risks that were being during manual trading such as the exposure of securities (Share Certificate) for damage or loss or fraud, noting that among other goals, which the Center seeks to achieve is to reduce the risks arising from the implementation of clearing and settlement between brokers and investors, and to ensure the fastest period of rotation of securities through carry out the transfer of ownership in the specific timing.
The Secretary of that of the main goals that the Centre hopes to achieve them in future periods is to attract the largest possible number of foreign investors and keep abreast of international standards in the use of a central registry, and the establishment of a standardized database of Securities in Central Depository System and the base of the other owners of securities.
The Executive Director of the Centre had conducted 55 process (Arthyp and waiver), which means the transfer of shares and bonds of the deceased to their heirs, which ensure the conservation of the Secretariat and not to manipulate shares of the deceased and transferred according to law, where the operation included 223 people and the number of shares exceeded 688 million shares , as well as on the implementation of operations under $ 16 and by the 6.2 billion shares, and 254 by the process of transferring ownership of 4.5 billion shares.
The secretary also said the Centre the status of many of the plans for the future that will contribute to a large extent the development of the rules of deliberative in Iraq during the coming period, noting that the establishment of a compensation fund financed profit center with the participation of the beneficiaries is one of those plans, which the Centre hopes to achieve, also included the plan also supervise and control on the professional activities related to the Center, and the establishment of relations of cooperation with the Centers for filing and economic organizations in the Arab world, and the introduction of shareholder registers electronically in full and open accounts for all shareholders and companies registered in the centers of the deposit, as well as the introduction of all unlisted companies in the center, which operated during manual trading and remain outside the electronic trading.
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