Srilanka, June 25 -- Central Depository Systems (Pvt) Ltd (CDS), a subsidiary of the Colombo Stock Exchange (CSE), has announced new measures aimed at protecting dormant CDS accounts that have remained inactive for three years or more. The measure will involve a staggered suspension framework for dormant accounts which can be re-activated at any time quite easily by account holders subject to updated KYC information.
This initiative, listed in CDS's latest circular, is designed to protect CDS account holders from fraud risks in dormant accounts in accordance with CDS Rule 3.10, to protect investors. It shall classify CDS accounts which have remained dormant for 3 years as "Non-Operative Client Accounts" and restrict transactions and dealin...