Companies shortlisted for Central Securities Depository

TWO consortiums –– Chengetedzai Depository Company Ltd and Zimbabwe Central Securities Depository Company were yesterday shortlisted for the establishment of the national Central Securities Depository and Settlement System (CSD), Securities Commission of Zimbabwe CEO Alban Chirume says his commission is mandated in the Securities Act (Chapter 24:25) to approve the establishment of a Central Securities Depository.

“A CSD adjudication committee which comprised of representatives from the Securities Commission of Zimbabwe, Reserve Bank of Zimbabwe, Finance ministry, University of Zimbabwe –– ICT Experts and a legal practitioner was set up and mandated to initiate the process,” he said.
“The shortlisted companies are Chengetedzai Depository Company Ltd and Zimbabwe Central Securities Depository of the four companies that had submitted tender documents,” Chirume said.
The other two that had tendered in their bids but failed to impress are CDF Trust and Land Fortune Farming Ltd.
Camelsa Chartered Accountants were engaged to observe the opening of tenders on May 18. The commission says it engaged the services of Ernst &Young Chartered Accountants to carry out an independent evaluation of the bids.
Chirume said in terms of Section 68 of the Securities Act, any person may establish a central securities depository under a scheme that is approved by the Commission.
“Section 15 of the same Act empowers SEC to establish Panels and working groups for the better exercise of its function,” he said.


Paul Nyakazeya