KARACHI: Badiuddin Akber recently took charge as the CEO of the Central Depository Company of Pakistan Limited (CDC) subsequent to formal approval by the Securities and Exchange Commission of Pakistan (SECP).
This key appointment has been made while taking into consideration that CDC is a key capital market institution and considered as the Infrastructure Backbone of the Pakistan Capital Market and is credited for the revolution that has brought transparency, credibility and efficiency to the market mechanisms. As the only securities depository in the country, CDC is entrusted with maintaining book-entry securities worth trillions of rupees and manages a diversified portfolio of businesses including Trustee and Custodial Services and Share Registrar Services.
This is the third time in a row that the CEO of CDC has been selected from within its senior management. It is a testament of the company’s effective succession planning and also an expression of continued trust by the board of directors of the company on the senior management.
Mr Akber has 20 years of senior management experience in the fields of finance and operations in renowned conglomerates in Pakistan including Head of Finance and Company Secretary positions. He has also served as CFO and Chief Operating Officer at the National Clearing Company of Pakistan Limited. At CDC, he was previously serving as the Chief Compliance and Risk Officer and was also the nominated Chairman of the Oversight Committee formed by the SECP under Joint Inspection Regulations, 2015.
He has extensive expertise in Financial Management, Clearing & Settlement, Risk Management, Operations, Product Development and Project Management in the Pakistan Capital Market. He has played a key role in the implementation of various significant products, services and reform measures which include Revamping of Capital Gain Tax Regime, Unique Identification Number (UIN), Institutions’ Risk Management System, Straight Through Processing of Market Settlements, and in the introduction of Leverage Products such as Margin Financing, Margin Trading and Securities Lending & Borrowing.
He is a Fellow Member of the Institute of Cost & Management Accountants of Pakistan (FCMA). He also holds ACMA-CGMA (Chartered Global Management Accountants) qualification from the Chartered Institute of Management Accountants (CIMA – UK) and qualification of Chartered Professional Accountant (CPA, CMA – Ontario, Canada).