Karachi: We refer to your application under Regulation 5.1.8 of the Central Depository Company of Pakistan Limited Regulations (“the Regulations”) for declaration of Units of KASB Cash Fund (Open-end Scheme) managed by KASB Funds Limited, as CDS Eligible Securities and are pleased to inform you that CDC has, under Regulation 5.1.11 of the Regulations, accepted the application and a formal notice under Regulation 5.1.1 of the Regulations is enclosed.
In this regard, please note that while the aforesaid Securities have been declared as CDS Eligible, however, we have observed that CDS and CDC related clauses are not covered in the constitutive documents which may please be incorporated in the next immediate revision in the Offering Documents of the said fund. Please note further that the Securities as declared as CDS Eligible Securities shall be governed by CDC’s legal framework particularly with reference to transfer, pledge and redemption of units.
Further, as a requirement of the Regulations, we need to enter into an agreement with your company pertaining to aforesaid declaration, which along with other relevant documents are being sent to you under a separate cover.
In the meantime, you are requested to advise the relevant officials of your company to make necessary arrangements for the smooth induction of aforesaid units into the CDS.
Notice of Declaration of CDS Eligibility
Notice is hereby given that the Central Depositary Company of Pakistan Limited has declared that Units of KASB Cash Fund (Open-end Scheme) managed by KASB Funds Limited shall be Eligible Securities for the purposes of its Central Depository System (“CDS”), with effect from Friday, August 19,2011.
For more information, contact:
Fazal Hussain Ghafoor
CFO & Company Secretary
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136