Muscat Clearing and Depository (MCD)
Brief Introduction
This Memorandum of Understanding is signed by CSDI Chief Executive Officer, Hamed Soltani Nejad and the MCD's CEO Abdullah Ahmad Al-Nabhani on May 12, 2014, at the CSDI headquarters in Tehran, Iran.
Objectives
- To exchange information in the field of rules and regulations, systems
- To exchange information on business, processes and executive solutions
- To exchange staff, hold joint training courses, seminars and workshops
An Introduction to Muscat Clearing and Depository (MCD)
Muscat Clearing & Depository (MCD) Company has been established according to the Royal Decree no. 82/98 issued on November 25, 1998 requiring the establishment of Muscat Depository, Securities Registration and define its terms of reference, in terms of actual operations began on February 1, 1999.
MCD is an Omani closed joint–stock company and its issued capital (5 million OMR), since MSM owns 60% of the company capital, investment as well as brokerage companies and the banks own 40%.
In fact the relation between MCD and The Capital Market Authority is governed by a concession allows the company to provide the following services:
Providing custody for the records of shareholders in joint stock companies, investment
funds, bondholders, bearers of any other securities - issued by the said companies – and
the government as well as public authorities listed with Muscat Securities Market.
Deposing, registering and providing a custody for shares as well as bonds selling
/buying contracts and the other securities amongst shareholders and bearers of
securities, and issue certificates of ownership transfer amongst the shareholders, and
procedures of custody and lien securities , and submit them.
Providing the concerned authorities with information on shareholders or bearers of
securities.
All about shareholders and bearers of securities.
Any other activities approved by the Board.
Joint Projects
- Holding a joint training workshop in Oman
The first CSDI and MCD joint workshop was held in March 2015 in Muscat, Oman. During the workshop, the CSDI representatives illustrated their experiences in the field of CSDI post-trade system designed for the Iranian Energy Exchange (IRENEX) to the Omani counterparts and resolved some technical glitches in the newly launched post-trade system designed for Oman's Energy Exchange.
- MCD High-ranking Delegation Visits CSDI Headquarters
On the sidelines of the 11th International Forum on Islamic Capital Markets (ICM 2019), hosted by Iran's Securities and Exchanges Organization in June 2019 in Tehran, a delegation of MSD representatives visited CSDI headquarters. Deputy Head of Operations of Muscat Deposit and Exchange Company, Mr. Salim Al-Balushi, led this delegation which saw visiting the CSDI Museum, different department of CSDI company and receiving first-hand descriptions on performance and responsibilities of each department on its agenda.
- Attendance of Oman's Sultan Qaboos University students in training course on Iranian capital market and CSDI structure
According to the memorandums of understanding between the capital markets of Iran and Oman, including the Memorandum of Understanding between CSDI and Muscat Deposit and Exchange Company, in July 2017, two students of Sultan Qaboos University of Oman visited the pillars of the Iranian capital market. CSDI also held a two-day course for the Omani delegation to get acquainted with the tasks, processes and performance of CSDI's departments.
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Joint Efforts in Framework of Federation of Euro-Asian Stock Exchanges
(FEAS)
CSDI and MCD as the FEAS associate members are working closely to support transparent and fair market infrastructure as well as support and promote regional capital markets.
