Frequently Asked Questions

Please find the answers to a list of Frequently Asked Questions (FAQ) we get from the investors.

Jump to topic

  1. Maldives Securities Depository (MSD)
  2. MSD Account
  3. Infinity
  4. Dematerialisation of Physical Shares
  5. Securities Deposit/Transfer/Withdrawal
  6. Securities Trading
  7. Dividends
  8. Contact

Maldives Securities Depository

What is Maldives Securities Depository and how does it function?

Maldives Securities Depository (MSD) is the custodian for all securities (shares, bonds etc.) listed with the Maldives Stock Exchange (MSE). MSD undertakes:

  • Clearing and settlement functions for MSE;
  • Administers transfer of off-market securities in accordance with off-market regulation of Maldives Capital Market Development Authority.

MSD Account

What is an MSD Account?

MSD Account is an account opened with the Maldives Securities Depository via an account opening application, by an Individual or a Legal Entity, for the purpose of depositing securities in electronic form held under the name of the depository account holder.

How to open an MSD Account/ depository account with MSD?

  1. Request to open an MSD Account via Infinity at The following documents are required:

    • Notarised Passport copy (for foreigners);
    • Notarised National Identification copy (for Maldivians);
    • Notarised MSD Account Opening Form.

    Note:In the absence of notarised (attested as true copies by a legal entity or licensed professional in the Maldives) documents, MSD will create a locked account with limited access. Accounts with limited access will be restricted from secondary market trading.

  2. Submit an MSD Account Opening Form with supporting documents to MSD Head Office. The following documents are required:

    • National Identification copy (for Maldivians);
    • Passport copy (for foreigners).

    Note: If original is not available, please submit a notarised copy of the document.

Are there any fees charged for opening an MSD Account?

Maldives Securities Depository does not charge a fee for account opening.

How long does it take to open an MSD Account?

When you submit your account opening request, it will take 3 working days to process your request.

Upon completion of the request you will be notified via text message, or email provided in the account opening form.

Can I subscribe to an ongoing Initial Public Offering (IPO) before opening an MSD Account?

Yes, you will be able to subscribe to an IPO before opening an MSD Account. You may:

  1. Subscribe to an IPO via a designated Service Agent, which will require you to submit the IPO Subscription form and MSD Account opening form.
  2. Alternatively, subscribe to an IPO via the online portal Infinity. If you submit a notarised application, an in-person verification will not be required. However, if you submit an application that is not notarised your account will be locked with limited access prior to in-person verification.

How do I update my information?

MSD Account holders registered on Infinity may update bank account details and contact address via Infinity.

However, MSD Account holder’s name, contact number and email can ONLY be updated:

  1. By submitting the MSD Account Information Update Form with original Identification documents to MSD Head Office.
  2. Or, by emailing the application form with notarised documents using the email linked to your MSD Account.

How do I request for an MSD Account Statement?

  1. If you are registered on Infinity, you may login to Infinity and download your MSD account statement under the tab My Balance.
  2. Alternatively, you may visit MSD Head Office during working hours to request for an account statement.


What is Infinity?

Infinity is an online self-service portal for MSD Account holders. MSD Account holders can register on Infinity with a username and password. Registered Infinity users can use Infinity to:

  • Check MSD Account balances;
  • Download MSD Account statement;
  • Update MSD Account information;
  • Subscribe to ongoing public offerings.

Who can request for an Infinity account?

Infinity is currently available for individuals who hold an MSD Account. Legal entities are currently not permitted to register on Infinity.

An Individual without a pre-existing MSD Account may register on Infinity for the purpose of subscribing to a public offering. Under such circumstances, the public offer subscription application will also include a provision for making a request to open a depository account under the individuals name.

Infinity asks me to verify my credentials. What does this mean?

In the absence of notarised copy of the account opening form and Identification document, Infinity will create a locked account for account opening requests made via Infinity.

To verify the credentials you may submit original or notarised documents with the application.

Note: Existing Infinity users cannot verify the account through Infinity and are required to submit an account information update form to verify the credentials.

Infinity does not recognize login credentials on my existing MSD Account. What do I do?

Infinity recognizes information you have provided while opening your MSD Account.

If you wish to change the email or the contact number provided during the MSD Account opening:

  1. You may submit an Account Information Update Form to MSD Head Office. Present your original ID card/Passport for verification.
  2. Alternatively, you may submit the Account Information Update Form via registered email on your existing MSD Account.

Dematerialisation of Physical Shares

What is dematerialisation of securities?

Dematerialisation, or demat of securities is the conversion of physical certificates of shares/ bonds into electronic form. Dematerialised shares are deposited with MSD in the respective account of the MSD Account holder.

Can I hold my securities in physical form?

Yes, in the form of a share or bond certificate.

 A security certificate once dematerialised will be cancelled by the company. You may hold your securities in either dematerialised, or certificate form. Both forms reflect same legal title and ownership.

MSD recommends you deposit your securities with MSD for safe custody and easy transaction purpose.

Why are my physical shares/bonds not seen on my MSD Account statement?

Your MSD Account will show securities deposited to your MSD Account. Physical certificate holdings will not be reflected in your depository account statement.

You may deposit your securities to MSD by submitting a securities deposit form.

Securities Deposit/Transfer/Withdrawal

How do I deposit my Share Certificate to my MSD Account?

You may submit the completed Securities Deposit Form  to MSD Head Office. The documents required are:

  • Original Identification Document;
  • Original Share Certificate;
  • Original witness Identification Document.

Note: If original document is not available, please submit a notarised copy of the document.

How do I withdraw my Securities Certificate from my depository account?

You may do so by submitting Securities Withdrawal Form with supporting documents.

Upon request for withdrawal, issuing company will be notified. MSD will notify you via phone to collect your securities certificate once the company issues the Certificate.

Note: A withdrawal fee of MVR 20 will be charged with every application.

Can I transfer my shares to somebody else via Infinity?

A request to transfer shares is not permitted to be made through Infinity.

To transfer your shares, you may submit the Inter Account Transfer (IAT) Form  to MSD Head Office. The following documents are required:

  1. Your original Identification Document (not required for deceased transferors);
  2. Original Identification Document of the person whom you are transferring the shares to (transferee’s ID);
  3. Witness Identification Document (not required for court cases);
  4. Court report (if the transferor is deceased).


  1. IATs can be done between depository account holders who holds dematerialised shares/bonds at MSD.
  2. If the original document is not available, please submit notarised copy of the documents.
  3. As per the off market share transfer regulations, shares can only be transferred between related parties. Related parties include: siblings, spouse, children, stepchildren, parents, grandparents and grandchildren.
  4. An IAT fee of MVR 5 will be charged with every application.

I hold shares in physical form. How do I transfer these shares?

You may complete and submit the Physical Share Transfer (PST) Form to MSD Head Office. To do a physical transfer the following documents are required:

  1. Original Identification Document, or a notarised copy of your Identification Document (transferor);
  2. Identification Document of the person whom you are transferring the shares to (transferee);
  3. Witness Identification document (not required for court cases);
  4. Original Share Certificate of transferor and transferee;
  5. Court report (if the transferor is deceased).


  1. A PST is only possible between related parties.
  2. A PST fee of MVR 50 will be charged with every application.

Securities Trading

How can I buy or sell shares via Infinity?

You may not buy/sell shares through Infinity.

To trade, you may either visit or contact a broker and place your buy/sell order.

Registered brokers in the Maldives are:

  1. Aariya Securities
  2. Stock Brokers Maldives.

Where can I find the current share prices?

Latest trading price of listed securities can be viewed on the Maldives Stock Exchange trading board.

Where can I find the historical share prices of the listed companies?

If you are a shareholder/ bondholder of a listed company, you may contact the company directly to clarify any

Historical trading prices can be retrieved from Maldives Stock Exchange Insights page.


How do I ensure I receive my dividend/coupon payment?

If you are a shareholder/ bondholder of a listed company, you may contact the company directly to clarify any information related to dividends or coupon payment.

MSD does not distribute dividends of companies, unless the company appoints MSD as the paying agent for dividend distribution.

MSD is currently the paying agent for the following company(s) only:

  • HDFC Plc.


How do I contact Maldives Stock Exchange for any other issues?

If you have any further queries, please send us an email at, or contact us at (960)330-7878.

Disclaimer: These FAQs provide only a simplistic explanation of terms/ concepts, functions related to Maldives Securities Depository and have no legal merit. They can also be subject to amendments.