Please find the answers to a list of Frequently Asked Questions (FAQ) we get from the investors.
Maldives Securities Depository (MSD) is the custodian for all securities (shares, bonds etc.) listed with the Maldives Stock Exchange (MSE). MSD undertakes:
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.
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.
Note: If original is not available, please submit a notarised copy of the document.
Maldives Securities Depository does not charge a fee for account opening.
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.
Yes, you will be able to subscribe to an IPO before opening an MSD Account. You may:
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:
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:
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.
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 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:
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.
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.
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.
You may submit the completed Securities Deposit Form to MSD Head Office. The documents required are:
Note: If original document is not available, please submit a notarised copy of the document.
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.
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:
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:
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:
Latest trading price of listed securities can be viewed on the Maldives Stock Exchange trading board.
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.
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:
If you have any further queries, please send us an email at firstname.lastname@example.org, 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.
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