SECP appoints new CEO of CDC

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday appointed Badiuddin Akber as the Chief Executive Officer (CEO) of Central Depository Company (CDC).

The appointment was approved in a meeting chaired by SECP Acting Chairman Tahir Mahmood on Thursday, sources told The News.

Sources said the decision has been taken; however, it would be notified in a few days.

The CDC had shortlisted four candidates out of 36 who applied for the post. These four candidates were Zafar Abdullah and Akif Saeed, both former commissioners of the SECP, Naveed Qazi, former president of JS Bank, and Badiuddin Akber, who was working as Chief Compliance and Risk officer at the CDC.

After the formal notification of the new CEO, he would replace Aftab Ahmed Diwan, who after reaching retirement age, has been serving as temporary CEO of the CDC since July 19, 2017.

Badiuddin Akber, currently serving as compliance and risk officer at the CDC, has served as chief financial officer, company secretary and chief operating officer in Dewan Mushtaq Group, Orion Group and National Clearing Company of Pakistan Limited. He has also served at the CDC in the Legal and Compliance and Operations departments from 1998-2001 and rejoined the CDC in June 2015.