Central Depository means a body corporate licensed by the Commission under the Act in order to establish and operate a system for the central handling of securities on an exchange-
(a) whereby all such securities are deposited with and held in custody by, or registered in the name of the depositor or account holder or his or its nominee for the purpose of dealing in those securities or are effected by means of entries in securities, accounts without the physical delivery of scrips; or
(b) which permits or facilitates the settlement of securities transactions or dealings in securities without the physical delivery of scrips; and
(c) to provide other facilities and services incidental thereto, but does not include –
(i) a central depository operated or established by the Central Bank of Sri Lanka;
(ii) a central depositary operated or established in respect of securities issued by the Government of Sri Lanka or the Central Bank of Sri Lanka; or
(iii) any person providing, or holding out as providing, a central depository for exempted securities.
Application to operate a central depository
An application for a licence to establish or operate a central depository shall be made to the Commission in such manner and form as may be specified by the Commission and shall be accompanied by such fee as may be prescribed.