National Deposit Center

National Depository Center of Azerbaijan Republic was founded on 18th September, 1997 according to the regulation "On the National Depository System", approved by the Decree of the President of the Azerbaijan Republic from 14th May, 1997. 100% of shares of NDC belong to the government and the State Committee of Securities of Azerbaijan Republic manages the property of NDC.

The National Depository System

The concept of The National Depository System was first introduced within “State Program of Privatization of the State Ownership in Azerbaijan Republic in years of 1995- 1998”. In accordance with the State program, the main task of Depository System is to organize safekeeping of securities, maintain their materialized and dematerialized turnover, registration of shareholders and transactions with securities, and provide other types of depository services. After approving The State Program in order to improve the depository system and regulate its activity, by the Decree of the President of the Azerbaijan Republic from 14th May, 1997 the regulations "On the National Depository System" and “Rules of registering of shareholders of joint stock companies, created during the process of privatization of government entities and specialized check investment funds" were approved. By these regulations The National Depository System was created.

The National Depository Center has a license on depository, registrar and clearing activity given by the State Committee of Securities. According to all above-mentioned regulations, NDC is a state organization, being the constituent part of the national depository system, directly engaged in depository activities and controlling the activities of depositories.The General Meeting of Shareholders is the supreme governing body of NDC management. The Supervisory Board controls activity of NDC and the Executive Board acts as executor.

The Supervisory Board is a management authority that determines NDC’s strategy and business priorities, supervises general management and activities of NDC’s Executive body within its powers and solves issues not included in exceptional powers of the General Meeting of Shareholders. The Executive Board is responsible for reporting to the General Meeting of Shareholders of NDC and execute its orders. Decisions of the General Meeting of Shareholders and the Supervisory Board are mandatory for the Executive Body.The Auditor of NDC checks the accurateness of accounting and the reliability of accounting reports of NDC.