The National Depository Center (NDC) approved the Regulations "On the opening, closing and managing in the depository system."
According to this document, licensed investment companies have the right to open custody accounts for securities for the investors of the stock market. In other words, an investor's custody account can be opened without the direct involvement of the depositary.
Note that according to the current Law of AR on the Securities Market valid since July 2015, NDC is a central depository in the securities market. There are no other depositories in the country. Five legal entities have licenses to provide activities of investment companies.
As of January 1, 2012 NDC had 101.2 thousand custody accounts belonging to investors. NDC last issued an annual report in 2011.
In 2015, NDC was converted from a closed-type JSC into a non-profit organization. Its founder was the State Committee for Securities, now liquidated. ----08D
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