SEC to extend time for renewal of BO accounts

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FE Report
The Securities and Exchange Commission (SEC) is going to extend the September 30 deadline for renewing the existing beneficiary owners' (BO) account upto October 15 considering the long vacation due to Eid-ul Fitr and Durga Puja.
As per the previous notification, the deadline expires today (Tuesday).
"We are extending the deadline considering the investors' interest but the decision will be finalised in our next 'commission meeting' scheduled to be held immediately after the Eid vacation," a source of the SEC told the FE Monday.
Under the SEC directive, each BO account holders will have to pay Tk 300 as renewal fee, submit the photocopy of the national ID card or a certificate from the bank branches concerned and a photo of the investor under the new system aimed at reducing the use of BO accounts in other's name.
As per the SEC directive, the BO account-holders' account will be closed if it fails to comply within the new deadline.
At present there are 1.5 million BO account-holders. Of those 40,000 are owned by non-resident Bangladeshis.
The SEC, earlier had set June 30 as the deadline for renewing the BO accounts. But it was extended to September 30, 2008.
As per an SEC directive issued on November 19 last, signature of an applicant must be furnished at the backside of the photograph.
The SEC decided to put more conditions in opening BO accounts to prevent people from opening fake accounts.