Seven merchant banks given licences to open BO accounts

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FE Report The securities regulator has issued DP (depository participant) licences to seven merchant banks with a condition of submitting CIP (credit information bureau) clearance by March 31. The licences are required to open and maintain BO accounts. Officials of the Bangladesh Securities and Exchange Commission (BSEC) said, it issued DP licences last week to help execute conversion of omnibus accounts into separate BO (beneficiary owner's) ones by specific deadline. The merchant banks, which got DP licences are Southeast Bank Capital Services, SBL Capital Management, Trust Bank Investment, BD Finance Capital Holdings, Prime Finance Capital Management, Alpha Capital Management and Green Delta LR Financial Services. Among 52 merchant banks, 45 earlier obtained the DP licences. But the remaining seven were not issued the licence, as they were not able to submit the CIB clearance to the BSEC. The BSEC asked the merchant banks to complete conversion of their clients' omnibus accounts into BO ones by February 28, 2013.