BO account holders
Tuesday, 2 October 2007
THE Securities and Exchange Commission(SEC) had invited the attention of the Beneficiary Owner(BO) account holders to paying annual account maintenance fee of Tk 300 by September 30, 2008. Many account holders complied with the directive but quite a good number of them could not do so, though all of such BO account holders were ready to pay. In this connection, the DP members where the accounts are being maintained should have ensured the following facilities to the account holders:
i) They (BO account holders) should have been apprised of balances of their shares. At present IPO winners get allotment letters from the company but do not get any information relating to credit of the shares to their BO account. Recently I attended the annual general meeting (AGM) of BRAC Bank and found that the allotment letter issued to me has not been shown in the CDBL account. Bonus shares that are being issued to the owners of the share are not informed by the DP members;
ii) Some of the DP members have already collected Tk 1000 to 2000 or more from each BO account holders at the time of opening of the account. The DP members could have realises the fee from above and the BO account holders could have accordingly been advised; and
iii) The DP members should have advised all BO account holders to pay Tk 300 within the specified time. A letter should have been sent to each account holder.
Mahbubul Haque Chowdhury,
Former general manager,
Agrani and Sonali Bank,
Dhaka.
i) They (BO account holders) should have been apprised of balances of their shares. At present IPO winners get allotment letters from the company but do not get any information relating to credit of the shares to their BO account. Recently I attended the annual general meeting (AGM) of BRAC Bank and found that the allotment letter issued to me has not been shown in the CDBL account. Bonus shares that are being issued to the owners of the share are not informed by the DP members;
ii) Some of the DP members have already collected Tk 1000 to 2000 or more from each BO account holders at the time of opening of the account. The DP members could have realises the fee from above and the BO account holders could have accordingly been advised; and
iii) The DP members should have advised all BO account holders to pay Tk 300 within the specified time. A letter should have been sent to each account holder.
Mahbubul Haque Chowdhury,
Former general manager,
Agrani and Sonali Bank,
Dhaka.