Investors', DPs' demand extension of CDBL deadline
Wednesday, 31 March 2010
FE Report
Stock market investors and depository participants (DPs) have demanded extension of a deadline which expires today (Wednesday) set by Central Depository Bangladesh Ltd (CDBL) on depositing half of the annual beneficiary owners' (BO) account maintenance fee'.
Referring to a directive of the Securities and Exchange Commission (SEC), the CDBL sent letters to the DPs asking them to deposit Tk 150 against per BO account-holders which were opened before or after January 1, 2009.
"We are aggrieved as CDBL issued the letter March 8 and asked us to deposit the fee within March 31," one source of a DP said.
Usually, CDBL collects the fee once a financial year instead of calendar year.
A BO account-holder pays Tk 300 as renewal fee every year. Now there are 2.0 million BO account-holders.
"It has become a very vexing duty for the DPs, in addition to their daily routine functions to update the maintenance fee everyday in compliance with the CDBL directive," a DSE brokerage house source said.
Market operators said as the stock market operation has expanded to a large extent during the last few years, the CDBL-related functions should remain easy and hassle-free to serve the investors in an efficient way.
The SEC decided to put more conditions in opening BO accounts to prevent people from opening fake accounts
Stock market investors and depository participants (DPs) have demanded extension of a deadline which expires today (Wednesday) set by Central Depository Bangladesh Ltd (CDBL) on depositing half of the annual beneficiary owners' (BO) account maintenance fee'.
Referring to a directive of the Securities and Exchange Commission (SEC), the CDBL sent letters to the DPs asking them to deposit Tk 150 against per BO account-holders which were opened before or after January 1, 2009.
"We are aggrieved as CDBL issued the letter March 8 and asked us to deposit the fee within March 31," one source of a DP said.
Usually, CDBL collects the fee once a financial year instead of calendar year.
A BO account-holder pays Tk 300 as renewal fee every year. Now there are 2.0 million BO account-holders.
"It has become a very vexing duty for the DPs, in addition to their daily routine functions to update the maintenance fee everyday in compliance with the CDBL directive," a DSE brokerage house source said.
Market operators said as the stock market operation has expanded to a large extent during the last few years, the CDBL-related functions should remain easy and hassle-free to serve the investors in an efficient way.
The SEC decided to put more conditions in opening BO accounts to prevent people from opening fake accounts