Tk 300 annual maintenance fee for BO accounts
Wednesday, 1 August 2007
Refayet Ullah Mirdha
The Securities and Exchange Commission (SEC) in its regular meeting Tuesday approved the draft margin rules for the merchant banks and set a deadline for the depository participants (DPs) to realise Tk. 300 from each of the beneficiary owners (BO) account holders as annual maintenance fee.
A source who attended the meeting said earlier a special committee was formed to submit a report on margin rules for the merchant banking. The commission approved the rules Tuesday.
As per the new rules of the SEC merchant banks have been given the freedom to sanction unlimited amount of loans after reviewing the financial conditions of the investors, the meeting source said. Earlier, there was no rule in this connection.
In another move, the commission meeting set the month of September for realising Tk 300 from each of the BO account holders, the meeting source told the FE.
Any BO account holders failing to pay the annual maintenance fee by September 30 next will get his or her account closed.
According to the new rules, out of Tk 300 deposited against each of the BO accounts, the DP will get Tk 100, Central Depository Bangladesh Limited (CDBL) Tk 150 and the SEC Tk 50.
The SEC decided to introduce annual maintenance fee to help closure of fake BO accounts.
The Securities and Exchange Commission (SEC) in its regular meeting Tuesday approved the draft margin rules for the merchant banks and set a deadline for the depository participants (DPs) to realise Tk. 300 from each of the beneficiary owners (BO) account holders as annual maintenance fee.
A source who attended the meeting said earlier a special committee was formed to submit a report on margin rules for the merchant banking. The commission approved the rules Tuesday.
As per the new rules of the SEC merchant banks have been given the freedom to sanction unlimited amount of loans after reviewing the financial conditions of the investors, the meeting source said. Earlier, there was no rule in this connection.
In another move, the commission meeting set the month of September for realising Tk 300 from each of the BO account holders, the meeting source told the FE.
Any BO account holders failing to pay the annual maintenance fee by September 30 next will get his or her account closed.
According to the new rules, out of Tk 300 deposited against each of the BO accounts, the DP will get Tk 100, Central Depository Bangladesh Limited (CDBL) Tk 150 and the SEC Tk 50.
The SEC decided to introduce annual maintenance fee to help closure of fake BO accounts.