0.125m BO accounts become inactive due to non-payment of fees

Some 1,25,000 BO (beneficiary owner's) accounts have become inactive due to the non-payment of annual fee, officials said.

The last date for payment of the fee was June 30 last.

According to data of the Central Depository Bangladesh Limited (CDBL), the number of active BO accounts was above 2.98 million on June 30 last.

The number of BO accounts stood at 2.86 million on July 13 (Sunday), as the CDBL suspended operations of some 1,25,000 accounts due to non-payment of annual fee.

"Every year the operations of a good number of BO accounts are suspended following non-payment of annual fees by their owners within June 30," said a CDBL official.

He said in previous years the deadline for payment of account fee was extended. "The cut off date for payment of annual fee is June 30. The extension of deadline will depend on the securities regulator," the official said.

He said every year the deadline is extended following a verbal consent of the securities regulator. "We will be informed soon whether the account holders will be allowed or not to pay the account fees within an extended timeframe."   

A BO account holder has to pay Tk 500 as annual fee against each account.