Updated BO accounts info a must: BSEC

FE Report

The securities regulator has asked the depository authority to take necessary measures to update the information of BO (beneficiary owner's) accounts including respective mobile numbers and e-mail addresses.

The updated information will have to be sent to CDBL within three months.

Otherwise, the BO accounts whose information cannot be sent through investors' mobile numbers and e-mail addresses will be frozen after three months.

The Bangladesh Securities and Exchange Commission (BSEC) delivered the order through a letter sent to the Central Depository Bangladesh Limited (CDBL) on May 20.

Asked, the CDBL's managing director Shuvra Kanti Choudhury acknowledged the regulatory decision taken to update investors' information required to maintain BO accounts.

"We will send letter to the brokerage houses to inform the decision," Mr. Choudhury said.

The securities regulator earlier delivered several instructions to update investors' information in the BO account opening forms.

But still now a large number of BO accounts have the lacking of information and finally the securities regulator in last week took the strong decision to ensure compliance in account maintenance.

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