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BSEC takes action against illegal BO accounts

  • Published at 09:23 pm June 20th, 2019
BSEC

The BSEC at the meeting also allowed HR Textile Limited to float fixed rate corporate bond worth Tk50 crore

Bangladesh Securities and Exchange Commission (BSEC) is going to ask stock brokers to scrap multiple beneficiary owner (BO) accounts opened using a single National Identity Card, bank account and phone number to stop opening more than one account with same documents by July 21.

The commission made a decision in this regard at a meeting presided over by its chairman M Khairul Hossain at its headquarters in Dhaka on Thursday. At the meeting, the BSEC also decided to issue a circular in this direction. 

“The commission has noticed that same National Identity Card, bank account are being used to open multiple accounts, which is unexpected. To this end a circular would be issued to the  depository participants (DP) and they have to scrap the accounts by July 21,” said the BSEC in a statement posted in its website yesterday. 

AS per the existing rule, a person can open only a BO account using his/her National Identity Card, bank account and phone number. 

The BSEC at the meeting also allowed HR Textile Limited to float fixed rate corporate bond worth Tk50 crore.