• Tuesday, Mar 02, 2021
  • Last Update : 01:04 am

UCB Brokerage House opens 1st overseas digital booth

  • Published at 07:19 pm February 13th, 2021

The NRBs will be benefited from the outlet facility, as they will not depend on others in case of depositing or withdrawing funds from their BO accounts

UCB Stock Brokerage, formerly UCB Capital Management, on Friday became the first Bangladeshi firm to establish a digital brokerage house.

The inauguration took place on the final day of a four-day roadshow styled “Rising of Bengal Tiger: Potentials of Bangladesh Capital Markets” organised by the Bangladesh Securities and Exchange Commission (BSEC) at the Park Hyatt Hotel in Dubai.

BSEC Chairman Shibli Rubayat-Ul-Islam inaugurated the booth, while Anisuzzaman Chowdhury, chairman of United Commercial Bank, was the special guest at the event.

The digital booth would give the expatriate Bangladeshis in the UAE an easy way to invest in Bangladesh's up-and-coming capital market, said Mohammad Rahmat Pasha, managing director and chief executive officer of UCB Stock Brokerage.

If the investment from expatriate Bangladeshis and foreign nationals increase, the country’s capital market will become more dynamic and the depth of the market will increase. 

On the other hand, the more foreign exchange comes to the country centred on investment, the more the country’s foreign exchange reserve will increase, he added.

In November last year, the capital market regulator allowed stockbrokers to open digital booths at home and abroad.

After the stock market crash in 2010, the BSEC had put a bar on opening brokerage house branches beyond the capital.

According to the directive of the commission, stockbrokers must have the requisite infrastructure and facilities, financial soundness and manpower to operate the booths.

In case of establishing a digital booth overseas, the stockbroker will have to take the necessary permission of the authority of the country concerned after getting the approval from the commission, it also said.

As per the directive, the stockbroker will deposit Tk 1 lakh for each booth in Bangladesh and Tk 10 lakh for each booth outside of Bangladesh, to the exchange as collateral. The amount would be refunded at the closure of the booth.

The NRBs will be benefited from the outlet facility, as they will not depend on others in case of depositing or withdrawing funds from their beneficiary owner’s accounts.

Some 250 members of the bourse operate 691 branch offices in 28 districts in the country. The number of branches in 2008 was 388, according to data from the Dhaka Stock Exchange.

Of the 691 branch offices, 398 branches are located in Dhaka, 73 in Chittagong, 39 in Sylhet, 15 in Narayanganj, 14 in Khulna, and nine each in Comilla, Rajshahi, and Rangpur.

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