Business Desk :
The Bangladesh Securities and Exchange Commission (BSEC) has decided to make the maintenance of a KYC (know your clients) policy mandatory for brokerage firms in the stock market, said sources.
Every year, the brokerage firms will input updated information of the beneficiary owner’s (BO) accounts of the investors, as a result of which the number of unclaimed securities and traceless BO accounts will be reduced.
A discipline will come in the brokerage firms regarding the maintenance of BO accounts. Besides, the number of BO accounts that were opened providing fake information and fake NIDs will be closed.
The securities regulator will circulate a directive in this regard very soon.
Sources at the BSEC said each stockbroker and merchant bank will format a KYC policy that will be disclosed on its website. The firms will ask their clients every year via mobile SMS, e-mail or postal service to provide updated information for the KYC.
According to sources, if any client does not respond, the said firm will send at least three reminders to the client at all the addresses mentioned at the time of account opening within one month after the date of audited financial statements.
The Bangladesh Securities and Exchange Commission (BSEC) has decided to make the maintenance of a KYC (know your clients) policy mandatory for brokerage firms in the stock market, said sources.
Every year, the brokerage firms will input updated information of the beneficiary owner’s (BO) accounts of the investors, as a result of which the number of unclaimed securities and traceless BO accounts will be reduced.
A discipline will come in the brokerage firms regarding the maintenance of BO accounts. Besides, the number of BO accounts that were opened providing fake information and fake NIDs will be closed.
The securities regulator will circulate a directive in this regard very soon.
Sources at the BSEC said each stockbroker and merchant bank will format a KYC policy that will be disclosed on its website. The firms will ask their clients every year via mobile SMS, e-mail or postal service to provide updated information for the KYC.
According to sources, if any client does not respond, the said firm will send at least three reminders to the client at all the addresses mentioned at the time of account opening within one month after the date of audited financial statements.
