The Financial Express

Investors get online transfer facilities

| Updated: July 07, 2021 23:03:23

FE file p used only for representation FE file p used only for representation

Investors from now on will be able to transfer their securities to another brokerage firm from the existing one if its operations are declared suspended or remain closed.

Besides, investors will be able to lodge complaints against a brokerage firm using the online module inaugurated Tuesday through a webinar.

Shaikh Shamsuddin Ahmed, a commissioner of the securities regulator, attended the programme as the chief guest.

The module namely 'Online Transmission of Securities and Lodging Complaints by the Clients of Suspended Stock-Broker' came in the backdrop of embezzling clients' funds by two brokerage firms such as Banco Securities and Crest Securities.

The owners of both the brokerage firms fled away leaving their clients in dark. Under, such a situation the clients face immense sufferings in case of transferring securities and lodging complaints.

To ease the transfer securities by the clients of suspended stock broker, Dhaka Stock Exchange and Central Depository Bangladesh Limited (CDBL) recently developed the online module which was introduced on Tuesday.

Using a link account, the clients of a suspended stock broker will be able to transfer his securities to another brokerage firm.

The link of the online module will be available on the websites of both the bourses and the CDBL.

The president of Bangladesh Merchant Bankers Association (BMBA) Md. Sayadur Rahman, the president of DSE Brokers Association Sharif Anwar Hossain, managing director (in-charge) of Dhaka Stock Exchange Abdul Matin Patwary, and managing director of Chittagong Stock Exchange (CSE) Mamun-Ur-Rashid, among others, were present at Tuesday's webinar.

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