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The Financial Express

Stock brokers allowed to open two additional consolidated customers' accounts


Stock brokers allowed to open two additional consolidated customers' accounts

The securities regulator has allowed stock brokers to open two additional consolidated customer's accounts (CCA) to smoothen the maintenance of investors' funds deposited for investment purposes.

The Bangladesh Securities and Exchange Commission (BSEC) paved the way for maintaining two additional CCAs through a directive issued on Wednesday.

"Every stock broker may open two additional CCAs in its name with any scheduled bank in the same manner as mentioned in sub-rule (1) of rule 6 of the Securities and Exchange Rules, 2020," said the BSEC directive.

The securities regulator said the decision was taken in the interest of investors and development of securities market.

As per existing rules, stock brokers maintain one CCA only for the deposit of the money received from and for, and payment of money to and for, the customers.

The account is opened with any scheduled bank with intimation to the exchange(s).

In another directive issued on Tuesday, the securities regulator has also revised qualifying criteria for independent scrutiniser for annual general meeting (AGM) or extra-ordinary general meeting (EGM) of listed companies.

According to the BSEC's directive, independent scrutiniser appointed to authenticate the due process of election and detailed information of voting results must have qualification of chartered accountants, cost and management accountants or chartered secretaries.

As per the existing criteria, the scrutiniser must have qualification of chartered accountants and chartered secretaries.

Apart from independent scrutiniser, the due process of election and detailed information of voting results can also be authenticated by stock exchanges.

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