FE Report
A committee formed Monday by the association of the merchant banks will sit this week with the Central Depository Bangladesh Limited (CDBL) to settle the issue of transferring shares from omnibus accounts to respective BO (beneficiary owner's) accounts, officials said.
The latest move by Bangladesh Merchant Bankers Association (BMBA) comes after the securities regulator Sunday asked the banks to convert their clients' omnibus accounts into BO accounts by December 30 this year.
The BMBA formed a six-member committee taking one representative from six merchant banks. The banks are: ICB Capital Management, IDLC Investments, AB Bank Investment, LankaBangla Finance, Cosmopolitan Finance and Prime Finance Capital.
After the Monday's meeting Mashrib Zahid, the chief executive officer of Cosmopolitan Finance, said the newly formed committee is likely to sit with the CDBL by Wednesday.
"We will sit with the CDBL mainly to outline the process of transferring shares from omnibus accounts to the BO accounts," Mr. Zahid said.
He said the merchant banks also need to have a guideline regarding account conversion and share transfer from the Securities and Exchange Commission (SEC) to prompt the process.
"We have got the SEC's directive through a press release. It will be more helpful for us to hasten the process of account conversion if the regulator delivers the guideline. However, we have already started our activities to comply with the SEC's directive," Zahid added.
A committee formed Monday by the association of the merchant banks will sit this week with the Central Depository Bangladesh Limited (CDBL) to settle the issue of transferring shares from omnibus accounts to respective BO (beneficiary owner's) accounts, officials said.
The latest move by Bangladesh Merchant Bankers Association (BMBA) comes after the securities regulator Sunday asked the banks to convert their clients' omnibus accounts into BO accounts by December 30 this year.
The BMBA formed a six-member committee taking one representative from six merchant banks. The banks are: ICB Capital Management, IDLC Investments, AB Bank Investment, LankaBangla Finance, Cosmopolitan Finance and Prime Finance Capital.
After the Monday's meeting Mashrib Zahid, the chief executive officer of Cosmopolitan Finance, said the newly formed committee is likely to sit with the CDBL by Wednesday.
"We will sit with the CDBL mainly to outline the process of transferring shares from omnibus accounts to the BO accounts," Mr. Zahid said.
He said the merchant banks also need to have a guideline regarding account conversion and share transfer from the Securities and Exchange Commission (SEC) to prompt the process.
"We have got the SEC's directive through a press release. It will be more helpful for us to hasten the process of account conversion if the regulator delivers the guideline. However, we have already started our activities to comply with the SEC's directive," Zahid added.
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