The Central Depository Bangladesh Limited (CDBL), from now on, will provide monthly e-statement services to the BO (beneficiary owner's) account holders to ensure protection of investors' investments in the capital market.
The CDBL inaugurated the services at a progarmme, held at the Bangladesh Securities and Exchange Commission (BSEC) office on Sunday.
BSEC Chairman Prof. Shibli Rubayat Ul Islam attended the programme as the chief guest.
The CDBL introduced the services against the backdrop of incidents of embezzling investors' shares and money by some rogue stock brokers.
The Dhaka Stock Exchange (DSE) halted trading activities of Tamha Securities on December 9 over alleged misappropriation of clients' funds worth around Tk 900 million.
"The responsibility of stock brokers lies with the protection of investors' money along with ensuring their returns from investments. Why will an investor come to the stock market, if the protection of his money and investments is not ensured?" said the BSEC chairman.
Following introduction of the e-statement service, the investors, who incorporate accurate e-mail address in the form of BO accounts, will receive information - within the first week of every month - regarding transactions, among others, conducted in the previous month.
The information, which will be received through e-mail addresses, also include debit balance, credit balance, opening balance and closing balance.
Mr. Islam further said many stock brokers do not ensure the protection of investors' investments, and do embezzle their funds - kept in consolidated accounts.
"Why will an investor keep money with a stock broker, if he (investor) knows that there is no safety of his fund?"
The BSEC chairman opined that the stock brokers will have to ensure returns and safety of the investors' investments.
"At the same time, the securities regulator will have to work for further development of the market for the sake of investors' returns from the investments."
The introduction of the CDBL's e-statement service would help an investor to check the changes, if any, in their portfolios - maintained by his stock broker, he added.
CDBL Managing Director Shuvra Kanti Choudhury said the e-statement service is an additional service, as they provide another service through mobile SMS.
"The investors also receive investment-related information from the stock brokers. But the information, sent by the CDBL, will be the most authentic, as this organisation is appropriate one in this regard."
He said an investor would be able to seek corrective measures, if any deviation is observed after receiving information from the stock broker and the CDBL.
"The investors should include accurate mobile number and e-mail address in the form of BO account to ensure the protection of their investments in the stock market," Mr. Chowdhury added.
At the programme, Md. Raquibul Islam Chowdhury, general manager at the CDBL, made a presentation on the e-statement service.
BSEC Commissioner Dr. Shaikh Shamsuddin Ahmed was the special guest of the programme, attended by Commissioner, Md. Abdul Halim, and Executive Director Md. Anowarul Islam along with some other officials of the securities regulator and the CDBL.
