DHAKA: Stock market regulatory authority Bangladesh Securities and Exchange Commission (BSEC) asked to update the Beneficiary Owner (BO) accounts to make an amendment to the Initial Public Offering (IPO) process.

As per the amendment, BO account is mandatorily required to convert to 13-digit account and include the bank Routing Transit Number (RTN). The account will automatically be closed in case the requirements were not submit in time.

The RTN is a nine-digit identification code of bank, which appears on the bottom of a cheque identifying the financial institution on which it was drawn.

On December 18, 2013, the commission asked the investors to come up with the update by January 31 this year. But most of the investors did not bring up-to-date information during this time.

Later, the time-limit was extended till April 15 after most of the brokerage houses applied for a time-extension.

Dhaka Stock Exchange former president Ahsanul Islam Titu told banglanews “accounts’ information sought by the commission will be very helpful to the investors; it will help authorities indentify the unusual transaction in future.”

“IPO process will be easier; so, sufferings of long queue would somewhat lessen in submitting IPO applications,” he added.

Titu said “Accounts of those who fail to provide required information within the timeframe will be closed automatically and measures will be taken, if BSEC takes any other decision, in this regard.”

BSEC executive director, also stockperson Saifur Rahman told banglanews “BO account holders can update the data till April 15, if majority make up-to-date the accounts in time then decision will be taken about rests after discussion.”

To update a BO account, one is required to provide client identification number, post code, telephone/mobile number, e-mail address (if any), 13-digit bank account number and nine-digit RTN.

BDST: 1238 HRS, MAR 30, 2014