Dhaka, Bangladesh (BBN) – The Securities and Exchange Commission (SEC) has extended the deadline for renewing the existing beneficiary owners’ (BO) account till December 31, 2008.

The decision came at a ‘commission meeting’ held on Sunday with SEC Chairman Faruq Ahmad Siddiqi in the chair.

“The commission allowed the three-month extension for regularising the BO accounts taking into account the interest of the investors,” Executive Director of the SEC Farhad Ahmed told reporters after the meeting.

The country’s capital market watchdog earlier set June 30 as the deadline for renewing the BO accounts. But it was extended to September 30, 2008.

Earlier, the Dhaka Stock Exchange made the request to the SEC for extending the deadline considering hangover of the long festival vacations due to Eid-ul Fitr and Durga Puja.

Under the SEC directive, each BO account holders will have to pay BDT 300 as renewal fee, submit the photocopy of the national ID card or a certificate from the bank branches concerned and a photo of the investor under the new system aimed at reducing the use of BO accounts in other’s name.

As per the SEC directive, the BO account-holders’ account will be closed if it fails to comply within the new deadline.

Currently, there are 1.5 million BO account-holders. Of those 40,000 are owned by non-resident Bangladeshis.

BBN/SI/SS/AD-06October08-1:48 PM (BST)