Dhaka, Bangladesh (BBN) – The Securities and Exchange Commission (SEC) of Bangladesh is going to extend the September 30 deadline for renewing the existing beneficiary owners’ (BO) account upto October 15 considering Eid-ul Fitr and Durga Puja vacations.

“We are extending the deadline considering the investors’ interest but the decision will be finalized in our next ‘commission meeting’ scheduled to be held immediately after the Eid vacation,” a source of the SEC was quoted by the Financial Express (FE), the country’s lone financial daily, as saying on Monday.

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.

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.

BBN/SI/SS/AD-30September08-4:55 PM (BST)