UniCap Securities adjusts deficit amount of investors
The Dhaka Stock Exchange found deficit in consolidated customers’ accounts of some 15 brokerage firms
UniCap Securities, a subsidiary of Union Capital, has adjusted the deficit amount of capital market investors in its consolidated customers' account.
The company suffered the deficit due to the Covid-19 pandemic.
A consolidated customers' account is an account in a scheduled bank where the money of customers of a stockbroker is deposited.
According to the rules, 1987, every stockbroker maintains a consolidated customers' account in its name with a scheduled bank for depositing money received from its customers and paying money to them.
Besides, all money received from customers shall be deposited in that account on the day of receipt.
Wali Ul Islam, chief executive officer of the company, told The Business Standard, "Due to the Covid-19 pandemic, trading at the premier bourse was closed from March 26 to May 30. As a result, all kinds of business-related activities remained suspended during that period."
"That is why we could not complete our pending transactions for the fixation of floor price in the market. We had a shortfall in the balance as of June 24, 2020. But we have now adjusted the deficit amount in our consolidated customers' account balance," he added.
The Dhaka Stock Exchange has recently sent a letter to its member organisations, seeking information on their consolidated customers' accounts.
The exchange has found a deficit in consolidated customers' accounts of some 15 brokerage firms.
After that, the premier bourse has asked the brokerage houses to fulfil the deficit in the investors' funds.
The exchange's move came against the backdrop of misappropriation of investors' funds by a brokerage firm - Crest Securities Ltd.
For this reason, the Bangladesh Securities and Exchange Commission (BSEC) and the DSE management have increased monitoring on the activities of brokerage firms to ensure the protection of investors' funds.
Besides, the securities regulator has decided to start routine inspections in brokerage houses. To this end, it has formed a three three-member committee comprising officials from the stock exchanges and the BSEC.
