Banco Securities clients can shift to another broker

On the ground of trading operations suspension of brokerage firm Banco Securities Ltd, its clients now can shift to any other brokerage firm, said the Dhaka Stock Exchange (DSE).

The investors have to submit their claim along with documentary evidence such as the depository report that contains shareholding of investors.

The properly filled up forms for the claims will have to be communicated with the bourse's Investor Complaint, Arbitration and Litigation Department, suggested the DSE.

If approved, the existing Banco clients' securities can be transferred to another beneficiary owner account through a linking facility the bourses offer. 

Earlier this week, the DSE suspended the brokerage firm's trading operations as they found more than Tk66 crore shortage in the firm's consolidated customer account, which is a certain consequence of clients' money diversion, and mostly embezzlement.

The DSE also filed a police complaint accusing the brokerage firm itself and six of its directors for breaching the clients' trust.

However, the Motijheel police station, where the complaint was filed, accepted it as a general diary and sent it to the Anti-Corruption Commission (ACC).

Sources said the DSE had a meeting with some of the Banco Securities directors on Thursday where the accused ones said the firm would fill the shortfall in their consolidated customer account.