Learning all about Beneficiary Owners (BO) Account

BO Account refers to the Beneficiary Owners Account. When someone wants to invest and trade in the Bangladesh stock exchanges (DSE & CSE), he/she needs to create a Beneficiary Owners account. BO account holders can keep their shares in their BO account just as we save our money in our bank account. All the shares issued in the stock exchange are preserved in electronic form and the investor owns a BO account that can keep the shares in their account. BO accounts have a sixteen-digit identification number called BO ID (Beneficiary owner identification number).

Who can open a BO account??

• Bangladeshi Residents
• Institutions originated in Bangladesh
• Foreign Company/Institutions
• NRB (Non-Resident Bangladeshi)

Mandatory Requirements for opening a BO Account

• Filled up BO account opening form (KYC Form)
• Passport size photographs (2 copies)
• A copy of National ID card or Passport
• Passport size photographs for Nominee/ Power of attorney / Authorize
• Bank Status or Account Details/ Routing Number or MICR Cheque photocopy

Additional requirements for special account holders

For Institutions originated in Bangladesh	Scan Copy of Memorandum and Articles of AssociationsScan Copy of trade license (if any)Board regulations
Foreign Company/Institutions	Scan Copy of Memorandum and Articles of AssociationsScan Copy of trade license (if any)Board resolutions
Non Resident Bangladeshi	Attested copy of Passport / Social Security Card / Resident Card etc. (If the applicant is residing in a foreign country, such attestations must be issued by the Bangladesh Embassy or High Commission). A fixed account with any Bangladeshi Bank.Employment certificate/copy of trade license/work authorization or Payslip/tax return record as evidence of the Applicant’s earning status.Documents of Power of Attorney (POA) who will manage the account while NRB is residing abroad such as. Passport size photograph of POA attested by applicant and signature.

When an investor aims to open a BO account he/she has to go to a brokerage house which is a CDBL participant and has the authority to mediate opening a BO account on behalf of the investor. Previously opening a BO account used to be quite a hassle for new investors, but now in the era of digitalization one can easily open such an account online sitting in front of his/her laptop. There is a list of brokerage firms that provides online BO account opening facilities in Bangladesh along with their website details.

Hope this helps you!!

Royal Capital Limited offers services both in DSE and CSE trading platforms with 15 outlets throughout Bangladesh. Clients can open BO accounts using their online platforms or by submitting the required documents from the branches. They have a well-established Research & Innovation Lab research team that publishes regular market scenario updates to help clients make well-informed business decisions. They have their own “Royal Touch” Mobile Application to help clients manage their investment portfolio and inspect their balance sheets, and to also apply for Initial Public Offering.

BRAC EPL Stock Brokerage Limited is the largest stockbroker in Bangladesh. The company provides brokerage services to both local and international institutions, retail clients, and non-resident Bangladeshis (NRBs). It is also a pioneer and leader in facilitating foreign portfolio investment in Bangladesh and has a team of equity researchers.

Midway Securities Ltd. provides trading support to investors in DSE. They offer to open two different types of BO accounts which are different in terms of charges on specific services provided by the firm to its clients.

AmarStock Ltd. is a popular brokerage firm that has a well-informed website and provides various range of online services. It allows traders to make choices rapidly and enables them to effectively synthesize vast quantities of complicated data.

Investors have to pay some certain charges to open a BO account which different from firm to firm. Now we will see a comparative picture on how much these firms charge for opening a BO Account.

Brokerage Firm	Account opening Charge
Royal Capital Limited	550 BDT. (Online BO Opening fee 450 BDT.)
BRAC EPL Stock Brokerage Ltd.	Doesn’t charge for opening BO
Midway Securities Ltd.	450 BDT
AmarStock Ltd.	Doesn’t charge for opening BO

There are a few Brokerage firms that partially provides BO services online platforms. They have added a pdf or scanned copy of the BO opening form in their company website for the use of their clients or potential customers. Clients can fill up the print out version of the BO opening Form and submit it to the nearby branch of their selected Brokerage firm along with required documents. We are mentioning few of the firm that are providing such services below-

EBL Securities Limited

Mika Securities Limited

E–Securities Limited

LankaBangla Securities Limited

ICB Securities Trading Company Limited

Dhaka Bank Securities Limited

BO account is an Investor’s identity. To invest in the capital market of Bangladesh one needs to open a BO account with a Brokerage firm according to Security Exchange commission Rules. In this blog, we have accumulated all the necessary data and information one need to open a BO account.

Before you open a BO account, you need to find a suitable Brokerage firm. Don’t forget to check our blog detailing how to choose a brokerage firm.

Hope this blog satisfies you interests.

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