Dhaka, April 29 -- The depository authority has decided to designate BO (beneficiary owners') accounts with no transactions for at least one year as dormant, prohibiting any debit of shares or funds from these accounts to safeguard the assets they hold.

It is planning to submit a proposal to the Bangladesh Securities and Exchange Commission (BSEC) shortly to obtain approval, a senior official at the Central Depository Bangladesh Ltd. (CDBL) said, wishing not to be named.

The proposal has been considered after fraudulent brokers, such as Moshihor Securities, embezzled clients' money and shares by taking advantage of clients being completely in the dark about their account status.

Opportunities for such misconduct also arise when informa...