KUALA LUMPUR, Dec 19 — Bursa Malaysia has issued a new framework for the opening of trading and securities accounts for both retail investors and corporate clients.
In a statement, it said the framework provides greater flexibility to participating organisations (POs) of bursa securities and authorised depository agents (ADAs) in opening accounts.
POs and ADAs can now allow individual investors to open the accounts through electronic media.
The Securities Commission has approved amendments to the rules for this framework, which will go into effect on January 15.
Bursa Malaysia chief executive officer Datuk Tajuddin Atan said the objective is to facilitate a simpler and smoother process in opening an account, with checks in place, to ensure the applicant’s identity and information are authenticated.
“The framework accommodates technological advancement and accords flexibility to POs/ADAs to leverage on information technology,” he said.
“It enables the adoption of Internet-based e-service applications to the extent that the POs/ADAs do not require the individual applicants to be present in person to open accounts.”
Corporate clients will benefit from a further reduction and standardisation in documentation.
Individual investors can now submit applications, together with the relevant documents, in hard or soft copy. — Bernama
