B Mirror Report : New Beneficiary Owners (BO) account openings have reportedly come to a standstill due to software-related issues at Central Depository Bangladesh Limited (CDBL), creating difficulties for brokerage houses and prospective investors.

According to market sources, brokerage firms have been unable to open new BO accounts since the beginning of the week. Several brokers have alleged that CDBL’s system is malfunctioning, failing to provide required information and, in some cases, generating incorrect data. As a result, many new investors visiting brokerage houses to open accounts are being forced to return without completing the process.

Despite the situation, brokerage houses claim they have not received any official communication from CDBL regarding the issue. There are also allegations that the depository authority is attempting to downplay or conceal the problem.

Sources noted that opening a BO account is the first and most essential step for entering the capital market. Through brokerage firms, investors open BO accounts with CDBL to hold their shares electronically. However, due to technical problems in CDBL’s software since last Sunday, no new accounts can be opened, potentially discouraging new investors from entering the market and raising concerns about a negative impact on overall market activity.

Speaking on the matter on Tuesday (13 January), Md. Kawsar Al Mamun, Chief Executive Officer of First Capital Securities, said that CDBL’s software has been experiencing faults since Sunday, making it impossible to open even a single BO account. He added that required data are not being properly retrieved and incorrect information is appearing in the system. As a result, investors who come with necessary documents and funds are returning without opening accounts. He said similar problems were reported by other brokerage houses as well.

He further stated that attempts to contact CDBL officials by phone did not yield any clear response, and subsequent efforts to reach them went unanswered.

When contacted regarding the allegations, CDBL Managing Director and CEO Md. Abdul Motaleb said that no complaints had been received from investors or brokerage houses and claimed that operations were running normally. He added that if any complaint is received, it is reviewed accordingly.

When asked whether the number of newly opened BO accounts had increased in recent days, he said new accounts were being opened but noted that specific figures or growth rates are not directly monitored by him in his role as managing director.