Account Opening Requirements

 1.       Eligibility: Following parties are eligible to open a BO Account:

(a)    Any individual of 18 years and above.

(b)    Company, Firm, Trust and Association.

2.     Joint Account: Any Two Individuals who are eligible to open Individual account can open a Joint Account together.

3.       Account opening form must be filled/Completed in Block Letter only.

4.       Account: According to the rules of the regulatory bodies an individual can maintain maximum 2 accounts
(1 individual and another joint account)

5.       Required documents:

          Individual/Joint Account

a)      2 (two) copies recent passport size photographs (Lab Printed) of each Accountholder (s) duly Signed

b)      Photocopy of Passport/National ID/Driving License/Bank Certificate

c)      Photograph of nominee (s) attested by the account holder (s). If the Nominee (s) is Minor then 1 Copy of Passport Sized photograph of a Guardian must be submitted along with the Account Opening Form. Note that the Account Holder Cannot be the Guardian of the Nominee (s).

d)      Bank Statement for last one month

e)      2 Copies of Passport Sized Color photographs (Lab Printed) of the POA holder (Attested by the account holder)

f)      Photo copy of National ID Card of POA holder (Photo copy of National ID Card has to attested with the same signature as on the Original Copy)

g)   150/- Stamp must be notarized describing the tasks that POA holder will be eligible to conduct in PFI Securities Limited on behalf of the account holder. (For Individual Account Only)

h)   In case of Joint Account, if POA holder is any third party then 150/- Stamp must be notarized describing the tasks that POA holder will be eligible to conduct in PFI Securities Limited on behalf of the account holders

          Company Account

A.     Photo copy of National ID Card of Managing Director or CEO of the Company (Photo copy of National ID Card has to attested with the same signature as on the Original Copy)

B.       Attested Photographs of the Signatories 

C.      Board Resolution regarding opening of the account with PFI Securities Limited and A Power of Attorney (POA) holder to operate on behalf of the Company (Attested by Company Secretary or Authorized Signatory)

D.      Memorandum & Article of Association certified by RJSC

E.     2 Copies of Passport Sized Color photographs (Lab Printed) of the POA holder (Attested by the account holder)

F.       Photo copy of National ID Card of POA holder (Photo copy of National ID Card has to attested with the same signature as on the Original Copy)

G.      TIN (Tax Certificate)

H.      Trade license & Incorporation Certificate

I.        Photocopy of Company Bank certificate

J.        Photocopy of Company Bank statement

          NRB Account

i)         2 (two) copies recent passport size photographs (Lab Printed) of each Accountholder (s) duly Signed

j)        Photocopy of National ID/Driving License/Bank Certificate

k)      Photograph of nominee (s) attested by the account holder (s). If the Nominee (s) is Minor then 1 Copy of Passport Sized photograph of a Guardian must be submitted along with the Account Opening Form. Note that the Account Holder Cannot be the Guardian of the Nominee (s).

l)         FC Bank Statement for last one month

m)     FC & NITA Bank Certificate

n)      Job Certificates of the account holder.

o)      City Council certificate/permission copy (In case of Business Person)

p)      2 Copies of Passport Sized Color photographs (Lab Printed) of the POA holder (Attested by the account holder)

q)      Photo copy of National ID Card of POA holder (Photo copy of National ID Card has to attested with the same signature as on the Original Copy)

r)    150/- Stamp must be notarized describing the tasks that POA holder will be eligible to conduct in PFI Securities Limited on behalf of the account holder.

s)       Photocopy of Passport 7 (seven) Pages including Visa Page.

     

6.       POA Holder:

(a)    Any employee of PFI Securities Limited cannot be appointed as Power of Attorney (POA) Holder.

7.       Mode of Instruction: All instructions shall be made in writing.       

8.      Amendment of Rules: PFI Securities Limited reserves the right to amend the present rules at any time in any manner with or without giving prior notice to the Accountholder(s) separately or to the public.


PFI Securities Limited Terms and Conditions.

 Article – 1 General Terms

1-1              The Client has absolute discretionary power to make investment decisions and may from time to time instruct the A/R to make such investment(s) for and on its behalf by the following Means of Communication:

(a)     Order slip of PFI Securities Limited signed by the Client;

(b)     Written instruction signed by the Client;

(c)     Faxed instruction signed by the Client;

(e)     Other evidence of order recorded through any other electronic devises accepted by the PFI Securities Limited.

1-2       The Means of Communication shall constitute evidence of orders made by the Client to the AR, which when executed shall be conclusive and binding on the Client.

1-3            All instructions and orders made by the Client over telephone or any other electronic or electrical devises  shall be logged by the AR in its system and such records shall be conclusive that the instructions have been given by the Client and the transactions so ordered or instructed shall be binding on the Client.

1-4        Order by electronic transmission to the AR shall be made at the risk of the Client and the AR shall under no circumstance be held responsible for any loss due to non- transmission arising out of any electronic, electrical or mechanical fault.

1-5           In case of telephonic and e-mail support, PFISL will only correspond to those number (s) and address that have been provided in the account opening form.

1-6          In case of telephonic order client/POA holder has to sign buy/sale order within 24 hrs after the execution of his trade order

1-7              Margin Agreement has to be signed properly before availing Loan

1-8              The account holder must show his/her latest portfolio to AR before placing an order.

1-9              The Client shall be eligible to purchase only the securities approved by the Management.

1-10         The Management may, at its discretion, from time to time, add new securities to or remove existing securities from the list of approved securities.

1-11            The client cannot sale any instrument until that instrument is saleable / matured.

1-12        The client shall only be allowed to buy a particular instrument if he/she has purchase power to buy that instrument

1-13            The Client has to sign pay in slip and trade confirmation after execution of his given

1-14         The AR upon acceptance of an order shall undertake necessary steps to execute such orders of the Client. If the Means of Communication is not satisfactory, the AR shall not be obliged to comply with such order but revert back to the Client for clarification.

1-15          If the value of an order of the Client exceeds the purchasing power of the Client, which will be determined by the available cash and Margin Loan in the account, the AR shall have the discretion either to reject the order or modify the order by reducing the order quantity and/or eliminating a specific order.

1-16      The sole responsibility for making investment decisions shall be on the Client and the AR will not make any discretionary investment decisions for or on behalf of the Client.

1-17           The AR shall under no circumstances be responsible or liable for any result whether adverse or otherwise of the investment decisions of the Client.

1-18           The client acknowledges that the AR neither guarantees any rate of return or profit from any investment to the Client nor shall be responsible for any losses caused to the Client due to fluctuations of the capital market.

1-19          The Client may from time to time appoint or remove any person as Authorized Person/Power of Attorney holder to act on behalf of the client.

1-20            Such Authorized Person shall be able to do all acts and give instructions or orders for all transactions under this Agreement, including operating the account(s) of the Client and shall be acting for and on behalf of the Client or described in the power of attorney declaration by the Client until he/she is removed in the manner stipulated hereunder.

1-21         The AR may act on the instructions of an Authorized Person until it actually receives written notice from the Client of the removal of such Authorized Person and may in any event act on any instructions issued by the Authorized Person before the date of receipt of the written notice of such removal.

1-22            The Client shall bear the full responsibility of the acts or omission of its Authorized Person. The AR shall not be held liable for any irregularities or unauthorized acts committed by the Authorized Person including and not limited to, unauthorized placing of securities purchase/sale orders or withdrawal of fund/securities.

1-23          In case the Client is a limited company, institution, association, trust or a firm, the signatories to this Agreement the Client shall provide full corporate documents, including Board approvals and shareholder approval (if any) supporting the appointment of the Authorised Person prior to the appointment.

1-24          The Client shall be solely responsible for notifying the Securities and Exchange Commission and other concerned authorities in the case of acquiring substantial shares of a company and/or trading shares of companies in which the Client holds directorship or in other cases where it is obligatory to notify the regulatory authorities.

Article-2 Fees Charges and Interest

§   Initial Fund: A minimum of Tk. 500,000/= (Taka five Hundred Thousand Only) for Cash and Tk. 1,000,000/= (Taka One Million only) for Margin account

§    Margin Loan:  100% of the Client’s Equity, i.e., the Debt to Equity ratio would be 1:1 or Negotiable. However the loan amount should not exceed Tk. 30 (thirty) million to a single client.

§      Fees, interest and charges shall be payable:

 

Sl.

Particulars

Fees/Charges

01

Documentation Charge (Margin account only)

Tk. 1,000/= (Taka one thousand only during the time of account opening)

02

Management Fee (to be charged monthly for  Margin account only)

N/A.

03

Interest rate on margin loan (to be charged quarterly for margin account)

18% TK

04

Brokerage Commission Cash/Margin

0.35% on transaction value

05

B/O Account Opening Charge

Tk. 700/= (Taka seven Hundred only).

06

CDBL Charge

Actual Basis

 §      Out of Pocket and any third party expenses: Charges of Central Depository are to be levied according to the charging mechanism set by the Central Depository of Bangladesh Limited. These expenses include (but not limited to):

                  a. Central Depository Fees.

                  b. Other extra-ordinary communication costs.

Article – 3 Nominee

3-1      In the event of death of the Client, the nominee(s) as prescribed by the Client in the application form shall be the only person(s) recognized by the Management as being entitled to the assets of the portfolio.

3-2        In case nominee(s) are not mentioned, the Management shall not be obliged to deal with any person or persons to accept any right, title or interest of any person unless such person is holding a valid succession certificate, probate or letter of administration covering the investment from a court of competent jurisdiction and subject to such further documents or evidence that the Management may require.

Article – 4 Notice

4-1     Any notice provided for in this Agreement shall be in writing and shall be first transmitted by facsimile transmission, and then confirmed by registered mail or courier service, in the manner as elected by the party giving such notice to the addresses provided in account opening file.

4-2      All notices shall be deemed to have been validly given on (i) the Business Day when the transmission was made, if transmitted by facsimile transmission, or (ii) the expiry of 3 (three) Business Day after posting if transmitted by registered mail or (iii) the Business Day of receipt, if transmitted by courier.

4-3        Any Party may, from time to time, change its address or representative for receipt of notices provided for in this Agreement by giving to the other party, not less than 10 (ten) days prior written notice.

4-4        Client has to strictly follow the laws, rules and regulation of all the regulatory bodies

4-5        In case of deposit through cheque, the client cannot trade until his/her deposited Cheque is matured.

4-6      In case of cash deposit client has to deposit the client can deposit a maximum amount of Taka 05 (five) Lac cash to the respective bank referred by PFI Securities Limited in a given day.

4-7        In case of Money Withdrawal, Client has to submit a money withdrawal requisition slip to the Accounts department of PFI Securities Limited. PFISL shall only issue A/C Cheque in the name of Account Holder. No cash/cash cheque/fund transfer shall be allowed.

4-8        In case of issuance of Cheque to POA Holder’s name, client has to submit A Registered POA Agreement from 1st Class Magistrate. In this case, PFI Securities Limited’s decision will be full and final.

4-9        If any change(s) regarding account information, client must place a written request to the Managing Director & CEO of PFI Securities Limited.

4-10      Client must check and verify all documents he/she receives from PFISL and make sure that those documents are duly signed by Authorized Person of the company. Once satisfied he/she should sign in those documents. If any documents is not duly signed by the Authorized Signature of any employee then client cannot make any complain against that particular document.

Article – 5 Physical Shares

5-1        If client wants to take his/her paper share from PFISL then we will only deliver those shares to the account holder only for transferring the name of the share.

5-2        Any claim regarding Fraud, forgery or any related terms must be made within 7 (seven) days from receive of paper share. 

5-3        PFISL will only receive client’s paper share within 6 (six) months of the delivery of the share from PEISL.

5-4        In case of Paper Share withdrawal, client has to submit a share withdrawal requisition slip to the share department of PFISL and his/her share will be delivered in the next working day. However, share delivery is fully dependable on the ledger balance of the client. If Ledger balance is negative then the client cannot withdraw his/her share (for cash account).

5-5        In case of Margin account, if client’s purchase power is negative then he/she cannot withdraw any share from PFISL. If client’s purchase power is positive then he/she can withdraw his/her share from PFISL.

Article – 6 Termination of Agreement

6-1        This Agreement shall continue in force until terminated by either party giving to the other not less than 60 (Sixty) Business Days’ notice in writing provided that either party may upon serving written notice to terminate this Agreement in occurrence of any one of the following events:

(a)     The other party is in breach of any material terms of this Agreement, which shall not have been remedied within 15 (Fifteen) days after serving of written notice requiring the breach to be remedied.

(b)    The other party shall go into bankruptcy or liquidation, a resolution is passed for its winding up or a receiver or similar officer is appointed over any assets of the party.

(c)     Occurrence of any other matter that causes permanent disability for the Manager to carry out the portfolio management functions.

6-2      The Company reserves the right and sole discretion to liquidate the Portfolio of the Client in whole or in part without notice to the Client When total investment of the account holder falls below 125% of the debit balance in the margin account to bring the equity to not less than 150% of the debit balance..

Article – 07 Governing law and jurisdiction

7-1        This agreement shall be governed by the laws of Bangladesh.

Article – 08 Miscellaneous

8-1        PFI Securities Limited shall be fully authorized to modify or vary the terms and conditions contained herein for compliance with any prevailing or change of relevant laws relating to matters herein.

8-2        The Schedule(s) and any rider(s) attached hereto including the Account Opening Form, together with this Agreement shall constitute the entire Agreement between the parties hereto and supplement this Agreement.

8-3        This Agreement is or shall be in compliance with the Securities and Exchange Commission (SEC) laws and such rules, regulations, notices or circulars issued by the Securities and Exchange Commission from time to time.

In Witness whereof the parties hereto have caused this Agreement to be executed in duplicate by their respective duly authorized representatives as of the date and year first written above.

 

 

Applicant

Full Name

Signature with Date

First Applicant

 

 

 

Second Applicant

 

 

 

Third Applicant

(Ltd. Co. Only)