Stock investors ignore 'deadline'

Stock trading session at MB Securities Joint Stock Company (MBS) North Saigon branch, Phu Nhuan district, Ho Chi Minh City on the morning of August 26 - Photo: QUANG DINH

Most investors place orders and trade securities online rather than going to the counter. Meanwhile, securities companies emphasize that they will be forced to stop providing online trading services on trading accounts for customers who have not updated information to standardize data as required by the State Securities Commission.

Deadline is near, investors are in no hurry

To meet the October 1 deadline, securities companies are urgently contacting and instructing investors to update their chip-embedded ID cards, deploying both online support on the application and directly at the counter. Many companies such as VIX, Rong Viet, EVS Securities, SHS, HSC... continuously make announcements on platforms, from social networks to websites...

A representative of Yuanta Vietnam said that all functional departments are focusing resources to "sprint" in time. DNSE Securities also said that it has deployed notifications to customers on all channels.

However, at many securities companies, even though the deadline is approaching, the percentage of customers who have not updated is still quite large. Talking to Tuoi Tre, a representative of a securities company expressed "hesitation": only over 20% of customers have updated, even though the company has urged them to do so at high frequency.

A leader of DNSE Securities also said that as of September 27, less than 10% of accounts opened at the company performed CCCD authentication.

Similarly, Mr. Nguyen Thanh Trung - investment consulting director of Thanh Cong Securities - said that up to now, there are still many customers who have not updated for various reasons. There are customers who have contacted in many ways such as texting, calling... but have not updated because they are "busy". There are also cases where they do not understand the regulations or have not made a new CCCD because they have left their place of residence.

8 million accounts will have a big loss?

Speaking to Tuoi Tre , the general director of a securities company in Hanoi noted that changing information on CCCD/CC with chip is not only done at the securities company but must go through the Vietnam Securities Depository and Clearing Corporation (VSDC).

Therefore, if the number of requests from securities companies is high near the deadline, it is likely that the time to complete the information change at VSDC will be longer. From the story of many banks being overloaded when applying biometrics on July 1, it is likely that after October 1, securities companies will be similar.

Mr. Nguyen Thanh Trung said the effective method is still for the managing broker to directly call, notify, and discuss with customers.

However, with the trend of technology, modernization of the securities industry and the "zerofee" race, many companies maintain very low brokerage rates. There are even securities companies with a large market share today that claim to have no brokerage staff, mainly operating through online platforms. According to Mr. Trung, such companies will face certain difficulties.

Another thing worth noting in this round of verification is the “virtual” accounts. According to current regulations, each customer is only allowed to open one account at each securities company. However, customers can open multiple accounts at different securities companies. The number of accounts opened but not traded is relatively large.

At the end of last year, statistics from VSDC showed that nearly 900,000 accounts were "erased", mainly concentrated at MB Securities (MBS). MBS said at that time that they reviewed the list of accounts that had been opened but had not made any transactions.

Mr. Do Bao Ngoc - Deputy General Director of Kien Thiet Securities - said that customers open many accounts at different securities companies, but when it comes time to update, they will only prioritize the account or transaction. There are no official statistics, but it is estimated that at Mr. Ngoc's company, about 20 - 30% of customers may not update their CCCD for this reason.

According to VSDC, as of the end of August this year, there were more than 8.64 million securities accounts of domestic individual investors. Mr. Ngoc said that after verification, the number of these accounts may "decrease". Standardizing information will partly eliminate virtual accounts and accounts that are not used for trading. This is also the reason why the number of newly opened accounts has increased to a record level but market liquidity remains low.

Must transact at the counter if not updating chip-embedded CCCD

According to the request of the Securities Commission on reviewing and standardizing investor data according to Project 06/CP, customers who do not update and standardize information before October 1, 2024 will have to switch to direct transactions.

However, some securities companies currently implement a policy of no brokerage, focusing on building online trading platforms. This makes many investors worry that there will be difficulties in trading directly at the counter in cases where the number of people who cannot update their CCCD but still have a large demand for buying and selling.

Source: https://tuoitre.vn/nha-dau-tu-chung-khoan-ngo-lo-deadline-20240929225333877.htm