Online stock trading will stop if CCCD is not updated

A series of securities companies have sent notices to customers. To avoid disruptions in the transaction process, securities companies recommend that customers update their Citizen Identification Card (CCCD)/ID (latest version, with chip).

Pursuant to Clause 2, Article 46 of the Law on Citizen Identification No. 26/2023/QH15; Official Dispatch No. 4501/UBCK-CNTT of the State Securities Commission; Project 06/CP under Decision No. 06/QD-TTg dated January 6, 2022 of the Prime Minister, securities companies have recently sent notices to customers about updating citizen identification information to standardize investor data.

Accordingly, Official Dispatch No. 4501 to ensure the principle of electronic transactions on the stock market, cases of not updating standardized information will have to go to the securities transaction office/branch/transaction office of the securities company to trade securities directly (online transactions are not allowed) and standardize data information when investors trade directly at the counter.

Therefore, to avoid interruptions in the transaction process, securities companies such as SSI Securities Corporation, Ho Chi Minh City Securities Corporation, Vietcap Securities Corporation, FPT Securities Corporation, etc. recommend that customers update their Citizen Identification Card/ID card information (latest version, with chip). Most securities companies have two ways to help customers update information: online and at the securities company's transaction counter.

“According to Official Dispatch No. 4501/UBCK-CNTT of the State Securities Commission dated July 19, 2024 on reviewing and standardizing investor data, from October 1, 2024, to ensure the principles of electronic transactions on the stock market, those who do not update and standardize information will have to go to the securities transaction office/branch/transaction office of the securities company to trade securities directly (online trading is not allowed) and standardize data information when investors trade directly at the counter,” FPTS's announcement stated.

Securities companies recommend that from October 1, 2024, in case customers have not updated information to standardize data, these units will be forced to stop providing online trading services on customers' securities trading accounts according to the request of the State Securities Commission. These cases will have to go to the securities company's transaction counter to trade securities directly and standardize data information.

In early 2024, the Prime Minister directed the State Securities Commission to cross-check and verify information with the National Population Database, clean up data on securities investors and people granted securities practice certificates, and complete it in March. Previously, in mid-December 2023, the Prime Minister directed the Ministry of Finance and the Public Security to coordinate to promptly clean up data on investors to improve market safety.

As of the end of July 2024, domestic investors currently have a total of nearly 8.33 million securities accounts (individuals account for 99.8%). The total number of securities accounts of domestic and foreign investors at the end of July was more than 8.37 million, equivalent to 8.4% of Vietnam's population.

Source: https://baodautu.vn/se-ngung-giao-dich-chung-khoan-truc-tuyen-neu-chua-cap-nhat-cccd-d222367.html