Delivery Policy of Mika Securities
Effective Date: August 25, 2025
This Delivery Policy outlines the procedures for the transfer and receipt of securities between clients and Mika Securities, a stock brokerage firm operating at the Dhaka Stock Exchange (DSE). In the context of the stock market, “delivery” refers to the transfer of ownership of shares, not the physical delivery of goods. This process is almost entirely electronic.
1. Electronic Delivery of Shares (Primary Method)
All trades executed on the Dhaka Stock Exchange are settled through the Central Depository Bangladesh Limited (CDBL). The delivery of shares is an electronic process where securities are credited to or debited from a client’s Beneficiary Owner (BO) Account.
- Purchase of Shares: When a client buys shares, Mika Securities will ensure that the purchased shares are credited to the client’s BO Account. This transfer typically occurs on the trading day plus two business days (T+2), in accordance with DSE and CDBL settlement cycles.
- Sale of Shares: When a client sells shares, the client is responsible for ensuring that the required number of shares are available in their BO Account. The shares will be debited from the client’s account on the settlement date to fulfill the sale order.
2. Client Responsibilities
For a smooth delivery process, clients must:
- Maintain Sufficient Balance: Ensure that the required number of shares are present in their BO Account to cover any sell orders. Failure to do so may result in a “short sale” and associated penalties from the DSE.
- Verify Account Information: It is the client’s responsibility to ensure that their BO Account details are correct and up-to-date with Mika Securities.
- Review Statements: Clients must regularly review their account statements to confirm that shares have been correctly delivered or debited following a trade.
3. Failure of Delivery
If there is a failure to deliver shares (e.g., shares were not credited after a purchase, or a sell order could not be fulfilled due to a share shortage), Mika Securities will investigate the issue promptly. In cases where the failure is due to an internal error by Mika Securities, we will take all necessary steps to rectify the situation, including working with CDBL and the DSE to resolve the discrepancy. Mika Securities is not liable for delivery failures caused by the client or external factors beyond our control.
4. Physical Share Certificates
While most shares are held in electronic form, some older shares may still exist as physical certificates.
- Delivery to Mika Securities: Clients with physical share certificates must submit them to Mika Securities’ head office for dematerialization (conversion into electronic form) before they can be sold.
- Receipt of Certificates: Mika Securities does not provide physical delivery of share certificates to clients. All shares are credited to a BO Account.
5. Contact Information
For any questions or issues regarding the delivery of shares, please contact our Client Services Department.
Mika Securities Simpletree Lighthouse (9th Floor), 53 Kemal Ataturk Avenue, Banani, Dhaka 1213, Bangladesh Email: info@mikasecurities.net Phone: +8801730062188