As there are too many investors, securities companies have decided to refuse serving the clients, who do not have much money.
Mrs Minh, a teacher, was so surprised on March 5 when reading the notice released by the Saigon Securities Incorporation’s (SSI) trading floor that the investors, who open new accounts for transactions, have to pay a security of VND100mio (6,250 US$).
Nguyen Hong Nam, SSI’s Deputy Director General, said that since the company applied the new regulations on accounts opening, the number of new accounts has reduced considerably. Explaining the company’s decision, Mr Nam said that SSI wanted to serve clients better. If there are too many investors, the company cannot provide good quality services.
Prior to that, the EAB’s Securities Company set a new regulation that the investors, who open new accounts, must have the account balance of VND5mil at least. However, the company has not accepted opening new accounts any more.
A lawyer said that it is lawful for securities companies to require a certain sum of account balance. However, he said that this is a kind of discriminatory treatment. While the Government defined the face value of share at VND10,000 instead of VND100,000 in order to attract more and more investors, securities companies are now trying to limit investors.
Mr H., an investor on ACBS trading floor, said that he cannot make any transactions in the last several days though he came to the floor early, at 7 am. There are too many investors on the floor, and securities companies say they cannot serve all the clients. A lot of other investors complain that they cannot place orders via telephone or other channels instead of coming directly to the trading floors.
Bui Nguyen Hoan, Chief Representative of SSC in HCM City, said that SSC has advised securities companies to set up more transaction points to serve clients. He stressed that the stock market is open for everyone, not only for rich investors.
Source: VNN
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