Investors required to have single identity

JAKARTA: Indonesian Central Securities Depository (KSEI) accelerates the filling of 270,000 customer accounts for exchange member (AB) to obtain single investor identity (SID) no later than March 2011.KSEIs Director Margaret M. Tang said that currently there are 122,000 customers who already have the SID."Early January 2011, a total of 270,000 accounts has been submitted by the exchange member due to the SID filing format that filed does not match the KSEIs standard so we return it for correction," he said, yesterday.The regulation about the use of SID for customer when running the transaction within domestic market is stipulated in the additional regulation No. II-A about Equity Securities Trading that has been issued by IDX in mid-January.The issued regulation, Margaret continued, requires all exchange member accounts to own SID no later than 1 April 2011.Meanwhile, Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) has set a deadline for the application of SID no later than 31 March 2012 or one year longer from the IDXs regulation.Referring to the regulation of Bapepam-LK, all exchange members are required to update their customer data by 31 December 2010."We'll give tolerance to update the customer data until March 2011." he added.If there is an exchange member that has not provided the latest customer data until the specified deadline then KSEI will report it to Bapepam-LK for follow-up. "The exchange member could receive sanction," he said.On 18 January 2011, IDX requires each customer to use a single investor identity in running the securities transactions in line with effectiveness of new trading regulation as of 1 February 2011. (t06/wiw)

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