Stop online stock trading if citizen identification is not updated: Deadline extended to January 1, 2025

The rate of investors who have updated their citizen identification at many securities companies is very low - Photo: QUANG DINH

Specifically, on September 30, the State Securities Commission sent a document to securities companies regarding the review and standardization of data on investors and securities practitioners according to Project 06/CP.

According to the request in the July 2024 dispatch of the Securities Commission, from October 1 (tomorrow), securities companies will have to stop online transactions for investors who have not updated their citizen identification/ID.

However, in this latest document, the Securities Commission has postponed the above deadline. Accordingly, securities companies are requested to urgently contact and request individual investors to verify and update account information, to be completed before January 1, 2025.

Thus, investors will have an additional 3 months to update and re-authenticate their accounts as required by the securities market management agency.

The Securities Commission said that from January 1, 2025, for cases where investors have completed the reconciliation, update and standardization of account information, the units will provide normal services.

On the contrary, for investors who have not yet cooperated to complete the update, the committee recommends that units request investors to complete the update and standardize information before making transactions.

The above extension of the account verification deadline comes from the difficulties and obstacles that many securities companies face in the implementation process. Some units have proposed to postpone the completion deadline, so that they have time to deploy and apply technical solutions to authenticate, standardize, and clean data on individual investors.

The rate of investors updating their citizen identification is still low.

Previously, Tuoi Tre had an article reflecting the reality that, although the 'deadline' is very close, many securities companies said that the rate of investors updating their citizen identification/chip-based identification according to the new regulations is still low. In some places, only more than 10% of customers have done so.

Speaking to reporters, a representative of a securities company expressed "hesitancy": Only over 20% of customers updated, even though the company had urged them frequently. A leader of DNSE Securities also said that as of September 27, less than 10% of accounts opened at the company had verified their citizen identification.

The general director of a securities company in Hanoi noted that changing information on citizen identification cards/chip-based identification cards must not only be 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.

Source: https://tuoitre.vn/ngung-giao-dich-chung-khoan-online-neu-khong-cap-nhat-can-cuoc-cong-dan-lui-han-den-ngay-1-1-2025-20240930174738864.htm