The custodian of the accounts, Central Depository and Settlement Corporation Ltd (CDSC), announced Wednesday the accounts would be declared dormant and therefore unable to transact unless re­activated. The agency had granted inactive investors a grace period of nine months from June last year. Upon declaration of dormancy on an account, the CDSC must send a notification to the account holder informing them of the declaration. Disabling inactive accounts will ensure that investors’ money is not vulnerable to fraudsters. Last year, a total of 16,058 CDS accounts were opened, a 3.38 per cent increase compared to 15,533 in 2017.

Source: Daily Nation February 27, 2019 18:45 UTC