UAE bourses may combine investor IDs

by Daniel Stanton Monday, 04 June 2007

The UAE stock market regulator is looking into consolidating the identification numbers used by investors on Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM).

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The Emirates Securities and Commodities Authority (ESCA) said in a statement today that allowing investors to use the same number on both exchanges would help to alleviate red tape for investors and make life easier for brokerage firms.
ESCA is also looking at using the investor card for further administrative functions. The DFM investor card was recently upgraded to incorporate a magnetic strip, allowing it to hold additional information.

The matter was discussed at a meeting between officials of ESCA, DFM and ADSM. It was attended by officials including HE Abdullah Al-Tarifi, CEO of ESCA, HE Ahmed Darwish Al Zarouni, director general of the Emirates Identity Authority (EIDA), and Rashed Al Baloushi, acting director general of ADSM.



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