Section 25

An authorized depository agent which deals in deposited securities as principal shall, in relation to such dealing, open and maintain a securities account with the central depository.

A central depository may establish different types of securities accounts for different classes of persons.

Every securities account opened with a central depository shall be in the name of the beneficial owner of the deposited securities or in the name of an authorized nominee.

The person opening the securities account shall make a declaration in such manner as may be specified in the rules of the central depository that he is the beneficial owner of the deposited securities or the authorized nominee, as the case may be.

Any person who contravenes subsection (1), (2) or (5) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding ten years or to both.

Authorized nominee shall hold deposited securities for one beneficial owner in respect of each securities account