FE Report (September 30, 2010)
Bangladesh's largest private carrier - GMG Airlines - is set to go public in November this year, chairman of the airline disclosed at an annual general meeting at a city hotel Wednesday.
The 13th annual general meeting (AGM) discussed the Annual Report and Audited Accounts as well as activities of GMG Airlines during the year ending on December 31, 2009 and also on the half yearly financial statement ending on June 30, 2010 and the future plans of the company.
The AGM was presided over by Mr. Shayan F. Rahman, Chairman of the Company. Mr. Shahab Sattar, Managing Director, Mr. O K Chowdhury, Mr. Mohammad Lutfar Rahman, Directors, Mr. Christian Heinzmann Chief Executive Officer, Mr. Mohammad Asad Ullah, Company Secretary and Mr. Michal Moriaty, Chief Financial Officer attended the meeting.
Bangladesh's largest business conglomerate, BEXIMCO Group, owns majority stake of the airline and brought into place a massive modernisation and expansion project following the re-launching and re-branding of the decade-old airline in May this year.
As part of the project, the GMG Airlines launched a new logo, added new planes, redesigned the website and expanded to new routes to become the most preferred airlines in the region.
The airline added a wide-bodied Boeing 767-300 ER plane in its fleet to carry passengers to its recently launched Dhaka-Jeddah route. GMG Airlines operates six flights from Dhaka to Jeddah and will soon start operating four from Dhaka to Riyadh.
As a part of this modernisation program, GMG Airlines will soon manage electronic tickets via interfaces from a range of devices such as cellular phones, check-in kiosk, online check-in, boarding cards and baggage handling through Departure Control System, said Mr. Shayan F Rahman
The company's operating revenue was Tk 2,908.07 million during the year ended on 31 December 2009 while the company earned a gross profit and net profit of Tk 647.04 million and Tk 23.38 million respectively. The Company's operating revenues during the half year ended on 30 June 2010 was Tk 2,165. 69 million while the company earned gross profit and net profit of Tk 698.68 million and Tk 368. 71 million respectively and earning per share (EPS) was Tk. 8.38 during the six month period.
The shareholders were highly satisfied with the company's performance during the year under review and also in the first half of the year and appreciated the Management of the Company for their performance. A large number of shareholders attended the meeting.
GMG Airline was established in 1997 and started operations on 6 April 1998. It began with domestic operations and launched international services on 8 September 2004, with a service from Chittagong to Kolkata. It was the first private Bangladeshi airline to launch international services.
Cable Shilpa Ltd to launch IPO by Dec
Bangladesh Cable Shilpa Limited, a concern of the Telecommunications Ministry, is going to offload it shares by end of this year to finance optical fibre and electrical cable plants.
"We have decided to raise Tk 1.0 billion from the market to expand our business," post and telecommunications secretary Sunil Kanti Bose told the FE.
The step is part of the government's broader initiative to list 26 state firms in the stock markets.
The company started its business in 1972 and it never incurred any loss as it has a strong product line, the secretary said.
Bangladesh is now reliant on the import of optical fibre but Mr Bose said if the company sets up plant and goes into operation, it will be able to supply wires in the local market.
"The optical fibre plant will be set up in November and it will start pilot production from December," he told the FE. "The market is growing and in the future we will have to expand the production base," he said.
The company is going to diversify its product range to cater to the need of the market, said an official of the company.
The company produces copper cable used in telephone line but the demand for the product is on the decline due to massive rise in demand for cell phone, he said.
The electrical cable plant will produce power cable used for transmission line and electrical wire used in households, he added.
The company has almost completed reevaluation of its asset and liabilities and is going to appoint an issue manager to handle the initial public offering process by October, the official said.
The company ran its operation under 'no profit no gain' policy up to 1994 but after that it started working on a commercial basis, he said.
During the 1990s, the state enterprise's annual profit ranged from Tk 40 to 60 million but profits jumped to Tk 60 million and Tk 100 million in the last decade.
Thursday, September 30
Amendment to banking laws in the offing
FE Report (September 30, 2010)
The government plans to amend the Bank Company Act, 1991, Bangladesh Bank (BB) Order, 1972 and the Bankers' Book Evidence Act, 1891 to remove the discrepancies in the laws concerned and strictly enforce those, a senior official of the Bangladesh Bank (BB) said.
The Ministry of Finance (MoF) has recently asked BB to explain its position soon relating to amending the relevant laws. Updating the existing banking acts in line with the global standard and accommodating the suggestions of donor groups is one of the major priorities of the government in this regard, sources in the MoF said.
The letter of the MoF, sent to the BB Governor, also asked the central bank to formulate a draft guideline for a taskforce to be commissioned soon to expedite the process of modernizing the acts and laws of banking sector.
"Major acts and laws of the banking sector, particularly Bank Company Act, 1991, BB Order, 1972 and the Bankers' Book Evidence Act, 1891 will be amended soon," a high official in the MoF said.
"The BB has been asked to carry out the task by itself and prepare a guideline for a high-powered taskforce to be commissioned soon for specific recommendations for the purpose," he added.
Experts from both BB and research organisations and economists will be included in the proposed taskforce, it is learnt.
Furthermore, the MoF in its letter also asked the BB to furnish relevant information on current overall banking position in the country and identifying weakness and loopholes, if any, in the entire banking industry, a source in the BB said.
A top banker in the BB said there are a number of discrepancies in the Bankers'
Book Evidence Act, for example, in areas of searching and freezing bank accounts of depositors and their subsequent punishments. Such flaws need to be corrected, he added.
Moreover, he said the authority of central bank, particularly in the areas of fiscal and exchange rate policies, provided by the BB Order 1972 is not fully functional and practised for long in the country due to a number of reasons, particularly for over influence from the finance ministry.
The clause 7A (a) of the Bangladesh bank Order, 1972 clearly says that one of the major functions of the central bank is formulation and implementation of monetary policy from time to time.
In addition, under the clause 7A (c) of the same order, the BB is empowered to give "advice to the government on the interaction of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions".
The BB officials said they are very much in favour of amending the Bank Company Act, 1991 to limit the number of bank directors and increasing the fines for banking frauds.
"We will surely propose to the government to limit the number of bank directors to 13 to establish more discipline in the banking sector," an Executive Director of BB told the FE.
The BB initiated the move about one year back in line with an ordinance promulgated by the immediate past caretaker government (CG), which could not be implemented due to unwillingness of the influential quarter of the government and parliamentary standing committee on MoF, sources alleged.
The ordinance promulgated by the caretaker government limited the number of directors on a bank board to a maximum of 13. But the Bank Company Act, 1991 (amended) has not limited the number of bank directors. The commercial banks appoint directors as per their respective Articles of Association, banking sources said.
The ordinance further said that a maximum of two members of a single family could be appointed as directors of a banking company if the family concerned owned more than five per cent share of that bank.
Furthermore, the ordinance provided for a maximum of one director from a single family to be appointed as director of a banking company if the family concerned owns up to five per cent share of that bank.
The government plans to amend the Bank Company Act, 1991, Bangladesh Bank (BB) Order, 1972 and the Bankers' Book Evidence Act, 1891 to remove the discrepancies in the laws concerned and strictly enforce those, a senior official of the Bangladesh Bank (BB) said.
The Ministry of Finance (MoF) has recently asked BB to explain its position soon relating to amending the relevant laws. Updating the existing banking acts in line with the global standard and accommodating the suggestions of donor groups is one of the major priorities of the government in this regard, sources in the MoF said.
The letter of the MoF, sent to the BB Governor, also asked the central bank to formulate a draft guideline for a taskforce to be commissioned soon to expedite the process of modernizing the acts and laws of banking sector.
"Major acts and laws of the banking sector, particularly Bank Company Act, 1991, BB Order, 1972 and the Bankers' Book Evidence Act, 1891 will be amended soon," a high official in the MoF said.
"The BB has been asked to carry out the task by itself and prepare a guideline for a high-powered taskforce to be commissioned soon for specific recommendations for the purpose," he added.
Experts from both BB and research organisations and economists will be included in the proposed taskforce, it is learnt.
Furthermore, the MoF in its letter also asked the BB to furnish relevant information on current overall banking position in the country and identifying weakness and loopholes, if any, in the entire banking industry, a source in the BB said.
A top banker in the BB said there are a number of discrepancies in the Bankers'
Book Evidence Act, for example, in areas of searching and freezing bank accounts of depositors and their subsequent punishments. Such flaws need to be corrected, he added.
Moreover, he said the authority of central bank, particularly in the areas of fiscal and exchange rate policies, provided by the BB Order 1972 is not fully functional and practised for long in the country due to a number of reasons, particularly for over influence from the finance ministry.
The clause 7A (a) of the Bangladesh bank Order, 1972 clearly says that one of the major functions of the central bank is formulation and implementation of monetary policy from time to time.
In addition, under the clause 7A (c) of the same order, the BB is empowered to give "advice to the government on the interaction of monetary policy with fiscal and exchange rate policy, on the impact of various policy measures on the economy and to propose legislative measures it considers necessary or appropriate to attain its objectives and perform its functions".
The BB officials said they are very much in favour of amending the Bank Company Act, 1991 to limit the number of bank directors and increasing the fines for banking frauds.
"We will surely propose to the government to limit the number of bank directors to 13 to establish more discipline in the banking sector," an Executive Director of BB told the FE.
The BB initiated the move about one year back in line with an ordinance promulgated by the immediate past caretaker government (CG), which could not be implemented due to unwillingness of the influential quarter of the government and parliamentary standing committee on MoF, sources alleged.
The ordinance promulgated by the caretaker government limited the number of directors on a bank board to a maximum of 13. But the Bank Company Act, 1991 (amended) has not limited the number of bank directors. The commercial banks appoint directors as per their respective Articles of Association, banking sources said.
The ordinance further said that a maximum of two members of a single family could be appointed as directors of a banking company if the family concerned owned more than five per cent share of that bank.
Furthermore, the ordinance provided for a maximum of one director from a single family to be appointed as director of a banking company if the family concerned owns up to five per cent share of that bank.
Wednesday, September 29
SEC to probe alleged insider trading
FE Report (September 29, 2010)
The Securities and Exchange Commission (SEC) is investigating the alleged insider trading involving share selling of two listed companies at the Dhaka Stock Exchange (DSE).
"We have received such allegations from a number of investors. The issue is now under lens of the commission," SEC chairman Ziaul Haque Khondker told the FE.
A number of investors have recently complained to the securities regulator and bourse, bringing allegation of insider dealing against one leasing company, one insurance company and a foreign bank.
Insider trading means buying or selling securities by a corporate officer or other insider on the basis of information that has not been made public.
According to the securities rules, no directors or entrepreneurs of listed companies is allowed share transactions without making it public.
But the two companies in league with the share-selling agent have transacted shares without disclosing, which clearly breached the securities rules, according to the complaint letter.
"I have suffered serious loss in investing on those companies' shares because of 'insider trading' by major shareholders of the companies," said an investor in his complaint letter to the securities regulator and bourses.
"The information of selling shares by the sponsor shareholders of the two listed companies was intentionally leaked in the market, causing unusual price hike of the shares. But this information of selling shares was not disclosed in line with securities rules," he said.
The letter said, "The market price of the shares of the seller companies started to go up during the time. The managements of two companies were well aware of the fact that the aforesaid companies are going to sell out their respective shares."
On September 2, the DSE asked the companies if they have any price sensitive information about the recent abnormal share-price hike. Both the companies replied negative.
The Securities and Exchange Commission (SEC) is investigating the alleged insider trading involving share selling of two listed companies at the Dhaka Stock Exchange (DSE).
"We have received such allegations from a number of investors. The issue is now under lens of the commission," SEC chairman Ziaul Haque Khondker told the FE.
A number of investors have recently complained to the securities regulator and bourse, bringing allegation of insider dealing against one leasing company, one insurance company and a foreign bank.
Insider trading means buying or selling securities by a corporate officer or other insider on the basis of information that has not been made public.
According to the securities rules, no directors or entrepreneurs of listed companies is allowed share transactions without making it public.
But the two companies in league with the share-selling agent have transacted shares without disclosing, which clearly breached the securities rules, according to the complaint letter.
"I have suffered serious loss in investing on those companies' shares because of 'insider trading' by major shareholders of the companies," said an investor in his complaint letter to the securities regulator and bourses.
"The information of selling shares by the sponsor shareholders of the two listed companies was intentionally leaked in the market, causing unusual price hike of the shares. But this information of selling shares was not disclosed in line with securities rules," he said.
The letter said, "The market price of the shares of the seller companies started to go up during the time. The managements of two companies were well aware of the fact that the aforesaid companies are going to sell out their respective shares."
On September 2, the DSE asked the companies if they have any price sensitive information about the recent abnormal share-price hike. Both the companies replied negative.
Tuesday, September 28
Govt to offload shares of two BSEC firms by March
FE Report (September 28, 2010)
The government will offload shares of two profitable concerns of Bangladesh Steel & Engineering Corporation (BSEC) in the capital market by early next year, industries minister Dilip Barua said.
"Our plan to complete listing by March next year," he said.
"The companies might be Progati Industries Ltd and Eastern Tubes Ltd. We've not taken any decision on it," he added.
He said this while talking to the US ambassador James F Moriarty at his office Monday.
The US ambassador said the new industrial policy will help give a further boost to the country's industrialisation.
The meeting focussed on the issues related to friendly work environment, coal-based power generation, investment in specialised industrial zones and establishment of hi-tech industrial park.
Mr Moriarty emphasised on a tripartite interaction where workers, owners and the government will communicate on different issues to ensure a better environment in the industrial units.
"Bangladesh can set up hi-tech industrial park for the development of industrial sector," the envoy said.
In response, Mr Barua said the government is moving ahead with the establishment of coal-based power plants in Chittagong and Khulna to address the current power crisis in industrial belts.
He said that the government would ensure equal opportunities for domestic and foreign investors in special zones.
'We will also create a congenial atmosphere for our expatriates," he told the envoy.
Responding to a question, Mr Barua said state sugar mills produced 62,000 tonnes of sugar this year and the production would be more than double next year.
Industries secretary KH Masud Siddiqui and high officials of the US Embassy in Dhaka were present in the meeting.
The government will offload shares of two profitable concerns of Bangladesh Steel & Engineering Corporation (BSEC) in the capital market by early next year, industries minister Dilip Barua said.
"Our plan to complete listing by March next year," he said.
"The companies might be Progati Industries Ltd and Eastern Tubes Ltd. We've not taken any decision on it," he added.
He said this while talking to the US ambassador James F Moriarty at his office Monday.
The US ambassador said the new industrial policy will help give a further boost to the country's industrialisation.
The meeting focussed on the issues related to friendly work environment, coal-based power generation, investment in specialised industrial zones and establishment of hi-tech industrial park.
Mr Moriarty emphasised on a tripartite interaction where workers, owners and the government will communicate on different issues to ensure a better environment in the industrial units.
"Bangladesh can set up hi-tech industrial park for the development of industrial sector," the envoy said.
In response, Mr Barua said the government is moving ahead with the establishment of coal-based power plants in Chittagong and Khulna to address the current power crisis in industrial belts.
He said that the government would ensure equal opportunities for domestic and foreign investors in special zones.
'We will also create a congenial atmosphere for our expatriates," he told the envoy.
Responding to a question, Mr Barua said state sugar mills produced 62,000 tonnes of sugar this year and the production would be more than double next year.
Industries secretary KH Masud Siddiqui and high officials of the US Embassy in Dhaka were present in the meeting.
HC stays SEC order on margin loan calculation
FE Report (September 28, 2010)
The High Court (HC) stayed Monday the SEC's recent directive on the NAV-based margin loan calculation and suspension of netting facilities for non-marginable securities for a period of three months.
A HC bench, comprising Justice Mamnoon Rahman and Justice Syeda Afsar Jahan, issued the stay order.
The court also asked the Securities and Exchange Commission (SEC) to explain within next four weeks as to why its directive regarding the NAV-based margin loan calculation and suspension of netting facilities would not be declared illegal.
Two investors -- Md Murshedur Rahman and Mohammad Shahnewaz Rubel -- filed a writ petition on September 26, challenging the SEC's directive. Barrister Sheikh Fazle Noor Taposh and Barrister Abul Kalam Azad were the petitioners' lawyers.
When contacted, an SEC official said decision would be taken after receiving a copy of the HC's stay order.
On September 6, the SEC issued the directive saying that the stockbrokers and merchant bankers will apply the margin call requirements based on the companies' latest available NAV, calculated by the Dhaka Stock Exchange (DSE).
The directive also said netting or adjustment facilities regarding buy or sell of non-marginable securities will remain suspended until further order. Besides, such securities will not be allowed to buy against pre-matured sell proceeds of any marginable securities.
On September 21, the SEC issued another directive, giving a clarification in calculating the amount of margin loans.
Before issuing the directive on the NAV-based margin loan calculation, the SEC sat twice with the leaders of the stock exchanges and merchant banks to discuss about its implementation.
At the meeting the merchant bankers urged the SEC to reduce the amount of margin loans instead of implementing the NAV-based margin loans calculation.
But the regulator stuck to its position and asked the lenders to offload stocks by September 30 to adjust the loans previously provided to their clients.
The High Court (HC) stayed Monday the SEC's recent directive on the NAV-based margin loan calculation and suspension of netting facilities for non-marginable securities for a period of three months.
A HC bench, comprising Justice Mamnoon Rahman and Justice Syeda Afsar Jahan, issued the stay order.
The court also asked the Securities and Exchange Commission (SEC) to explain within next four weeks as to why its directive regarding the NAV-based margin loan calculation and suspension of netting facilities would not be declared illegal.
Two investors -- Md Murshedur Rahman and Mohammad Shahnewaz Rubel -- filed a writ petition on September 26, challenging the SEC's directive. Barrister Sheikh Fazle Noor Taposh and Barrister Abul Kalam Azad were the petitioners' lawyers.
When contacted, an SEC official said decision would be taken after receiving a copy of the HC's stay order.
On September 6, the SEC issued the directive saying that the stockbrokers and merchant bankers will apply the margin call requirements based on the companies' latest available NAV, calculated by the Dhaka Stock Exchange (DSE).
The directive also said netting or adjustment facilities regarding buy or sell of non-marginable securities will remain suspended until further order. Besides, such securities will not be allowed to buy against pre-matured sell proceeds of any marginable securities.
On September 21, the SEC issued another directive, giving a clarification in calculating the amount of margin loans.
Before issuing the directive on the NAV-based margin loan calculation, the SEC sat twice with the leaders of the stock exchanges and merchant banks to discuss about its implementation.
At the meeting the merchant bankers urged the SEC to reduce the amount of margin loans instead of implementing the NAV-based margin loans calculation.
But the regulator stuck to its position and asked the lenders to offload stocks by September 30 to adjust the loans previously provided to their clients.
Sunday, September 26
Regulator urges reforms to bourses
In a bid to bring greater maturity to the nation's bourses, the capital market regulator has asked both to plan their “demutualisation” to separate bourse management from shareholders.
However, the prime bourse opposes the move, saying it is still too immature for such a change.
The bourses are now run like a co-op of brokers that are seen as an “old boys” network to some, but to others a buffer from the glare of wide-open books and a priority of profit-making.
Securities and Exchange Commission admits that a stockmarket transition will take a long time, but says it is not too early. "That's why the commission has asked the bourses to start preparatory work for demutualisation," said SEC member Mansur Alam.
The preliminary steps include studies of demutualisation in other countries, examining legalities, pre-demutualisation discussions and workshops, Alam said. "It will be a big task, so initiatives should be undertaken now."
Demutualisation would transform each exchange from an entity owned by its mostly brokerage-owning members into a for-profit company owned by shareholders. A demutualised exchange can be freely traded on the market like any other public company.
Bangladesh's stock exchanges are now non-profit cooperative organisations, owned by the exchange members who are usually stockbrokers.
Dhaka Stock Exchange authorities call the move premature. "Our stockmarket is in a nascent stage,” said its president Md Shakil Rizvi. “It will not be wise to put a grown-up person's duty on a baby's shoulder, and it will bring no good result."
Rizvi pointed out the long road to demutualisation experiences abroad: "The New York and London stock exchanges only went for demutualisation after hundreds of years."
Although DSE has a 50-year history, it started growing only few years back, he said.
Prior to 2007, the daily average for all transactions was far below Tk 50 crore. This is now about Tk 2,000 crore. The market-capitalisation-to-GDP ratio has now crossed 30 percent from less than 10 percent.
"We, the stockbrokers, are still working hard to make the market more viable,” Rizvi said. “But demutualisation will stop that effort, as the brokerage activities will be maintained and regulated by the exchange management."
He believes that the DSE would have less focus on stockmarket expansion or development after the move.
“We ourselves will go for demutualisation when that time will come," the DSE chief said.
The finance minister has at least two times spoken in favour of demutualisation.
In March, AMA Muhith said: “Demutualisation is a must for the stockmarket maturity.” Then in July, the finance minister told parliament: “We plan modernisation of the stock exchanges through mutualisation.”
However, he never mentioned a timeframe for its implementation, and has also expressed caution. “Our stockmarket is not much developed -- we need to advance carefully,” he once said.
7-point proposal to boost securities market
FE Report (September 26, 2010)
The Primary Dealers Bangladesh Limited (PDBL) has proposed a seven-point proposal including introduction of the market driven interest rate on the government treasury bills and bonds.
"Introduction of the market driven interest rate will encourage investors to invest more funds in the government securities that will also help raise the number of participants in the market," a senior PDBL member told the FE Saturday.
He also said the PDBL has submitted the proposals to the central bank recently for bringing dynamism in the country's securities market.
The PDBL has prepared such recommendations using Sri Lankan experience on securities market, he added.
A 15-member PDBL delegation visited Sri Lanka from June 7 to June 11 this year to explore the market potentialities and gather experience of primary dealership business.
"We're securitising the proposals considering the country's overall economic situation," a senior official of the Bangladesh Bank (BB) told the FE Saturday without elaborating.
The country's primary dealer banks and financial institutions' apex body also requested the central bank to take joint coordinated promotional activities on government securities among domestic and foreign investors.
Under the initiative, Debt Management Department (DMD) of the central bank and the PDBL may take up jointly coordinated promotional activities on government securities among domestic and foreign investors.
"We also want to amend or activate the existing law aiming to increase investment in government securities by the insurance companies and different funds like provident fund, pension fund and superannuation fund," the PDBL member added.
He also said accounting process of revaluation gain or loss on held for trading (HFT) of securities would be revised to know the real position of the financial statement of financial institutions.
Currently, the securities that are held by the banks in addition to meet their statutory liquidity requirement (SLR) will be identified as held for trading (HFT).
Besides, the securities that are held by the banks to meet their SLR with the central bank will be treated as HTM (held to maturity).
The PDBL has proposed to allow only PD banks and financial institutions for participation in the primary auction of the government securities.
"We've also recommended introduction of electronic trading and bidding platform for the government securities," he said, adding that the PDBL wants repurchase agreement (repo) support under the standing facility in addition to existing assured liquidity support in order to minimise PDs liquidity risk exposure.
The central bank of Bangladesh earlier selected 15 PDs - 12 banks and three non-banking financial institutions (NBFI) - to handle government-approved securities in the secondary bond market and issued a guideline for them.
The PDs will subscribe and underwrite primary issues and make secondary trading deals with two-way price quotations.
A PD will not short-sell any particular issue and will not hold a short position in secondary dealings. The PDs will not act as inter-bank or inter-dealer brokers as specified in the guideline.
The Primary Dealers Bangladesh Limited (PDBL) has proposed a seven-point proposal including introduction of the market driven interest rate on the government treasury bills and bonds.
"Introduction of the market driven interest rate will encourage investors to invest more funds in the government securities that will also help raise the number of participants in the market," a senior PDBL member told the FE Saturday.
He also said the PDBL has submitted the proposals to the central bank recently for bringing dynamism in the country's securities market.
The PDBL has prepared such recommendations using Sri Lankan experience on securities market, he added.
A 15-member PDBL delegation visited Sri Lanka from June 7 to June 11 this year to explore the market potentialities and gather experience of primary dealership business.
"We're securitising the proposals considering the country's overall economic situation," a senior official of the Bangladesh Bank (BB) told the FE Saturday without elaborating.
The country's primary dealer banks and financial institutions' apex body also requested the central bank to take joint coordinated promotional activities on government securities among domestic and foreign investors.
Under the initiative, Debt Management Department (DMD) of the central bank and the PDBL may take up jointly coordinated promotional activities on government securities among domestic and foreign investors.
"We also want to amend or activate the existing law aiming to increase investment in government securities by the insurance companies and different funds like provident fund, pension fund and superannuation fund," the PDBL member added.
He also said accounting process of revaluation gain or loss on held for trading (HFT) of securities would be revised to know the real position of the financial statement of financial institutions.
Currently, the securities that are held by the banks in addition to meet their statutory liquidity requirement (SLR) will be identified as held for trading (HFT).
Besides, the securities that are held by the banks to meet their SLR with the central bank will be treated as HTM (held to maturity).
The PDBL has proposed to allow only PD banks and financial institutions for participation in the primary auction of the government securities.
"We've also recommended introduction of electronic trading and bidding platform for the government securities," he said, adding that the PDBL wants repurchase agreement (repo) support under the standing facility in addition to existing assured liquidity support in order to minimise PDs liquidity risk exposure.
The central bank of Bangladesh earlier selected 15 PDs - 12 banks and three non-banking financial institutions (NBFI) - to handle government-approved securities in the secondary bond market and issued a guideline for them.
The PDs will subscribe and underwrite primary issues and make secondary trading deals with two-way price quotations.
A PD will not short-sell any particular issue and will not hold a short position in secondary dealings. The PDs will not act as inter-bank or inter-dealer brokers as specified in the guideline.
Saturday, September 25
DSE updates NAV list
FE Report (September 25, 2010)
The Dhaka Stock Exchange (DSE) Thursday updated the NAV list of 129 marginable securities to facilitate the lenders in disbursing to their clients in line with the regulator's new formula.
In compliance with the instruction of the Securities and Exchange Commission (SEC), the DSE will have to update the NAV (net asset value) list every Thursday.
The stockbrokers and merchant bankers will have to follow the regulator's new NAV-based margin guideline by September 30 in maintaining margin against marginable securities and adjust additional credit previously provided to their respective clients.
The formula for margin loan determination is to divide the summation of closing price and NAV of the securities by two.
"It is very difficult to apply the formula within the deadline. But we'll try our best to comply," said Arif Khan, president of the Bangladesh Merchant Bankers' Association.
"Now, we are to request the clients to deposit more money as margin call in order to cover losses," said Khan, also the deputy managing director of the IDLC Finance Ltd.
The market witnessed volatility due to delay in implementing ever since the SEC issued the directive on NAV-based loan margin calculation to tame the overheated market on the first of week of this month.
"Some lenders have already cut margin loan ratio from 1:1 to 1: 0.6 to adjust additional credit previously provided to their respective clients to make up losses," said a merchant banker.
On Tuesday last, the SEC clarified some issues relating to loan margin ratio and directed the merchant banks, the DSE and the Chittagong Stock Exchange Ltd (CSE) as well as the brokerage houses to apply the new formula with immediate effect.
It directed the merchant bankers and stockbrokers to calculate margin maintenance figure based on NAV of the listed securities as per last available annual or audited or un-audited financial statements and closing price of the last trading day of the week.
According to the directives, Asset Revaluation Surplus, if any, shall not be considered in computation of NAV of the concerned company. In case of mutual funds, DSE shall calculate margin maintenance figure based on the latest disclosed NAV at market price of the concerned mutual fund and the closing price of the relevant fund at the end of the week.
The Dhaka Stock Exchange (DSE) Thursday updated the NAV list of 129 marginable securities to facilitate the lenders in disbursing to their clients in line with the regulator's new formula.
In compliance with the instruction of the Securities and Exchange Commission (SEC), the DSE will have to update the NAV (net asset value) list every Thursday.
The stockbrokers and merchant bankers will have to follow the regulator's new NAV-based margin guideline by September 30 in maintaining margin against marginable securities and adjust additional credit previously provided to their respective clients.
The formula for margin loan determination is to divide the summation of closing price and NAV of the securities by two.
"It is very difficult to apply the formula within the deadline. But we'll try our best to comply," said Arif Khan, president of the Bangladesh Merchant Bankers' Association.
"Now, we are to request the clients to deposit more money as margin call in order to cover losses," said Khan, also the deputy managing director of the IDLC Finance Ltd.
The market witnessed volatility due to delay in implementing ever since the SEC issued the directive on NAV-based loan margin calculation to tame the overheated market on the first of week of this month.
"Some lenders have already cut margin loan ratio from 1:1 to 1: 0.6 to adjust additional credit previously provided to their respective clients to make up losses," said a merchant banker.
On Tuesday last, the SEC clarified some issues relating to loan margin ratio and directed the merchant banks, the DSE and the Chittagong Stock Exchange Ltd (CSE) as well as the brokerage houses to apply the new formula with immediate effect.
It directed the merchant bankers and stockbrokers to calculate margin maintenance figure based on NAV of the listed securities as per last available annual or audited or un-audited financial statements and closing price of the last trading day of the week.
According to the directives, Asset Revaluation Surplus, if any, shall not be considered in computation of NAV of the concerned company. In case of mutual funds, DSE shall calculate margin maintenance figure based on the latest disclosed NAV at market price of the concerned mutual fund and the closing price of the relevant fund at the end of the week.
Friday, September 24
নিয়ন্ত্রণে রাখা যাচ্ছে না শেয়ারবাজার
Alo (September 24, 2010)
ঘটনাটি ঈদের মাসখানেক আগের। রাজধানীর একটি পোশাক কারখানার শ্রমিকেরা প্রায় দুই মাস ধরে বেতন-ভাতা পাচ্ছিলেন না। এ নিয়ে অসন্তোষ দানা বাঁধতে শুরু করে তাঁদের মধ্যে। মালিক বারবারই কেবল এই বলে সান্ত্বনা দিচ্ছেলেন যে ঈদের আগেই তাঁদের বকেয়া বেতন-বোনাস একবারে দেওয়া হবে। শেষ পর্যন্ত দিয়েছিলেনও তাই। কিন্তু তার আগে তিনি বেতন-বোনাসের জন্য বরাদ্দ করা টাকা শেয়ারবাজারে খাটিয়ে তুলে নেন বাড়তি মুনাফা। কারখানার মালিক নিজেই ঘটনাটি বর্ণনা করেন পুঁজিবাজার নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) এক ঊর্ধ্বতন কর্মকর্তার কাছে।
স্বল্প সময়ে অধিক মুনাফার লোভে পোশাক কারখানার এই মালিকের মতো এখন অনেকেই ঝুঁকছেন শেয়ারবাজারের দিকে। শিল্পপতি ও বড় ব্যবসায়ী থেকে শুরু করে চাকরিজীবী, গৃহিণী, ছাত্রছাত্রীসহ সমাজের সর্বস্তরের মানুষের একটা বড় অংশের সঞ্চিত পুঁজি বিনিয়োগ হচ্ছে শেয়ারবাজারে। এর সঙ্গে ব্যাংক ও আর্থিক প্রতিষ্ঠানের বিনিয়োগ তো রয়েছেই।
সব মিলিয়ে দেশের শেয়ারবাজারে নগদ অর্থের প্রবাহ আগের যেকোনো সময়ের চেয়ে বেড়েছে। কিন্তু সেই হারে বাড়েনি শেয়ারের সরবরাহ। ফলে লাফিয়ে লাফিয়ে বাড়ছে তালিকাভুক্ত বিভিন্ন কোম্পানির শেয়ারের দাম। এ সুযোগ কাজে লাগিয়ে বাজারে সক্রিয় একাধিক সংঘবদ্ধ চক্র স্বল্প মূলধনের অপেক্ষাকৃত দুর্বল মৌলভিত্তির শেয়ারের দাম অস্বাভাবিকভাবে বাড়িয়ে দিচ্ছে। এতে বাজারের ঝুঁকি যেমন বাড়ছে, তেমনি বাড়ছে নতুন আসা ক্ষুদ্র বিনিয়োগকারীদের পুঁজি হারানোর আশঙ্কা।
বাজারের এই ঝুঁকি কমাতে এসইসি বিভিন্ন সময় বেশ কিছু উদ্যোগ নিলেও তা কাজে আসছে না, বরং এসইসির নেওয়া সিদ্ধান্তগুলো পড়েছে সমালোচনার মুখে। বিনিয়োগকারীদের অভিযোগ, সংস্থাটির এসব সিদ্ধান্ত স্বল্প পুঁজির দুর্বল মৌলভিত্তির শেয়ারের দাম বাড়াতে সহায়তা করেছে। অন্তত বাজারের সাম্প্রতিক গতিপ্রকৃতি সেটাই প্রমাণ করে। কোনো কোনো ক্ষেত্রে সংস্থাটির বিরুদ্ধে পক্ষপাতিত্বের অভিযোগও এনেছেন তাঁরা।
এ নিয়ে খোদ এসইসির নির্বাহী কর্মকর্তাদের মধ্যেও রয়েছে তীব্র অসন্তোষ। তাঁদের বক্তব্য, বাজার নিয়ন্ত্রণে কমিশনের কোনো সিদ্ধান্তই তাঁদের সঙ্গে আলোচনা করে নেওয়া হয় না। অথচ সিদ্ধান্ত নেওয়ার আগেই তা বাজারে চলে যায়। আবার যেসব সিদ্ধান্ত নেওয়া হয়, বাজারে তার কী ধরনের প্রভাব পড়বে, তারও কোনো বিশ্লেষণ থাকে না। ফলে বেশির ভাগ সিদ্ধান্ত বাস্তবায়ন করতে গিয়ে হোঁচট খেয়ে আবার পরিবর্তন করতে হচ্ছে। আর এভাবে বারবার নীতি পরিবর্তনে এসইসির নির্দেশনাগুলো কার্যকারিতা হারাচ্ছে। আর এর বড় প্রমাণ হলো, এসইসির সাম্প্রতিক উদ্যোগগুলোর পরও বাজার স্থিতিশীল না হওয়া।
এসইসির ঘন ঘন নীতি পরিবর্তনের বিষয়ে গতকাল বৃহস্পতিবার অর্থ মন্ত্রণালয়-সংক্রান্ত সংসদীয় কমিটির বৈঠকেও আলোচনা হয়েছে। কমিটির মতে, এসইসির এ ভূমিকা বাজারকে অস্থির করে তুলতে পারে। তাই বাজার বিষয়ে কোনো সিদ্ধান্ত নেওয়ার আগে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই), চট্টগ্রাম স্টক এক্সচেঞ্জ (সিএসই), মার্চেন্ট ব্যাংকার্স অ্যাসোসিয়েশন, পাবলিকলি লিস্টেড কোম্পানিজ অ্যাসোসিয়েশনসহ সংশ্লিষ্ট বিভিন্ন পক্ষের সমন্বয়ে গঠিত পরামর্শক কমিটির সঙ্গে আলোচনা করার সুপারিশ করা হয়েছে।
অবশ্য সংসদীয় কমিটির পক্ষ থেকে এসইসিকে ঘন ঘন ডেকে নিয়ে পরামর্শ দেওয়ার বিষয়টি কতটুকু ঠিক হচ্ছে, তা নিয়েও প্রশ্ন তুলেছেন বাজার-সংশ্লিষ্ট অনেকেই। তাঁদের মতে, এ ধরনের কমিটিতে বিভিন্ন পক্ষের বিভিন্ন ধরনের স্বার্থ থাকে। তা ছাড়া এভাবে বিভিন্ন জায়গা থেকে দিকনির্দেশনা দেওয়ায় এসইসি স্বাধীনভাবে কাজ করার ক্ষমতা হারাচ্ছে।
বাজার পরিস্থিতি: দেশের প্রধান শেয়ারবাজার হিসেবে পরিচিত ডিএসইতে গত এক বছরে সাধারণ মূল্যসূচক বেড়েছে দ্বিগুণেরও বেশি। এক বছর আগে স্টক এক্সচেঞ্জটিতে সাধারণ মূল্যসূচক ছিল মাত্র তিন হাজার ৭৫ পয়েন্ট। এখন তা তিন হাজার ৮২৯ পয়েন্ট বেড়ে হয়েছে ছয় হাজার ৯০৪ পয়েন্ট। এ সময়ে বাজার মূলধন এক লাখ ৬৫ হাজার কোটি টাকা বেড়ে তিন লাখ কোটি টাকা ছাড়িয়ে গেছে। ডিএসইর এই বাজার মূলধন তালিকাভুক্ত কোম্পানির পরিশোধিত মূলধনের চেয়ে ১৪ গুণের বেশি।
বাজারে বেশ কিছু নতুন কোম্পানির তালিকাভুক্তি মূলধন বাড়াতে ভূমিকা রেখেছে। তবে তার চেয়েও বড় ভূমিকা তালিকাভুক্ত বিভিন্ন কোম্পানির শেয়ারের মূল্যবৃদ্ধি। গত এক বছরে কিছু কিছু কোম্পানির শেয়ারের দাম তার মৌলভিত্তিকে উপেক্ষা করে বেড়েছে দু-তিন গুণেরও বেশি। এ জন্য বাজারে অতিরিক্ত তারল্যপ্রবাহকেই দায়ী করেছে এসইসি। তাই তারল্যপ্রবাহ কমাতে ঋণ নিয়ন্ত্রণ করাকেই বেশি গুরুত্ব দিচ্ছে সংস্থাটি।
তারল্যপ্রবাহ: দেশের শেয়ারবাজারে এ মুহূর্তে কী পরিমাণ তারল্যপ্রবাহ রয়েছে, তার সঠিক কোনো তথ্য নেই। তবে এসইসি সূত্রে জানা গেছে, ২০০৮ ও ২০০৯ সালে দেশের ১১টি ব্যাংক ও তাদের মার্চেন্ট ব্যাংকিং বিভাগের মাধ্যমে বিনিয়োগকারীদের মোট তিন হাজার কোটি টাকার বেশি ঋণ বিতরণ করা হয়েছে। ২০০৮ সালে এসব প্রতিষ্ঠানের বিতরণ করা ঋণের মোট ছিল ৯৯২ কোটি টাকা, ২০০৯ সালে যা বেড়ে দাঁড়ায় দুই হাজার কোটি টাকার বেশি।
এ ছাড়া প্রতিষ্ঠানগুলো উল্লিখিত সময়ে নিজস্ব পোর্টফোলিও বা পত্রকোষে বিনিয়োগ করেছে তিন হাজার টাকার মতো। কিন্তু বাজারে প্রকৃত বিনিয়োগ এর চেয়ে কয়েক গুণ বেশি। আর এর বেশির ভাগই আসছে নতুন নতুন বিনিয়োগকারীর অংশগ্রহণের মাধ্যমে, যাঁদের বড় অংশই ঋণ নিয়ে বিনিয়োগ করেন না।
ঋণ নিয়ন্ত্রণে এসইসির উদ্যোগ: বাজারে সাধারণ বিনিয়োগকারীরা কিছু দিন আগেও মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো থেকে ১:১ দশমিক ৫ হারে ঋণসুবিধা পেত। অর্থাৎ কোনো বিনিয়োগকারীর নিজের এক লাখ টাকা থাকলে তিনি অতিরিক্ত আরও দেড় লাখ টাকা বিনিয়োগ করতে পারতেন। কিন্তু তারল্যপ্রবাহ কমাতে এসইসি এই হার ১:১ করে দেয়। এতেও বাজারের লাগাম টেনে ধরা সম্ভব হয়নি। ফলে পরবর্তী সময়ে একজন বিনিয়োগকারী মার্চেন্ট বা ব্রোকারেজ হাউস থেকে সর্বোচ্চ ১০ কোটি টাকার বেশি ঋণসুবিধা পাবেন না বলে আদেশ জারি করে এসইসি।
কিন্তু সংস্থাটির এ সিদ্ধান্তে হিতে বিপরীত হয়। এ সময় বিনিয়োগকারীদের একটা বড় অংশই ঝুঁকে পড়েন ঋণসুবিধা-বহির্ভূত শেয়ারের দিকে। ফলে বাজারে দুর্বল মৌলভিত্তির স্বল্প মূলধনের শেয়ারের দাম আরও ব্যাপক হারে বাড়তে থাকে। বিপরীত দিকে কমতে থাকে ঋণসুবিধার আওতায় থাকা তুলনামূলক ভালো মৌলভিত্তির কোম্পানিগুলোর শেয়ারের দাম।
কিন্তু এসইসি অতি মূল্যায়িত শেয়ারের মূল্য নিয়ন্ত্রণে কার্যকর কোনো উদ্যোগ নেয়নি। এসব কোম্পানি নিয়ন্ত্রণের জন্য আর্থিক সমন্বয়সুবিধা বা নেটিং ফ্যাসিলিটি বন্ধ করা হলেও কার্যত তা শেয়ারের সরবাহসংকট আরও বাড়িয়ে দিয়েছে। ফলে অতি মূল্যায়িত শেয়ার আরও অতি মূল্যায়িত হচ্ছে। কিন্তু ঋণের আওতায় থাকা কোম্পানিগুলোর ঋণসুবিধা আবারও কমানো হয়েছে। এর অংশ হিসেবে সংস্থাটি ২০০৬ সালে প্রণীত একটি পুরোনো বিধান নতুন করে কার্যকর করার জন্য উদ্যোগী হয়। এ বিধানে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলোকে তাদের গ্রাহকদের ঋণ দিতে গেলে নির্দিষ্ট সূত্র অনুসরণ করার কথা বলা হয়েছে। এ সূত্র অনুযায়ী, গ্রাহকদের শেয়ারের বাজারমূল্যের সঙ্গে সংশ্লিষ্ট কোম্পানির প্রকৃত সম্পদমূল্য (এনএভি) যোগ করে দুই দিয়ে ভাগ করে যে ফলাফল পাওয়া যাবে, তার সমানুপাতিক হারে ঋণ দিতে হবে। ঋণ ব্যবস্থাপনা, অর্থাৎ শেয়ারের মূল্যপতন ঘটলে বাধ্যতামূলক ঋণ সমন্বয়ের সময়ও এ সূত্র মেনে চলতে বলা হয়েছে।
কিন্তু মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো শুরু থেকেই এ নিয়মের বিরোধিতা করে এলেও এসইসি তা আমলে নেয়নি। বরং বলে দিয়েছে, যেসব গ্রাহকের এ নিয়মের অতিরিক্ত ঋণ নেওয়া রয়েছে, তাদের ৩০ সেপ্টেম্বরের মধ্যে তা সমন্বয় করতে হবে। একই সঙ্গে ডিএসইকে দায়িত্ব দেওয়া হয়েছে প্রতি বৃহস্পতিবার এনএভি হিসাব করে কোন কোন কোম্পানি ঋণসুবিধা পাবে তা প্রকাশ করতে।
কিন্তু এ পদ্ধতিতে হিসাব করলে একেক কোম্পানি একেক ধরনের ঋণসুবিধা পাবে। তাই বিপত্তি দেখা দিয়েছে, একজন গ্রাহকের প্রকৃত ক্রয় ক্ষমতা কত হবে তা নিয়ে। শুধু তা-ই নয়, পদ্ধতিটি মেনে নির্ধারিত সময়ের আগে শেয়ার বিক্রি করে ঋণ সমন্বয় করতে গেলে অনেকেই আর্থিক ক্ষতির শিকার হবেন।
ঋণ নিয়ন্ত্রণের চেষ্টা যখন চলছে, ঠিক সেই সময়ে মিউচুয়াল ফান্ডের জন্য ঋণসুবিধা বাড়ানোর বিষয়টিও আরেক দফা সমালোচনার মুখে ফেলে এসইসিকে।
এনএভি-পদ্ধতির সঙ্গে একমত নন এসইসির নির্বাহীরা: পুঁজিবাজারের নিয়ন্ত্রক-সংক্রান্ত বিভিন্ন বিষয়ে সুপারিশ তৈরি করার জন্য সম্প্রতি এসইসি সংস্থাটির নির্বাহী পরিচালকদের সমন্বয়ে একটি কমিটি গঠন করে। এ কমিটি সম্প্রতি কমিশনকে এনএভির পরিবর্তে কেবল শেয়ারের বাজারমূল্যের ভিত্তিতে ঋণসুবিধা দেওয়ার সুপারিশ করেছে। কমিটির মতে, এ পদ্ধতিতে পোর্টফোলিওর মূল্য নির্ধারণ মার্জিন রুলস, ১৯৯৯-এর মৌলিক ধারণার সঙ্গে সাংঘর্ষিক। এমনকি এ ধরনের পদ্ধতি প্রয়োগের নজির পার্শ্ববর্তী কোনো দেশে দেখা যায় না।
তাঁরা বলেন, ঋণ বিতরণের ক্ষেত্রে এনএভি বিবেচনায় নেওয়ার কারণে বিভিন্ন কোম্পানি কারসাজির মাধ্যমে সম্পদের পুনর্মূল্যায়ন করতে উৎসাহিত হতে পারে। একই সঙ্গে এ কমিটি ঋণ বিতরণের ক্ষেত্রে মূল্য-আয় অনুপাতকেও (পিই) সম্পৃক্ত না করার সুপারিশ করেছে। কারণ এতে কোম্পানিগুলোর আয় ব্যবস্থাপনার প্রবণতা, অর্থাৎ প্রকৃত আয় বাড়িয়ে বা কমিয়ে দেখানোর প্রবণতা বাড়বে। সম্প্রতি বাজারে এ ধরনের প্রবণতাও লক্ষ করা যাচ্ছে।
কিন্তু কমিশন নির্বাহী পরিচালকদের এ সুপারিশও গ্রহণ না করে আরেকটি আদেশ জারি করে। এতে শেয়ারের বিপরীতে ঋণ বিতরণের সময় কোম্পানির মূল ব্যবসার বাইরে অন্য কোনো আয়কে পিই গণনার সময় বিবেচনা না করার জন্য বলা হয়েছে। একইভাবে পুনর্মূল্যায়নের মাধ্যমে অর্জিত সম্পদের অতিরিক্ত মূল্যও ঋণ বিতরণের সময় হিসাবে নেওয়া হবে বলে জানিয়ে দিয়েছে।
কিন্তু বাজার বিশ্লেষকেরাসহ এসইসির একাধিক নির্বাহী পরিচালক বলছেন, কমিশনের এ সিদ্ধান্ত বাংলাদেশ হিসাব মানের (বিএএস) সঙ্গে সংঘর্ষপূর্ণ। কারণ, বিএএস অনুযায়ী প্রত্যেক কোম্পানির নিরীক্ষিত আর্থিক প্রতিবেদনে শেয়ারপ্রতি আয় বা ইপিএস উল্লেখ করতে হয় এবং কোম্পানির সব ধরনের আয়কেই হিসাবে নেওয়া হয়। তাই ঋণ বিতরণের জন্য কোম্পানির কোনো আয়কেই বাধা দেওয়ার সুযোগ নেই।
বাজার নিয়ন্ত্রণে পক্ষপাতিত্বের অভিযোগ: অস্বাভাবিক মূল্যবৃদ্ধির অভিযোগে ডিএসই সম্প্রতি এসইসির নির্দেশের বিভিন্ন কোম্পানির লেনদেন সাময়িকভাবে স্থগিত করে। কিন্তু এ ক্ষেত্রেও পক্ষপাতিত্ব করা হয়েছে বলে অভিযোগ করেছেন বিনিয়োগকারীরা। তাঁদের দাবি, কোনো কোনো শেয়ারের দাম ২০-৩০ টাকা বাড়লেই লেনদেন স্থগিত করে দেওয়া হয়েছে। আবার কোনো কোম্পানির দাম দিনের পর দিন বাড়লেও এসইসি-ডিএসই নীরব থেকেছে।
যেমন তালিকাভুক্ত কোম্পানি সিএমসি কামালের শেয়ারের দাম এক বছর আগেও বিক্রি হতো ১৩০ টাকায়। মাত্র এক বছরের ব্যবধানে শেয়ারটির সর্বোচ্চ এক হাজার ২৬৮ কোটি টাকার লেনদেন হয়েছে। কিন্তু এ নিয়ে নিয়ন্ত্রক সংস্থাকে খুব বেশি তৎপর হতে দেখা যায়নি। এমনকি সম্প্রতি কোম্পানিটি অনুমোদন পাওয়ার আগেই একটি মূল্য সংবেদনশীল তথ্যে ১০০ টাকা অভিহিত মূল্যের শেয়ারকে ১০ টাকা হিসেবে উল্লেখ করলেও তার ব্যাখ্যা জানতে চাওয়া হয়নি। কোম্পানিটির অন্যতম উদ্যোক্তা অর্থ মন্ত্রণালয়সংক্রান্ত সংসদীয় কমিটির সভাপতি আ হ ম মোস্তাফা কামাল।
সংকট উত্তরণের পথ: বিশ্লেষকেরা বলছেন, বাজারকে স্থিতিশীল করতে হলে শেয়ারের সরবরাহ বাড়াতে হবে। একই সঙ্গে কারসাজি চিহ্নিত করতে বাড়াতে হবে নজরদারি। এ জন্য এসইসিতে লোকবল বাড়ানোর ব্যাপারে সরকারকে পদক্ষেপ নিতে হবে।
ঘটনাটি ঈদের মাসখানেক আগের। রাজধানীর একটি পোশাক কারখানার শ্রমিকেরা প্রায় দুই মাস ধরে বেতন-ভাতা পাচ্ছিলেন না। এ নিয়ে অসন্তোষ দানা বাঁধতে শুরু করে তাঁদের মধ্যে। মালিক বারবারই কেবল এই বলে সান্ত্বনা দিচ্ছেলেন যে ঈদের আগেই তাঁদের বকেয়া বেতন-বোনাস একবারে দেওয়া হবে। শেষ পর্যন্ত দিয়েছিলেনও তাই। কিন্তু তার আগে তিনি বেতন-বোনাসের জন্য বরাদ্দ করা টাকা শেয়ারবাজারে খাটিয়ে তুলে নেন বাড়তি মুনাফা। কারখানার মালিক নিজেই ঘটনাটি বর্ণনা করেন পুঁজিবাজার নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) এক ঊর্ধ্বতন কর্মকর্তার কাছে।
স্বল্প সময়ে অধিক মুনাফার লোভে পোশাক কারখানার এই মালিকের মতো এখন অনেকেই ঝুঁকছেন শেয়ারবাজারের দিকে। শিল্পপতি ও বড় ব্যবসায়ী থেকে শুরু করে চাকরিজীবী, গৃহিণী, ছাত্রছাত্রীসহ সমাজের সর্বস্তরের মানুষের একটা বড় অংশের সঞ্চিত পুঁজি বিনিয়োগ হচ্ছে শেয়ারবাজারে। এর সঙ্গে ব্যাংক ও আর্থিক প্রতিষ্ঠানের বিনিয়োগ তো রয়েছেই।
সব মিলিয়ে দেশের শেয়ারবাজারে নগদ অর্থের প্রবাহ আগের যেকোনো সময়ের চেয়ে বেড়েছে। কিন্তু সেই হারে বাড়েনি শেয়ারের সরবরাহ। ফলে লাফিয়ে লাফিয়ে বাড়ছে তালিকাভুক্ত বিভিন্ন কোম্পানির শেয়ারের দাম। এ সুযোগ কাজে লাগিয়ে বাজারে সক্রিয় একাধিক সংঘবদ্ধ চক্র স্বল্প মূলধনের অপেক্ষাকৃত দুর্বল মৌলভিত্তির শেয়ারের দাম অস্বাভাবিকভাবে বাড়িয়ে দিচ্ছে। এতে বাজারের ঝুঁকি যেমন বাড়ছে, তেমনি বাড়ছে নতুন আসা ক্ষুদ্র বিনিয়োগকারীদের পুঁজি হারানোর আশঙ্কা।
বাজারের এই ঝুঁকি কমাতে এসইসি বিভিন্ন সময় বেশ কিছু উদ্যোগ নিলেও তা কাজে আসছে না, বরং এসইসির নেওয়া সিদ্ধান্তগুলো পড়েছে সমালোচনার মুখে। বিনিয়োগকারীদের অভিযোগ, সংস্থাটির এসব সিদ্ধান্ত স্বল্প পুঁজির দুর্বল মৌলভিত্তির শেয়ারের দাম বাড়াতে সহায়তা করেছে। অন্তত বাজারের সাম্প্রতিক গতিপ্রকৃতি সেটাই প্রমাণ করে। কোনো কোনো ক্ষেত্রে সংস্থাটির বিরুদ্ধে পক্ষপাতিত্বের অভিযোগও এনেছেন তাঁরা।
এ নিয়ে খোদ এসইসির নির্বাহী কর্মকর্তাদের মধ্যেও রয়েছে তীব্র অসন্তোষ। তাঁদের বক্তব্য, বাজার নিয়ন্ত্রণে কমিশনের কোনো সিদ্ধান্তই তাঁদের সঙ্গে আলোচনা করে নেওয়া হয় না। অথচ সিদ্ধান্ত নেওয়ার আগেই তা বাজারে চলে যায়। আবার যেসব সিদ্ধান্ত নেওয়া হয়, বাজারে তার কী ধরনের প্রভাব পড়বে, তারও কোনো বিশ্লেষণ থাকে না। ফলে বেশির ভাগ সিদ্ধান্ত বাস্তবায়ন করতে গিয়ে হোঁচট খেয়ে আবার পরিবর্তন করতে হচ্ছে। আর এভাবে বারবার নীতি পরিবর্তনে এসইসির নির্দেশনাগুলো কার্যকারিতা হারাচ্ছে। আর এর বড় প্রমাণ হলো, এসইসির সাম্প্রতিক উদ্যোগগুলোর পরও বাজার স্থিতিশীল না হওয়া।
এসইসির ঘন ঘন নীতি পরিবর্তনের বিষয়ে গতকাল বৃহস্পতিবার অর্থ মন্ত্রণালয়-সংক্রান্ত সংসদীয় কমিটির বৈঠকেও আলোচনা হয়েছে। কমিটির মতে, এসইসির এ ভূমিকা বাজারকে অস্থির করে তুলতে পারে। তাই বাজার বিষয়ে কোনো সিদ্ধান্ত নেওয়ার আগে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই), চট্টগ্রাম স্টক এক্সচেঞ্জ (সিএসই), মার্চেন্ট ব্যাংকার্স অ্যাসোসিয়েশন, পাবলিকলি লিস্টেড কোম্পানিজ অ্যাসোসিয়েশনসহ সংশ্লিষ্ট বিভিন্ন পক্ষের সমন্বয়ে গঠিত পরামর্শক কমিটির সঙ্গে আলোচনা করার সুপারিশ করা হয়েছে।
অবশ্য সংসদীয় কমিটির পক্ষ থেকে এসইসিকে ঘন ঘন ডেকে নিয়ে পরামর্শ দেওয়ার বিষয়টি কতটুকু ঠিক হচ্ছে, তা নিয়েও প্রশ্ন তুলেছেন বাজার-সংশ্লিষ্ট অনেকেই। তাঁদের মতে, এ ধরনের কমিটিতে বিভিন্ন পক্ষের বিভিন্ন ধরনের স্বার্থ থাকে। তা ছাড়া এভাবে বিভিন্ন জায়গা থেকে দিকনির্দেশনা দেওয়ায় এসইসি স্বাধীনভাবে কাজ করার ক্ষমতা হারাচ্ছে।
বাজার পরিস্থিতি: দেশের প্রধান শেয়ারবাজার হিসেবে পরিচিত ডিএসইতে গত এক বছরে সাধারণ মূল্যসূচক বেড়েছে দ্বিগুণেরও বেশি। এক বছর আগে স্টক এক্সচেঞ্জটিতে সাধারণ মূল্যসূচক ছিল মাত্র তিন হাজার ৭৫ পয়েন্ট। এখন তা তিন হাজার ৮২৯ পয়েন্ট বেড়ে হয়েছে ছয় হাজার ৯০৪ পয়েন্ট। এ সময়ে বাজার মূলধন এক লাখ ৬৫ হাজার কোটি টাকা বেড়ে তিন লাখ কোটি টাকা ছাড়িয়ে গেছে। ডিএসইর এই বাজার মূলধন তালিকাভুক্ত কোম্পানির পরিশোধিত মূলধনের চেয়ে ১৪ গুণের বেশি।
বাজারে বেশ কিছু নতুন কোম্পানির তালিকাভুক্তি মূলধন বাড়াতে ভূমিকা রেখেছে। তবে তার চেয়েও বড় ভূমিকা তালিকাভুক্ত বিভিন্ন কোম্পানির শেয়ারের মূল্যবৃদ্ধি। গত এক বছরে কিছু কিছু কোম্পানির শেয়ারের দাম তার মৌলভিত্তিকে উপেক্ষা করে বেড়েছে দু-তিন গুণেরও বেশি। এ জন্য বাজারে অতিরিক্ত তারল্যপ্রবাহকেই দায়ী করেছে এসইসি। তাই তারল্যপ্রবাহ কমাতে ঋণ নিয়ন্ত্রণ করাকেই বেশি গুরুত্ব দিচ্ছে সংস্থাটি।
তারল্যপ্রবাহ: দেশের শেয়ারবাজারে এ মুহূর্তে কী পরিমাণ তারল্যপ্রবাহ রয়েছে, তার সঠিক কোনো তথ্য নেই। তবে এসইসি সূত্রে জানা গেছে, ২০০৮ ও ২০০৯ সালে দেশের ১১টি ব্যাংক ও তাদের মার্চেন্ট ব্যাংকিং বিভাগের মাধ্যমে বিনিয়োগকারীদের মোট তিন হাজার কোটি টাকার বেশি ঋণ বিতরণ করা হয়েছে। ২০০৮ সালে এসব প্রতিষ্ঠানের বিতরণ করা ঋণের মোট ছিল ৯৯২ কোটি টাকা, ২০০৯ সালে যা বেড়ে দাঁড়ায় দুই হাজার কোটি টাকার বেশি।
এ ছাড়া প্রতিষ্ঠানগুলো উল্লিখিত সময়ে নিজস্ব পোর্টফোলিও বা পত্রকোষে বিনিয়োগ করেছে তিন হাজার টাকার মতো। কিন্তু বাজারে প্রকৃত বিনিয়োগ এর চেয়ে কয়েক গুণ বেশি। আর এর বেশির ভাগই আসছে নতুন নতুন বিনিয়োগকারীর অংশগ্রহণের মাধ্যমে, যাঁদের বড় অংশই ঋণ নিয়ে বিনিয়োগ করেন না।
ঋণ নিয়ন্ত্রণে এসইসির উদ্যোগ: বাজারে সাধারণ বিনিয়োগকারীরা কিছু দিন আগেও মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো থেকে ১:১ দশমিক ৫ হারে ঋণসুবিধা পেত। অর্থাৎ কোনো বিনিয়োগকারীর নিজের এক লাখ টাকা থাকলে তিনি অতিরিক্ত আরও দেড় লাখ টাকা বিনিয়োগ করতে পারতেন। কিন্তু তারল্যপ্রবাহ কমাতে এসইসি এই হার ১:১ করে দেয়। এতেও বাজারের লাগাম টেনে ধরা সম্ভব হয়নি। ফলে পরবর্তী সময়ে একজন বিনিয়োগকারী মার্চেন্ট বা ব্রোকারেজ হাউস থেকে সর্বোচ্চ ১০ কোটি টাকার বেশি ঋণসুবিধা পাবেন না বলে আদেশ জারি করে এসইসি।
কিন্তু সংস্থাটির এ সিদ্ধান্তে হিতে বিপরীত হয়। এ সময় বিনিয়োগকারীদের একটা বড় অংশই ঝুঁকে পড়েন ঋণসুবিধা-বহির্ভূত শেয়ারের দিকে। ফলে বাজারে দুর্বল মৌলভিত্তির স্বল্প মূলধনের শেয়ারের দাম আরও ব্যাপক হারে বাড়তে থাকে। বিপরীত দিকে কমতে থাকে ঋণসুবিধার আওতায় থাকা তুলনামূলক ভালো মৌলভিত্তির কোম্পানিগুলোর শেয়ারের দাম।
কিন্তু এসইসি অতি মূল্যায়িত শেয়ারের মূল্য নিয়ন্ত্রণে কার্যকর কোনো উদ্যোগ নেয়নি। এসব কোম্পানি নিয়ন্ত্রণের জন্য আর্থিক সমন্বয়সুবিধা বা নেটিং ফ্যাসিলিটি বন্ধ করা হলেও কার্যত তা শেয়ারের সরবাহসংকট আরও বাড়িয়ে দিয়েছে। ফলে অতি মূল্যায়িত শেয়ার আরও অতি মূল্যায়িত হচ্ছে। কিন্তু ঋণের আওতায় থাকা কোম্পানিগুলোর ঋণসুবিধা আবারও কমানো হয়েছে। এর অংশ হিসেবে সংস্থাটি ২০০৬ সালে প্রণীত একটি পুরোনো বিধান নতুন করে কার্যকর করার জন্য উদ্যোগী হয়। এ বিধানে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলোকে তাদের গ্রাহকদের ঋণ দিতে গেলে নির্দিষ্ট সূত্র অনুসরণ করার কথা বলা হয়েছে। এ সূত্র অনুযায়ী, গ্রাহকদের শেয়ারের বাজারমূল্যের সঙ্গে সংশ্লিষ্ট কোম্পানির প্রকৃত সম্পদমূল্য (এনএভি) যোগ করে দুই দিয়ে ভাগ করে যে ফলাফল পাওয়া যাবে, তার সমানুপাতিক হারে ঋণ দিতে হবে। ঋণ ব্যবস্থাপনা, অর্থাৎ শেয়ারের মূল্যপতন ঘটলে বাধ্যতামূলক ঋণ সমন্বয়ের সময়ও এ সূত্র মেনে চলতে বলা হয়েছে।
কিন্তু মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো শুরু থেকেই এ নিয়মের বিরোধিতা করে এলেও এসইসি তা আমলে নেয়নি। বরং বলে দিয়েছে, যেসব গ্রাহকের এ নিয়মের অতিরিক্ত ঋণ নেওয়া রয়েছে, তাদের ৩০ সেপ্টেম্বরের মধ্যে তা সমন্বয় করতে হবে। একই সঙ্গে ডিএসইকে দায়িত্ব দেওয়া হয়েছে প্রতি বৃহস্পতিবার এনএভি হিসাব করে কোন কোন কোম্পানি ঋণসুবিধা পাবে তা প্রকাশ করতে।
কিন্তু এ পদ্ধতিতে হিসাব করলে একেক কোম্পানি একেক ধরনের ঋণসুবিধা পাবে। তাই বিপত্তি দেখা দিয়েছে, একজন গ্রাহকের প্রকৃত ক্রয় ক্ষমতা কত হবে তা নিয়ে। শুধু তা-ই নয়, পদ্ধতিটি মেনে নির্ধারিত সময়ের আগে শেয়ার বিক্রি করে ঋণ সমন্বয় করতে গেলে অনেকেই আর্থিক ক্ষতির শিকার হবেন।
ঋণ নিয়ন্ত্রণের চেষ্টা যখন চলছে, ঠিক সেই সময়ে মিউচুয়াল ফান্ডের জন্য ঋণসুবিধা বাড়ানোর বিষয়টিও আরেক দফা সমালোচনার মুখে ফেলে এসইসিকে।
এনএভি-পদ্ধতির সঙ্গে একমত নন এসইসির নির্বাহীরা: পুঁজিবাজারের নিয়ন্ত্রক-সংক্রান্ত বিভিন্ন বিষয়ে সুপারিশ তৈরি করার জন্য সম্প্রতি এসইসি সংস্থাটির নির্বাহী পরিচালকদের সমন্বয়ে একটি কমিটি গঠন করে। এ কমিটি সম্প্রতি কমিশনকে এনএভির পরিবর্তে কেবল শেয়ারের বাজারমূল্যের ভিত্তিতে ঋণসুবিধা দেওয়ার সুপারিশ করেছে। কমিটির মতে, এ পদ্ধতিতে পোর্টফোলিওর মূল্য নির্ধারণ মার্জিন রুলস, ১৯৯৯-এর মৌলিক ধারণার সঙ্গে সাংঘর্ষিক। এমনকি এ ধরনের পদ্ধতি প্রয়োগের নজির পার্শ্ববর্তী কোনো দেশে দেখা যায় না।
তাঁরা বলেন, ঋণ বিতরণের ক্ষেত্রে এনএভি বিবেচনায় নেওয়ার কারণে বিভিন্ন কোম্পানি কারসাজির মাধ্যমে সম্পদের পুনর্মূল্যায়ন করতে উৎসাহিত হতে পারে। একই সঙ্গে এ কমিটি ঋণ বিতরণের ক্ষেত্রে মূল্য-আয় অনুপাতকেও (পিই) সম্পৃক্ত না করার সুপারিশ করেছে। কারণ এতে কোম্পানিগুলোর আয় ব্যবস্থাপনার প্রবণতা, অর্থাৎ প্রকৃত আয় বাড়িয়ে বা কমিয়ে দেখানোর প্রবণতা বাড়বে। সম্প্রতি বাজারে এ ধরনের প্রবণতাও লক্ষ করা যাচ্ছে।
কিন্তু কমিশন নির্বাহী পরিচালকদের এ সুপারিশও গ্রহণ না করে আরেকটি আদেশ জারি করে। এতে শেয়ারের বিপরীতে ঋণ বিতরণের সময় কোম্পানির মূল ব্যবসার বাইরে অন্য কোনো আয়কে পিই গণনার সময় বিবেচনা না করার জন্য বলা হয়েছে। একইভাবে পুনর্মূল্যায়নের মাধ্যমে অর্জিত সম্পদের অতিরিক্ত মূল্যও ঋণ বিতরণের সময় হিসাবে নেওয়া হবে বলে জানিয়ে দিয়েছে।
কিন্তু বাজার বিশ্লেষকেরাসহ এসইসির একাধিক নির্বাহী পরিচালক বলছেন, কমিশনের এ সিদ্ধান্ত বাংলাদেশ হিসাব মানের (বিএএস) সঙ্গে সংঘর্ষপূর্ণ। কারণ, বিএএস অনুযায়ী প্রত্যেক কোম্পানির নিরীক্ষিত আর্থিক প্রতিবেদনে শেয়ারপ্রতি আয় বা ইপিএস উল্লেখ করতে হয় এবং কোম্পানির সব ধরনের আয়কেই হিসাবে নেওয়া হয়। তাই ঋণ বিতরণের জন্য কোম্পানির কোনো আয়কেই বাধা দেওয়ার সুযোগ নেই।
বাজার নিয়ন্ত্রণে পক্ষপাতিত্বের অভিযোগ: অস্বাভাবিক মূল্যবৃদ্ধির অভিযোগে ডিএসই সম্প্রতি এসইসির নির্দেশের বিভিন্ন কোম্পানির লেনদেন সাময়িকভাবে স্থগিত করে। কিন্তু এ ক্ষেত্রেও পক্ষপাতিত্ব করা হয়েছে বলে অভিযোগ করেছেন বিনিয়োগকারীরা। তাঁদের দাবি, কোনো কোনো শেয়ারের দাম ২০-৩০ টাকা বাড়লেই লেনদেন স্থগিত করে দেওয়া হয়েছে। আবার কোনো কোম্পানির দাম দিনের পর দিন বাড়লেও এসইসি-ডিএসই নীরব থেকেছে।
যেমন তালিকাভুক্ত কোম্পানি সিএমসি কামালের শেয়ারের দাম এক বছর আগেও বিক্রি হতো ১৩০ টাকায়। মাত্র এক বছরের ব্যবধানে শেয়ারটির সর্বোচ্চ এক হাজার ২৬৮ কোটি টাকার লেনদেন হয়েছে। কিন্তু এ নিয়ে নিয়ন্ত্রক সংস্থাকে খুব বেশি তৎপর হতে দেখা যায়নি। এমনকি সম্প্রতি কোম্পানিটি অনুমোদন পাওয়ার আগেই একটি মূল্য সংবেদনশীল তথ্যে ১০০ টাকা অভিহিত মূল্যের শেয়ারকে ১০ টাকা হিসেবে উল্লেখ করলেও তার ব্যাখ্যা জানতে চাওয়া হয়নি। কোম্পানিটির অন্যতম উদ্যোক্তা অর্থ মন্ত্রণালয়সংক্রান্ত সংসদীয় কমিটির সভাপতি আ হ ম মোস্তাফা কামাল।
সংকট উত্তরণের পথ: বিশ্লেষকেরা বলছেন, বাজারকে স্থিতিশীল করতে হলে শেয়ারের সরবরাহ বাড়াতে হবে। একই সঙ্গে কারসাজি চিহ্নিত করতে বাড়াতে হবে নজরদারি। এ জন্য এসইসিতে লোকবল বাড়ানোর ব্যাপারে সরকারকে পদক্ষেপ নিতে হবে।
এক দিনে শেয়ার নিষ্পত্তি ও লক-ইন বাতিলের সুপারিশ
September 24, 2010
অতিমূল্যায়িত শেয়ারবাজারকে স্থিতিশীল করতে শেয়ার সরবরাহ বাড়ানোর তাগিদ দিয়েছে অর্থ মন্ত্রণালয়সম্পর্কিত সংসদীয় স্থায়ী কমিটি।
কমিটি বলেছে, বিক্রি করা শেয়ার এক দিনের মধ্যে নিষ্পত্তি করা এবং উদ্যোক্তা ও ব্যক্তির প্লেসমেন্ট শেয়ারের ওপর আরোপ করা লক-ইন (বিক্রির ওপর বিধিনিষেধ) তুলে নেওয়ার বিষয়টি বিবেচনা করা যেতে পারে।
কমিটির চেয়ারম্যান আ হ ম মোস্তফা কামালের সভাপতিত্বে গতকাল বৃহস্পতিবার অনুষ্ঠিত এক বৈঠকে এই মতামত দেওয়া হয়।
তবে এক দিনে শেয়ার নিষ্পত্তির সিদ্ধান্ত নেওয়া হলে তা বাজারে অস্থিরতা তৈরি করবে এবং উদ্যোক্তা ও প্লেসমেন্ট শেয়ার বিক্রির ওপর নিষেধাজ্ঞা তুলে নেওয়া হলে তা সামগ্রিকভাবে বাজারের স্থিতিশীলতা ক্ষতিগ্রস্ত করবে বলেও সংশ্লিষ্ট ব্যক্তিরা মনে করছেন।
প্রসঙ্গত, বর্তমানে এ, বি ও এন গ্রুপের শেয়ার কিনলে তিন দিন লাগে নিষ্পত্তির জন্য, তারপর সেটি বিক্রয়যোগ্য হয়। অর্থাৎ রোববার যদি কেউ শেয়ার কেনেন, তবে তিনি সেই শেয়ার বিক্রি করতে পারেন বুধবার।
সংসদীয় স্থায়ী কমিটি মনে করছে, এই সময় কমিয়ে আনা দরকার। তাদের যুক্তি হচ্ছে, এক দিনে নিষ্পত্তি হলে বাজারে শেয়ারের সরবরাহ বাড়বে। ফলে চাহিদা থাকলেও শেয়ারের আধিক্য না থাকায় যে দাম বাড়ে, তা কিছুটা সামাল দেওয়া যাবে।
বৈঠক শেষে মোস্তফা কামাল সাংবাদিকদের বলেন, বাজারে শেয়ার সরবরাহে ঘাটতি আছে। মানুষ জমি বিক্রির টাকাও শেয়ারবাজারে এনেছে। কিন্তু সে তুলনায় শেয়ার সরবরাহ নেই, যে কারণে বাজার অতিমূল্যায়িত হয়ে পড়েছে। স্থায়ী কমিটি এ কারণে শেয়ার নিষ্পত্তির সময় কমিয়ে আনা এবং উদ্যোক্তা ও ব্যক্তির প্লেসমেন্ট শেয়ার বিক্রির ওপর লক-ইন, বিশেষত ভালো কোম্পানির ক্ষেত্রে এটি বিবেচনা করতে বলেছে।
কিন্তু সূত্রগুলো বলছে, ক্রয় করা শেয়ার এক দিনে নিষ্পত্তির ব্যবস্থা নিলে কোম্পানির মোট শেয়ারে কোনো পরিবর্তন হবে না, বাড়তি গতিশীলতা তৈরি হবে মাত্র। আর এতে লাভবান হবেন স্টক ব্রোকাররা। তাঁদের কমিশন আয় ও স্টক এক্সচেঞ্জের আয় বাড়ে। অন্যদিকে এখন যে শেয়ারগুলো তিন দিনের জন্য হলেও হাতে থাকছে, বিক্রি হচ্ছে না, তাও বিক্রয়যোগ্য হওয়ায় বাজার হয়ে যাবে কেবল লেনদেনকারীদের, বিনিয়োগকারীদের নয়। এটা কৃত্রিমভাবে বা অস্বাভাবিকভাবে দাম বাড়াতে কাজে লাগবে।
অন্যদিকে লক-ইন তুলে নিলে দ্রুত দাম পেয়ে উদ্যোক্তারা তাঁদের শেয়ার বাজারে ছেড়ে দেবেন। তাতে ক্ষতিগ্রস্ত হবেন সাধারণ বিনিয়োগকারী। আর বাজারে প্লেসমেন্ট শেয়ারের রমরমা ব্যবসা হবে।
সূত্র জানায়, স্থায়ী কমিটির বৈঠকে এ দুটি প্রস্তাব আসে স্টক এক্সচেঞ্জ কর্তৃপক্ষ ও তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশনের দিক থেকে।
এ বিষয়ে যোগাযোগ করা হলে পুঁজিবাজার নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) সাবেক চেয়ারম্যান ফারুক আহমেদ সিদ্দিকী প্রথম আলোকে বলেন, এক দিনের মধ্যে বিক্রীত শেয়ারের নিষ্পত্তি করা কারিগরি কারণেই সম্ভব নয়। আর তা করা গেলেও তাতে বাজারে শেয়ারের গতিপ্রবাহ বাড়বে ঠিকই, কিন্তু সামগ্রিকভাবে অস্থিরতা তৈরি হবে। এতে লাভবান হবে ব্রোকারেজ হাউসগুলো এবং তাদের কমিশন আয় বাড়বে। অন্যদিকে লক-ইন তুলে নিলে কারসাজি (ম্যানুপুলেশন) বাড়বে। উদ্যোক্তারা তাঁদের অর্থ তুলে নেবেন ঠিকই, কিন্তু কোম্পানি কোনোভাবেই লাভবান হবে না। সামগ্রিক স্থিতিশীলতা রক্ষা করা যাবে না।
মোস্তফা কামাল সাংবাদিকদের আরও বলেন, এসইসি কোনো বিষয়ে দ্রুত সিদ্ধান্ত পরিবর্তন করে এবং বাজারে হস্তক্ষেপ করে। তাতে বাজারে এক ধরনের প্রভাব পড়ছে। তাই তাদের বলা হয়েছে, ঢাকা স্টক এক্সচেঞ্জ (ডিএসই), চট্টগ্রাম স্টক এক্সচেঞ্জ (সিএসই) ও তালিকাভুক্ত কোম্পানিগুলো অ্যাসোসিয়েশনের সঙ্গে পরামর্শ করে সিদ্ধান্ত নিতে পারে।
কিন্তু এসইসি নিয়ন্ত্রক সংস্থা হিসেবে স্বার্থসংশ্লিষ্ট ব্যক্তিদের সঙ্গে পরামর্শ করে সিদ্ধান্ত নিলে তাতে স্বার্থের দ্বন্দ্ব দেখা দেয় কি না—এমন প্রশ্নের জবাবে তিনি বলেন, ডিএসই, সিএসই উভয়েই স্বনিয়ন্ত্রক সংস্থাও বটে। আর এসইসি তাদের সঙ্গে পরামর্শ করবে এবং পরে সিদ্ধান্ত নিজের মতো করে নেবে।
কিন্তু বিশেষজ্ঞরা বলছেন, বাজারসম্পর্কিত কোনো নীতিগত সিদ্ধান্তের ব্যাপারে আগেভাগেই স্বার্থসংশ্লিষ্ট ব্যক্তিদের সঙ্গে আলোচনা করলে তাতে বিশেষ কোনো মহল সুবিধাভোগী হতে পারে। তা ছাড়া এখনো এসইসির একজন সদস্যের নেতৃত্বে একটি পরামর্শ কমিটি আছে। সেই কমিটিতে ডিএসই, সিএসই, তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশন, মার্চেন্ট ব্যাংক অ্যাসোসিয়েশন, বাংলাদেশ ব্যাংকসহ সংশ্লিষ্ট কোম্পানিগুলোর প্রতিনিধিত্ব রয়েছে।
স্থায়ী কমিটির বৈঠকে গতকাল কমিটির সদস্য ছাড়াও তত্ত্বাবধায়ক সরকারের সাবেক অর্থ উপদেষ্টা ও এসইসির সাবেক চেয়ারম্যান এ বি মির্জ্জা আজিজুল ইসলাম, এসইসির বর্তমান চেয়ারম্যান জিয়াউল হক খোন্দকার, তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশন সভাপতি সালমান এফ রহমান, ঢাকা স্টক এক্সচেঞ্জ (ডিএসই) ও চট্টগ্রাম স্টক এক্সচেঞ্জের (সিএসই) প্রতিনিধি এবং সরকারের বিভিন্ন মন্ত্রণালয়ের শীর্ষ পর্যায়ের কর্মকর্তারা উপস্থিত ছিলেন।
মির্জ্জা আজিজুল ইসলাম এই প্রতিবেদককে বলেন, কোন প্রেক্ষাপটে নেটিং বন্ধ করার সিদ্ধান্ত দেওয়া হয়েছিল, তা তিনি বৈঠকে বলেছেন। বিষয়টি পরীক্ষা করে তারপর পর্যায়ক্রমে চালু করার পক্ষে মত তাঁর। একই সঙ্গে তিনি বলেন, ভালো কোম্পানির উদ্যোক্তা শেয়ার লক-ইনের বাইরে রাখার প্রস্তাবটির ইতিবাচক ও নেতিবাচক সব দিক দেখেই এসইসিকে সিদ্ধান্ত নিতে হবে।
মোস্তফা কামাল সাংবাদিকদের বলেন, সরকারের ২৬টি কোম্পানির শেয়ার বাজারে ছাড়ার বিষয়ে অনেক দিনের সিদ্ধান্ত আছে, কিন্তু কাজটি হচ্ছে না। সরকারের সংশ্লিষ্ট বিভিন্ন মন্ত্রণালয় যেমন—জ্বালানি ও শিল্প মন্ত্রণালয়ের এ বিষয়ে প্রয়োজনীয় বিশেষজ্ঞ জ্ঞানের অভাব আছে। তাদের বলা হয়েছে, প্রয়োজনে সরকারি বিনিয়োগ প্রতিষ্ঠান আইসিবি এমনকি এসইসিরও পরামর্শ তারা নিতে পারে। তিনি বলেন, গত বছর বেসরকারি খাতেরও মাত্র ১০-১২টি কোম্পানি বাজারে এসেছে। কেন এত কম কোম্পানি বাজারে এল, তা খতিয়ে দেখে প্রয়োজনীয় সিদ্ধান্ত নিতেও কমিটি ডিএসই, সিএসই, এসইসিকে পরামর্শ দিয়েছে।
অতিমূল্যায়িত শেয়ারবাজারকে স্থিতিশীল করতে শেয়ার সরবরাহ বাড়ানোর তাগিদ দিয়েছে অর্থ মন্ত্রণালয়সম্পর্কিত সংসদীয় স্থায়ী কমিটি।
কমিটি বলেছে, বিক্রি করা শেয়ার এক দিনের মধ্যে নিষ্পত্তি করা এবং উদ্যোক্তা ও ব্যক্তির প্লেসমেন্ট শেয়ারের ওপর আরোপ করা লক-ইন (বিক্রির ওপর বিধিনিষেধ) তুলে নেওয়ার বিষয়টি বিবেচনা করা যেতে পারে।
কমিটির চেয়ারম্যান আ হ ম মোস্তফা কামালের সভাপতিত্বে গতকাল বৃহস্পতিবার অনুষ্ঠিত এক বৈঠকে এই মতামত দেওয়া হয়।
তবে এক দিনে শেয়ার নিষ্পত্তির সিদ্ধান্ত নেওয়া হলে তা বাজারে অস্থিরতা তৈরি করবে এবং উদ্যোক্তা ও প্লেসমেন্ট শেয়ার বিক্রির ওপর নিষেধাজ্ঞা তুলে নেওয়া হলে তা সামগ্রিকভাবে বাজারের স্থিতিশীলতা ক্ষতিগ্রস্ত করবে বলেও সংশ্লিষ্ট ব্যক্তিরা মনে করছেন।
প্রসঙ্গত, বর্তমানে এ, বি ও এন গ্রুপের শেয়ার কিনলে তিন দিন লাগে নিষ্পত্তির জন্য, তারপর সেটি বিক্রয়যোগ্য হয়। অর্থাৎ রোববার যদি কেউ শেয়ার কেনেন, তবে তিনি সেই শেয়ার বিক্রি করতে পারেন বুধবার।
সংসদীয় স্থায়ী কমিটি মনে করছে, এই সময় কমিয়ে আনা দরকার। তাদের যুক্তি হচ্ছে, এক দিনে নিষ্পত্তি হলে বাজারে শেয়ারের সরবরাহ বাড়বে। ফলে চাহিদা থাকলেও শেয়ারের আধিক্য না থাকায় যে দাম বাড়ে, তা কিছুটা সামাল দেওয়া যাবে।
বৈঠক শেষে মোস্তফা কামাল সাংবাদিকদের বলেন, বাজারে শেয়ার সরবরাহে ঘাটতি আছে। মানুষ জমি বিক্রির টাকাও শেয়ারবাজারে এনেছে। কিন্তু সে তুলনায় শেয়ার সরবরাহ নেই, যে কারণে বাজার অতিমূল্যায়িত হয়ে পড়েছে। স্থায়ী কমিটি এ কারণে শেয়ার নিষ্পত্তির সময় কমিয়ে আনা এবং উদ্যোক্তা ও ব্যক্তির প্লেসমেন্ট শেয়ার বিক্রির ওপর লক-ইন, বিশেষত ভালো কোম্পানির ক্ষেত্রে এটি বিবেচনা করতে বলেছে।
কিন্তু সূত্রগুলো বলছে, ক্রয় করা শেয়ার এক দিনে নিষ্পত্তির ব্যবস্থা নিলে কোম্পানির মোট শেয়ারে কোনো পরিবর্তন হবে না, বাড়তি গতিশীলতা তৈরি হবে মাত্র। আর এতে লাভবান হবেন স্টক ব্রোকাররা। তাঁদের কমিশন আয় ও স্টক এক্সচেঞ্জের আয় বাড়ে। অন্যদিকে এখন যে শেয়ারগুলো তিন দিনের জন্য হলেও হাতে থাকছে, বিক্রি হচ্ছে না, তাও বিক্রয়যোগ্য হওয়ায় বাজার হয়ে যাবে কেবল লেনদেনকারীদের, বিনিয়োগকারীদের নয়। এটা কৃত্রিমভাবে বা অস্বাভাবিকভাবে দাম বাড়াতে কাজে লাগবে।
অন্যদিকে লক-ইন তুলে নিলে দ্রুত দাম পেয়ে উদ্যোক্তারা তাঁদের শেয়ার বাজারে ছেড়ে দেবেন। তাতে ক্ষতিগ্রস্ত হবেন সাধারণ বিনিয়োগকারী। আর বাজারে প্লেসমেন্ট শেয়ারের রমরমা ব্যবসা হবে।
সূত্র জানায়, স্থায়ী কমিটির বৈঠকে এ দুটি প্রস্তাব আসে স্টক এক্সচেঞ্জ কর্তৃপক্ষ ও তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশনের দিক থেকে।
এ বিষয়ে যোগাযোগ করা হলে পুঁজিবাজার নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) সাবেক চেয়ারম্যান ফারুক আহমেদ সিদ্দিকী প্রথম আলোকে বলেন, এক দিনের মধ্যে বিক্রীত শেয়ারের নিষ্পত্তি করা কারিগরি কারণেই সম্ভব নয়। আর তা করা গেলেও তাতে বাজারে শেয়ারের গতিপ্রবাহ বাড়বে ঠিকই, কিন্তু সামগ্রিকভাবে অস্থিরতা তৈরি হবে। এতে লাভবান হবে ব্রোকারেজ হাউসগুলো এবং তাদের কমিশন আয় বাড়বে। অন্যদিকে লক-ইন তুলে নিলে কারসাজি (ম্যানুপুলেশন) বাড়বে। উদ্যোক্তারা তাঁদের অর্থ তুলে নেবেন ঠিকই, কিন্তু কোম্পানি কোনোভাবেই লাভবান হবে না। সামগ্রিক স্থিতিশীলতা রক্ষা করা যাবে না।
মোস্তফা কামাল সাংবাদিকদের আরও বলেন, এসইসি কোনো বিষয়ে দ্রুত সিদ্ধান্ত পরিবর্তন করে এবং বাজারে হস্তক্ষেপ করে। তাতে বাজারে এক ধরনের প্রভাব পড়ছে। তাই তাদের বলা হয়েছে, ঢাকা স্টক এক্সচেঞ্জ (ডিএসই), চট্টগ্রাম স্টক এক্সচেঞ্জ (সিএসই) ও তালিকাভুক্ত কোম্পানিগুলো অ্যাসোসিয়েশনের সঙ্গে পরামর্শ করে সিদ্ধান্ত নিতে পারে।
কিন্তু এসইসি নিয়ন্ত্রক সংস্থা হিসেবে স্বার্থসংশ্লিষ্ট ব্যক্তিদের সঙ্গে পরামর্শ করে সিদ্ধান্ত নিলে তাতে স্বার্থের দ্বন্দ্ব দেখা দেয় কি না—এমন প্রশ্নের জবাবে তিনি বলেন, ডিএসই, সিএসই উভয়েই স্বনিয়ন্ত্রক সংস্থাও বটে। আর এসইসি তাদের সঙ্গে পরামর্শ করবে এবং পরে সিদ্ধান্ত নিজের মতো করে নেবে।
কিন্তু বিশেষজ্ঞরা বলছেন, বাজারসম্পর্কিত কোনো নীতিগত সিদ্ধান্তের ব্যাপারে আগেভাগেই স্বার্থসংশ্লিষ্ট ব্যক্তিদের সঙ্গে আলোচনা করলে তাতে বিশেষ কোনো মহল সুবিধাভোগী হতে পারে। তা ছাড়া এখনো এসইসির একজন সদস্যের নেতৃত্বে একটি পরামর্শ কমিটি আছে। সেই কমিটিতে ডিএসই, সিএসই, তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশন, মার্চেন্ট ব্যাংক অ্যাসোসিয়েশন, বাংলাদেশ ব্যাংকসহ সংশ্লিষ্ট কোম্পানিগুলোর প্রতিনিধিত্ব রয়েছে।
স্থায়ী কমিটির বৈঠকে গতকাল কমিটির সদস্য ছাড়াও তত্ত্বাবধায়ক সরকারের সাবেক অর্থ উপদেষ্টা ও এসইসির সাবেক চেয়ারম্যান এ বি মির্জ্জা আজিজুল ইসলাম, এসইসির বর্তমান চেয়ারম্যান জিয়াউল হক খোন্দকার, তালিকাভুক্ত কোম্পানিগুলোর অ্যাসোসিয়েশন সভাপতি সালমান এফ রহমান, ঢাকা স্টক এক্সচেঞ্জ (ডিএসই) ও চট্টগ্রাম স্টক এক্সচেঞ্জের (সিএসই) প্রতিনিধি এবং সরকারের বিভিন্ন মন্ত্রণালয়ের শীর্ষ পর্যায়ের কর্মকর্তারা উপস্থিত ছিলেন।
মির্জ্জা আজিজুল ইসলাম এই প্রতিবেদককে বলেন, কোন প্রেক্ষাপটে নেটিং বন্ধ করার সিদ্ধান্ত দেওয়া হয়েছিল, তা তিনি বৈঠকে বলেছেন। বিষয়টি পরীক্ষা করে তারপর পর্যায়ক্রমে চালু করার পক্ষে মত তাঁর। একই সঙ্গে তিনি বলেন, ভালো কোম্পানির উদ্যোক্তা শেয়ার লক-ইনের বাইরে রাখার প্রস্তাবটির ইতিবাচক ও নেতিবাচক সব দিক দেখেই এসইসিকে সিদ্ধান্ত নিতে হবে।
মোস্তফা কামাল সাংবাদিকদের বলেন, সরকারের ২৬টি কোম্পানির শেয়ার বাজারে ছাড়ার বিষয়ে অনেক দিনের সিদ্ধান্ত আছে, কিন্তু কাজটি হচ্ছে না। সরকারের সংশ্লিষ্ট বিভিন্ন মন্ত্রণালয় যেমন—জ্বালানি ও শিল্প মন্ত্রণালয়ের এ বিষয়ে প্রয়োজনীয় বিশেষজ্ঞ জ্ঞানের অভাব আছে। তাদের বলা হয়েছে, প্রয়োজনে সরকারি বিনিয়োগ প্রতিষ্ঠান আইসিবি এমনকি এসইসিরও পরামর্শ তারা নিতে পারে। তিনি বলেন, গত বছর বেসরকারি খাতেরও মাত্র ১০-১২টি কোম্পানি বাজারে এসেছে। কেন এত কম কোম্পানি বাজারে এল, তা খতিয়ে দেখে প্রয়োজনীয় সিদ্ধান্ত নিতেও কমিটি ডিএসই, সিএসই, এসইসিকে পরামর্শ দিয়েছে।
Draft Prospectus of M. I. Cement Factory Limited
Draft Prospectus of M. I. Cement Factory Limited
http://www.allfin.org/file/FINAL%20PROSPECTUS-CROWN.pdf
http://www.allfin.org/file/FINAL%20PROSPECTUS-CROWN.pdf
Govt pressed to float shares of 26 cos
September 23, 2010
A parliamentary watchdog has recommended that the government float shares of 26 state-run companies on the capital market as soon as possible for the security of the investors.
The parliamentary standing committee on finance ministry at its meeting on Thursday observed that it would seek the prime minister's intervention on the issue, its chairman A H M Mustafa Kamal told reporters.
"The finance minister said that the shares of the 26 state-owned companies would be floated by June (this year), but it did not happen," Kamal told reporters at the parliament's media centre.
He said shares of some companies were over-valued due to a lack of adequate supply of shares.
"It is better to increase flow of shares in the capital market," said the chairman.
Kamal said his committee had termed the market situation "satisfactory". The committee had suggested that the Securities and Exchange Commission (SEC) should create a separate wing for expeditiously informing people about capital market.
Secretary to the Economic Relations Division Mosharraf Hossain, secretary to the banks and financial institutes Shafiqur Rahman Patowari, chairman of the Listed Companies of Bangladesh Salman F Rahman, SEC chairman Md Zaiul Hoque Khandker and officials of the Dhaka Stock Exchange and Chittagong Stock Exchange attended the meeting.
A parliamentary watchdog has recommended that the government float shares of 26 state-run companies on the capital market as soon as possible for the security of the investors.
The parliamentary standing committee on finance ministry at its meeting on Thursday observed that it would seek the prime minister's intervention on the issue, its chairman A H M Mustafa Kamal told reporters.
"The finance minister said that the shares of the 26 state-owned companies would be floated by June (this year), but it did not happen," Kamal told reporters at the parliament's media centre.
He said shares of some companies were over-valued due to a lack of adequate supply of shares.
"It is better to increase flow of shares in the capital market," said the chairman.
Kamal said his committee had termed the market situation "satisfactory". The committee had suggested that the Securities and Exchange Commission (SEC) should create a separate wing for expeditiously informing people about capital market.
Secretary to the Economic Relations Division Mosharraf Hossain, secretary to the banks and financial institutes Shafiqur Rahman Patowari, chairman of the Listed Companies of Bangladesh Salman F Rahman, SEC chairman Md Zaiul Hoque Khandker and officials of the Dhaka Stock Exchange and Chittagong Stock Exchange attended the meeting.
SEC destabilising stockmarket, says JS body
A parliamentary standing committee on the finance ministry yesterday said the regulator's activities are destabilising the market, amid frequent intervention by the Securities and Exchange Commission (SEC).
The committee said the regulator should consult the exchanges and the listed companies association before taking any action.
Referring to the SEC's recent decision on margin loans and the price-earning ratio, Chairman of the committee AHM Mostafa Kamal said: "The SEC did not discuss with anybody before taking the decisions."
"The committee also suggested SEC consult with the Dhaka and Chittagong stock exchanges and the association of publicly listed companies before intervening in the market," he told reporters, after a meeting of the JS body.
The meeting was held with stockmarket stakeholders to discuss the situation in the market and put forward a set of short- and medium-term recommendations.
After the meeting, Kamal said the committee recommended relaxing the lock-in period and netting facilities.
The committee observed that the lock-in system for private placement as well as on the sponsor shares should be relaxed to increase the supply of stocks, he said.
Presently, there is a one-year lock-in period for shares issued through private placement and a three-year lock-in for sponsor shares.
Kamal said the JS body also thought that if the share netting facilities are relaxed further, it will increase the number of shares traded.
Recently, the SEC stopped share netting in non-marginable securities.
According to news agency BSS, the parliamentary standing committee asked the authorities to take measures to inform people about the capital market in the quickest possible time. Kamal suggested a separate wing for the purpose.
JS body on finance to discuss capital market issues today
FE Report (September 22, 2010)
The parliamentary standing committee on finance will hold a meeting today (Thursday) with stakeholders concerned to discuss a host of capital market issues, including offloading of shares of the 26 state-owned enterprises (SoEs) as was promised by the finance minister earlier.
Energy secretary, former advisers Akbar Ali Khan and Mirza Azizul Islam, SEC chairman and other officials, the incumbent and immediate past chairmen of Dhaka and Chittagong stock exchanges, president of Bangladesh Association of Publicly Listed Companies (PLCs) and other officials are expected to attend the meeting.
Standing committee chairman AHM Mostafa Kamal told the FE that offloading of the shares of the SoEs in question was necessary to cool off an overheated market.
Among others, the issues of demutualisation of stock exchanges, setting up of special courts for handling stock market related cases, empowering the Securities and Exchange Commission with absolute authority to deal with affairs of the listed companies, establishment of financial reporting council (FRC) and human resources development at the SEC are expected to be discussed in the today's meeting.
Mr Mostafa Kamal said finance minister AMA Muhith has repeatedly assured that the SoEs would be offloaded but the assurance is yet to be materialised.
The finance minister in January announced to offload the 26 SoEs and but energy and industries ministries expressed their reluctance to do so.
Fifteen companies out of 26 are belonged to the two ministries.
"The offloading will ensure accountability and transparency of the SoEs and it will ultimately lead to better corporate governance in the country," Mr Mostafa Kamal said.
The Indian government raised Rs 870 billion in 2004 offloading five public sector units (PSUs) and the market capitalisation of the same PSUs now stands at Rs 2.87 trillion, he said.
The standing committee chairman maintained that the market was not working according to the fundamentals of the listed issues.
Officials concerned said at the meeting the SEC would place at least half a dozen proposals to facilitate smooth operation of the capital market.
The regulator would attach importance to the offloading of the SoE shares to beef up supply of stocks, said an official.
"The demutualisation of the stock exchanges is a proposal it would press at the meeting for the sake of transparency and proper growth of the capital market," he said.
At the same time the SEC will request the committee to recommend actions on the establishment of a FRC to bring transparency in companies' financial statements prepared by the auditors.
The parliamentary standing committee on finance will hold a meeting today (Thursday) with stakeholders concerned to discuss a host of capital market issues, including offloading of shares of the 26 state-owned enterprises (SoEs) as was promised by the finance minister earlier.
Energy secretary, former advisers Akbar Ali Khan and Mirza Azizul Islam, SEC chairman and other officials, the incumbent and immediate past chairmen of Dhaka and Chittagong stock exchanges, president of Bangladesh Association of Publicly Listed Companies (PLCs) and other officials are expected to attend the meeting.
Standing committee chairman AHM Mostafa Kamal told the FE that offloading of the shares of the SoEs in question was necessary to cool off an overheated market.
Among others, the issues of demutualisation of stock exchanges, setting up of special courts for handling stock market related cases, empowering the Securities and Exchange Commission with absolute authority to deal with affairs of the listed companies, establishment of financial reporting council (FRC) and human resources development at the SEC are expected to be discussed in the today's meeting.
Mr Mostafa Kamal said finance minister AMA Muhith has repeatedly assured that the SoEs would be offloaded but the assurance is yet to be materialised.
The finance minister in January announced to offload the 26 SoEs and but energy and industries ministries expressed their reluctance to do so.
Fifteen companies out of 26 are belonged to the two ministries.
"The offloading will ensure accountability and transparency of the SoEs and it will ultimately lead to better corporate governance in the country," Mr Mostafa Kamal said.
The Indian government raised Rs 870 billion in 2004 offloading five public sector units (PSUs) and the market capitalisation of the same PSUs now stands at Rs 2.87 trillion, he said.
The standing committee chairman maintained that the market was not working according to the fundamentals of the listed issues.
Officials concerned said at the meeting the SEC would place at least half a dozen proposals to facilitate smooth operation of the capital market.
The regulator would attach importance to the offloading of the SoE shares to beef up supply of stocks, said an official.
"The demutualisation of the stock exchanges is a proposal it would press at the meeting for the sake of transparency and proper growth of the capital market," he said.
At the same time the SEC will request the committee to recommend actions on the establishment of a FRC to bring transparency in companies' financial statements prepared by the auditors.
Merchant banks cut margin loan ratio to ease compliance
FE Report (September 23, 2010)
The merchant banks have decreased the margin loan ratio in order to overcome further difficulties complying with the SEC's directive regarding the NAV-based margin loan calculation, officials said.
An official of the Securities and Exchange Commission (SEC) said this Thursday based on their inspection carried out in different merchant banks.
The official also said that there was no possibility of extending the time for executing the margin loan adjustment in line with the SEC's NAV-based credit disbursement.
Earlier, the SEC asked the brokers and merchant bankers to comply with the new margin rules by September 30 next.
According to SEC's latest revised loan criteria, the merchant bankers and stock brokers are allowed to provide margin loans at 1:1 ratio to their respective clients.
But under the provision of NAV-based margin loan calculation, the clients will not be able to get the similar amount of margin loans against their deposited money at 1:1 ratio.
"Our surveillance department has found that most of the bankers have already lowered their loan ratio from the existing ratio 1:1 to 1:0.7 or 1:0.6 to lessen difficulties that might be arisen in line with the NAV-based margin loan calculation," the SEC official said.
"The merchant bankers are predicting that the margin loans, which will be provided after September 30, will not exceed the loan ratio of 1:0.5. That's why they are also trying to provide margin loans at the ratio of 1:0.5," he added.
When contacted, Sheikh Mortuza Ahmed, the chief executive officer (CEO) of the Prime Bank Investment Limited, admitted that their merchant bank was providing margin loans at the ratio of 1:0.6.
"As per NAV-based margin loan provision, our calculated margin figures say that the clients will not be able to get loans beyond the ratio of 1:0.6. That's why we are providing loans at this ratio as our precautionary initiatives," he said.
IDLC Finance Limited CEO and Managing Director Selim R.F. Khan said that his bank was also providing margin loans at the ratio of 1:0.6.
"I heard that most of the merchant banks were giving margin loans at the ratio of 1:0.6. In the near future the margin loans might be provided at the ratio of 1:0.5," he said.
"It will help our clients to get rid of possible losses," he added.
An official of the Securities and Exchange Commission (SEC) said this Thursday based on their inspection carried out in different merchant banks.
The official also said that there was no possibility of extending the time for executing the margin loan adjustment in line with the SEC's NAV-based credit disbursement.
Earlier, the SEC asked the brokers and merchant bankers to comply with the new margin rules by September 30 next.
According to SEC's latest revised loan criteria, the merchant bankers and stock brokers are allowed to provide margin loans at 1:1 ratio to their respective clients.
But under the provision of NAV-based margin loan calculation, the clients will not be able to get the similar amount of margin loans against their deposited money at 1:1 ratio.
"Our surveillance department has found that most of the bankers have already lowered their loan ratio from the existing ratio 1:1 to 1:0.7 or 1:0.6 to lessen difficulties that might be arisen in line with the NAV-based margin loan calculation," the SEC official said.
"The merchant bankers are predicting that the margin loans, which will be provided after September 30, will not exceed the loan ratio of 1:0.5. That's why they are also trying to provide margin loans at the ratio of 1:0.5," he added.
When contacted, Sheikh Mortuza Ahmed, the chief executive officer (CEO) of the Prime Bank Investment Limited, admitted that their merchant bank was providing margin loans at the ratio of 1:0.6.
"As per NAV-based margin loan provision, our calculated margin figures say that the clients will not be able to get loans beyond the ratio of 1:0.6. That's why we are providing loans at this ratio as our precautionary initiatives," he said.
IDLC Finance Limited CEO and Managing Director Selim R.F. Khan said that his bank was also providing margin loans at the ratio of 1:0.6.
"I heard that most of the merchant banks were giving margin loans at the ratio of 1:0.6. In the near future the margin loans might be provided at the ratio of 1:0.5," he said.
"It will help our clients to get rid of possible losses," he added.
JS body for supply of good shares to cool down 'overvalued' market
FE Report (September 24, 2010)
Parliamentary Standing Committee on Finance has recommended stepping up efforts to increase supply of good shares to cool down the 'overvalued' market.
It has also recommended relaxing lock-in and share net periods and urged the Securities and Exchange Commission (SEC) to consult with Dhaka and Chittagong stock exchanges and association of listed companies before intervening the market.
The JS body Thursday held a meeting with stakeholders to discuss the situation of the market and put forward a set of short-and medium-term recommendations.
Former adviser Mirza Azizul Islam, SEC chairman and other officials, banking division secretary, additional secretary of energy ministry, vice-chairman of Dhaka Stock Exchange, chairman of Chittagong Stock Exchange, president of Bangladesh Association of Publicly Listed Companies, FBCCI vice-president and other officials were present at the meeting.
Influx of shares is needed for the correction of the overheated market, said chairman of the committee AHM Mostafa Kamal at a press conference.
"The committee has recommended that private placement and sponsor shares' lock-in system should be relaxed to increase the supply of the stocks," he said adding, "SEC can also consider relaxing share lock-in of any company."
Private placement lock-in period is one year while sponsor share lock-in period is three years.
The chairman said the committee was of the view that if share netting time is relaxed, it will increase the number of shares for trading in the market.
The share netting time under the current system is T+3, which means shares can be sold after three days of buying.
Mr Kamal said frequent intervention of the regulatory authority destabilises the market and it should consult with other stakeholders including the exchanges and association of listed companies before taking any action.
"SEC did not discuss the matter with anybody before taking margin loan or PR ratio decisions taken a few days back,' he said.
The government has introduced book-building method to ensure fair price of shares but it is yet to be fully exploited, he added.
"The concept is very good but we don't have the capacity to tap the full benefit of the system," Mr Kamal said.
The committee recommended that the state-owned TV channel should broadcast educational programmes on share market to make investors aware, he said.
Mr Kamal said it is not possible to increase the supply of shares overnight.
"The finance minister has repeatedly assured us that the shares of 26 state-owned enterprises will be offloaded but the ministries are reluctant to disinvest," he said.
Additional secretary of the energy ministry was present at the meeting and he informed that it did not have any expertise to deal with stock offloading, said Mr Kamal.
"The committee advised him to take the help of Investment Corporation of Bangladesh (ICB) or SEC to smoothen the disinvestment process," he said.
The finance minister in January announced to offload shares of the 26 SoEs and but energy and industries ministries expressed their reluctance to offload their companies.
Fifteen companies out of 26 belonged to the two ministries.
"If the ministries fail to disinvest, the standing committee will contact with the Prime Minister and will seek her intervention in this regard," Mr Kamal said.
The chairman said private sector is reluctant to raise capital from the market and Dhaka and Chittagong stock exchanges will form a committee to find out the reasons behind it.
"If any government or SEC policies are responsible, they will be rectified," he said.
Mr Kamal said the SEC should increase its human resources to regulate the exchanges as the market is growing.
"The finance ministry has assured the committee that it will take necessary action to increase the capacity of the regulator," he said.
The market grew from Tk 1.0 trillion in January 2009 to Tk 3.0 trillion now and the regulator needs more manpower to monitor the market, he added.
The committee has recommended setting up a separate court for handling share market-related cases. There are over 200 cases pending with different courts in the country.
The committee did not discuss demutualisation of stock exchanges and financial reporting council issues as the finance minister was not present in the meeting.
"These are policy matters and should be discussed in presence of the finance minister," Mr Kamal said.
Parliamentary Standing Committee on Finance has recommended stepping up efforts to increase supply of good shares to cool down the 'overvalued' market.
It has also recommended relaxing lock-in and share net periods and urged the Securities and Exchange Commission (SEC) to consult with Dhaka and Chittagong stock exchanges and association of listed companies before intervening the market.
The JS body Thursday held a meeting with stakeholders to discuss the situation of the market and put forward a set of short-and medium-term recommendations.
Former adviser Mirza Azizul Islam, SEC chairman and other officials, banking division secretary, additional secretary of energy ministry, vice-chairman of Dhaka Stock Exchange, chairman of Chittagong Stock Exchange, president of Bangladesh Association of Publicly Listed Companies, FBCCI vice-president and other officials were present at the meeting.
Influx of shares is needed for the correction of the overheated market, said chairman of the committee AHM Mostafa Kamal at a press conference.
"The committee has recommended that private placement and sponsor shares' lock-in system should be relaxed to increase the supply of the stocks," he said adding, "SEC can also consider relaxing share lock-in of any company."
Private placement lock-in period is one year while sponsor share lock-in period is three years.
The chairman said the committee was of the view that if share netting time is relaxed, it will increase the number of shares for trading in the market.
The share netting time under the current system is T+3, which means shares can be sold after three days of buying.
Mr Kamal said frequent intervention of the regulatory authority destabilises the market and it should consult with other stakeholders including the exchanges and association of listed companies before taking any action.
"SEC did not discuss the matter with anybody before taking margin loan or PR ratio decisions taken a few days back,' he said.
The government has introduced book-building method to ensure fair price of shares but it is yet to be fully exploited, he added.
"The concept is very good but we don't have the capacity to tap the full benefit of the system," Mr Kamal said.
The committee recommended that the state-owned TV channel should broadcast educational programmes on share market to make investors aware, he said.
Mr Kamal said it is not possible to increase the supply of shares overnight.
"The finance minister has repeatedly assured us that the shares of 26 state-owned enterprises will be offloaded but the ministries are reluctant to disinvest," he said.
Additional secretary of the energy ministry was present at the meeting and he informed that it did not have any expertise to deal with stock offloading, said Mr Kamal.
"The committee advised him to take the help of Investment Corporation of Bangladesh (ICB) or SEC to smoothen the disinvestment process," he said.
The finance minister in January announced to offload shares of the 26 SoEs and but energy and industries ministries expressed their reluctance to offload their companies.
Fifteen companies out of 26 belonged to the two ministries.
"If the ministries fail to disinvest, the standing committee will contact with the Prime Minister and will seek her intervention in this regard," Mr Kamal said.
The chairman said private sector is reluctant to raise capital from the market and Dhaka and Chittagong stock exchanges will form a committee to find out the reasons behind it.
"If any government or SEC policies are responsible, they will be rectified," he said.
Mr Kamal said the SEC should increase its human resources to regulate the exchanges as the market is growing.
"The finance ministry has assured the committee that it will take necessary action to increase the capacity of the regulator," he said.
The market grew from Tk 1.0 trillion in January 2009 to Tk 3.0 trillion now and the regulator needs more manpower to monitor the market, he added.
The committee has recommended setting up a separate court for handling share market-related cases. There are over 200 cases pending with different courts in the country.
The committee did not discuss demutualisation of stock exchanges and financial reporting council issues as the finance minister was not present in the meeting.
"These are policy matters and should be discussed in presence of the finance minister," Mr Kamal said.
Wednesday, September 22
LankaBangla, Bloomberg team up
Star (September 22, 2010)
LankaBangla Securities is in the process of signing an agreement with Bloomberg to use a terminal of the news agency's site to help global investors or fund managers get an access to information on Bangladesh stockmarket.
Daily, weekly, monthly and yearly market analyses, research on listed companies, national budget analysis and other major economic data and information will be available on the Bloomberg's terminal. These will all be done and posted by LankaBangla Securities.
"So far the global investors have come to the Bangladesh market on their own. Now we are going to them," said CEO of the local company Mohammed Nasir Uddin Chowdhury.
"Our initiative will help attract more foreign investments," he said. The portfolio investment has been declining since the recent global recession, but is going up now, Chowdhury added.
Currently, on the Dhaka Stock Exchange, foreign transactions account for less than one percent of the total market capitalisation.
Chowdhury said they have received all regulatory approvals to make the deal. "It will be a two-year contract."
Bloomberg provides updated business news and financial information including stockmarket data.
LankaBangla Securities is in the process of signing an agreement with Bloomberg to use a terminal of the news agency's site to help global investors or fund managers get an access to information on Bangladesh stockmarket.
Daily, weekly, monthly and yearly market analyses, research on listed companies, national budget analysis and other major economic data and information will be available on the Bloomberg's terminal. These will all be done and posted by LankaBangla Securities.
"So far the global investors have come to the Bangladesh market on their own. Now we are going to them," said CEO of the local company Mohammed Nasir Uddin Chowdhury.
"Our initiative will help attract more foreign investments," he said. The portfolio investment has been declining since the recent global recession, but is going up now, Chowdhury added.
Currently, on the Dhaka Stock Exchange, foreign transactions account for less than one percent of the total market capitalisation.
Chowdhury said they have received all regulatory approvals to make the deal. "It will be a two-year contract."
Bloomberg provides updated business news and financial information including stockmarket data.
Insurance sector posts 20pc premium growth
FE Report (September 21, 2010)
Overall premium income of the country's insurance companies grew by nearly 20 per cent, thanks to an impressive growth sustained by the private life insurers.
Provisional figures showed that the gross premium of both general and life insurance companies, according to the preliminary figures, has been estimated at about Tk 62.15 billion in 2009 against Tk 51.63 billion in 2008.
Of the total, premium income of country's private life insurers was estimated to be Tk 44.69 in 2009 while the amount was Tk 35.97 in 2008, the figures showed, reflecting a 25 per cent increase.
On the other hand premium earning from general insurance companies was Tk13.80 billion in 2009 compared with Tk12.58 in the previus year.
The country's insurance sector posted a 22 per cent growth in the premium income in 2008 over the previous year, sources said.
The sector insiders, however, attributed the sustained growth in the premium income by life insures to an extensive marketing drive by the private insurers.
The overall premium incomes of the private insurance companies have been on a significant rise over the last few years, they mentioned.
"Intensification of marketing drives and introduction of new products (policies) and expansion of their business in rural areas have helped the life insurers attain such a positive business growth," the Bangladesh Insurance Association (BIA) Chairman A K M Rafiqul Islam told the FE.
Previously, insurance companies, especially the life insurers, used to do their business mostly in divisional and major cities, but now they have expanded their activities in rural areas, the BIA chief said.
Mr Rafiqul Islam also, however, expressed the hope that the private life insurers would be able to sustain their prevailing premium growth in future.
He further said the life insurance companies have vast scope to expand their business as majority of the vast majority of the country's population still remains outside insurance coverage.
Citing a comparison, the BIA chairman said less than five per cent of people is covered by life insurance policies in Bangladesh compared to that of 30 per cent in India.
Admitting a lower than the expected growth trend in the premium income of general (non-life) insurance companies, he said it was mainly because of the country's less than expected level of industrial growth.
According to statistics, growth of the country's industrial sector slowed down to 5.92 per cent in the fiscal year (FY) 2009-10 and 6.68 per cent in FY 2008-09 from 7.21 in FY 2007-08.
"The premium growth of general insurance companies depends on trade, business and industrial activities," the BIA leader said.
The BIA chairman, however, observed that the rising inflation of commodities in the global market could help raise the general insurance companies' premium income in 2010.
According to the industry insiders, the private life insurers now share around 90 per cent of the total premium business while the state-run Jibon Bima Corporation (JBC) shares the remaining 10 per cent.
Provisional figures showed that the gross premium of both general and life insurance companies, according to the preliminary figures, has been estimated at about Tk 62.15 billion in 2009 against Tk 51.63 billion in 2008.
Of the total, premium income of country's private life insurers was estimated to be Tk 44.69 in 2009 while the amount was Tk 35.97 in 2008, the figures showed, reflecting a 25 per cent increase.
On the other hand premium earning from general insurance companies was Tk13.80 billion in 2009 compared with Tk12.58 in the previus year.
The country's insurance sector posted a 22 per cent growth in the premium income in 2008 over the previous year, sources said.
The sector insiders, however, attributed the sustained growth in the premium income by life insures to an extensive marketing drive by the private insurers.
The overall premium incomes of the private insurance companies have been on a significant rise over the last few years, they mentioned.
"Intensification of marketing drives and introduction of new products (policies) and expansion of their business in rural areas have helped the life insurers attain such a positive business growth," the Bangladesh Insurance Association (BIA) Chairman A K M Rafiqul Islam told the FE.
Previously, insurance companies, especially the life insurers, used to do their business mostly in divisional and major cities, but now they have expanded their activities in rural areas, the BIA chief said.
Mr Rafiqul Islam also, however, expressed the hope that the private life insurers would be able to sustain their prevailing premium growth in future.
He further said the life insurance companies have vast scope to expand their business as majority of the vast majority of the country's population still remains outside insurance coverage.
Citing a comparison, the BIA chairman said less than five per cent of people is covered by life insurance policies in Bangladesh compared to that of 30 per cent in India.
Admitting a lower than the expected growth trend in the premium income of general (non-life) insurance companies, he said it was mainly because of the country's less than expected level of industrial growth.
According to statistics, growth of the country's industrial sector slowed down to 5.92 per cent in the fiscal year (FY) 2009-10 and 6.68 per cent in FY 2008-09 from 7.21 in FY 2007-08.
"The premium growth of general insurance companies depends on trade, business and industrial activities," the BIA leader said.
The BIA chairman, however, observed that the rising inflation of commodities in the global market could help raise the general insurance companies' premium income in 2010.
According to the industry insiders, the private life insurers now share around 90 per cent of the total premium business while the state-run Jibon Bima Corporation (JBC) shares the remaining 10 per cent.
Banglalink working on IPO
FE Report (September 21, 2010)
The Bangladesh unit of Egyptian mobile firm Orascom Telecom is working on an initial public offering (IPO), the head of the Dhaka Stock Exchange said, potentially giving a boost to the country's capital market.
Banglalink, Bangladesh's second-biggest mobile operator by subscribers, would be the second operator to list on the bourse after the top operator Grameenphone raised US$70 million in an IPO last year, an Arabian business daily Trade Arabia reported quoting Reuters.
'The company (Banglalink) is working to be listed on the stock exchange. I have been informed by the company secretary that it would go for an IPO without issuing a pre-IPO private placement,' Md. Shakil Rizvi, president of Dhaka Stock Exchange, told Reuters on Sunday.
The company is expected to be listed on the US$40 billion exchange next year, he added.
Grameenphone, majority owned by Norway's Telenor had also raised US$70 million in a pre-IPO private placement in 2008. Its IPO last year was the stock exchange's biggest.
Bangladesh's mobile sector has grown rapidly, with subscriber numbers reaching nearly 62 million, up from 200,000 in 2001, helped by fierce competition among the country's six operators and by steady economic growth.
Banglalink had 16.8 million subscribers at the end of July - far fewer than Grameenphone's 27.3 million, but ahead of third-ranked Robi, majority owned by Malaysia's Axiata, which had 11.3 million.
Competition intensified further following slow growth last year after India's leading telecoms firm Bharti Airtel bought 70 per cent of Abu Dhabi Group's Warid Telecom in January.
Banglalink brought in some US$214 million in revenue, about 10 per cent of Orascom's total revenue, in the first six months of 2010. Orascom runs and invests in mobile operators in countries including North Korea, Algeria, Burundi, Canada and Egypt.
Executives at the firm's headquarters in Cairo were not immediately available for comment.
The Bangladesh unit of Egyptian mobile firm Orascom Telecom is working on an initial public offering (IPO), the head of the Dhaka Stock Exchange said, potentially giving a boost to the country's capital market.
Banglalink, Bangladesh's second-biggest mobile operator by subscribers, would be the second operator to list on the bourse after the top operator Grameenphone raised US$70 million in an IPO last year, an Arabian business daily Trade Arabia reported quoting Reuters.
'The company (Banglalink) is working to be listed on the stock exchange. I have been informed by the company secretary that it would go for an IPO without issuing a pre-IPO private placement,' Md. Shakil Rizvi, president of Dhaka Stock Exchange, told Reuters on Sunday.
The company is expected to be listed on the US$40 billion exchange next year, he added.
Grameenphone, majority owned by Norway's Telenor had also raised US$70 million in a pre-IPO private placement in 2008. Its IPO last year was the stock exchange's biggest.
Bangladesh's mobile sector has grown rapidly, with subscriber numbers reaching nearly 62 million, up from 200,000 in 2001, helped by fierce competition among the country's six operators and by steady economic growth.
Banglalink had 16.8 million subscribers at the end of July - far fewer than Grameenphone's 27.3 million, but ahead of third-ranked Robi, majority owned by Malaysia's Axiata, which had 11.3 million.
Competition intensified further following slow growth last year after India's leading telecoms firm Bharti Airtel bought 70 per cent of Abu Dhabi Group's Warid Telecom in January.
Banglalink brought in some US$214 million in revenue, about 10 per cent of Orascom's total revenue, in the first six months of 2010. Orascom runs and invests in mobile operators in countries including North Korea, Algeria, Burundi, Canada and Egypt.
Executives at the firm's headquarters in Cairo were not immediately available for comment.
BB urged to extend compliance deadline till 2011
FE Report (September 21, 2010)
A senior bank executive has urged the central bank to extend the deadline of the banks' holding and exposure limit of their investment in the country's growing stock market.
"Bangladesh Bank intervention on the stock market investment by banks has been a good and timely steps to protect the banking sector but the deadline should be extended up to 2011 so that the banks should not hurriedly sell its holdings and destabilize the market," Ehsan Khasru, Deputy Managing Director & Chief Risk Officer of City Bank Ltd told the FE Tuesday in an interview.
According to the Bank Companies Act, the banks can invest no more than 10 percent of their total liabilities in the markets.
But some of the banks' investment in stock market are beyond the central bank's mandated limit.
That's why the Department of Offsite Supervision (DOS) of Bangladesh Bank in a circular (DOS 4) on June 15 last directed the banks to reduce the limit within 10 per cent by October 31, 2010.
"We welcome the BB directive, although timeframe is too short, to bring discipline in the banks in share-holding within 10 per cent cap," Mr Ehsan said.
Bankers said banks and financial institutions are earning a big portion of their profits through investing in the stockmarket. Some even take loans from the call money market to invest in share market.
The amount invested by 32 local and foreign banks in the markets is Tk 205.76 billion, or 6.86 percent of their total liabilities. The total investment by the banks and financial institutions in the stock market stood at Tk 221.14 billion as on June 30 last, according to BB statistics.
Hailing the BB move, Mr Ehsan said before DOS 4, section 26(2) of Bank Company Act 1991 issued broad guidelines on the share holding/investments by Banks.
Under DOS 4, holdings means individual banks investments in share (proprietary investment), lien shares against loans & advances and shares under custody (share lien by banks brokerage house against margin loan).
Commenting on the valuation of share-holdings, the City Bank DMD said it has to be done through market price while banks are currently doing at acquisition price and are not violating the Bank Company Act or DOS 4.
Explaining the possible bubble of the stock market prices, the senior banker said if a bank purchases a share at Tk 500 and builds up a portfolio of Tk 500 million, the market price of the item thus shoots up to Tk 2.50 billion.
This escalation thus exceeds 10 per cent holding requirements.
Explaining the present reality, the City Bank DMD said banks cannot increase its liability size to a large extent to become 10 per cent cap compliant within short time.
"It will not be a good idea to sell its shares, especially large volume which will destabilize the stock market and currently the market is perceived as artificially bubbled."
" To value the shareholding at the current price won't give the reflection to its worth," he said.
He said market control is a good technique in developed capital market and we can customize it by taking average 6 months price to come to valuation (6 months price also include current price).
A senior bank executive has urged the central bank to extend the deadline of the banks' holding and exposure limit of their investment in the country's growing stock market.
"Bangladesh Bank intervention on the stock market investment by banks has been a good and timely steps to protect the banking sector but the deadline should be extended up to 2011 so that the banks should not hurriedly sell its holdings and destabilize the market," Ehsan Khasru, Deputy Managing Director & Chief Risk Officer of City Bank Ltd told the FE Tuesday in an interview.
According to the Bank Companies Act, the banks can invest no more than 10 percent of their total liabilities in the markets.
But some of the banks' investment in stock market are beyond the central bank's mandated limit.
That's why the Department of Offsite Supervision (DOS) of Bangladesh Bank in a circular (DOS 4) on June 15 last directed the banks to reduce the limit within 10 per cent by October 31, 2010.
"We welcome the BB directive, although timeframe is too short, to bring discipline in the banks in share-holding within 10 per cent cap," Mr Ehsan said.
Bankers said banks and financial institutions are earning a big portion of their profits through investing in the stockmarket. Some even take loans from the call money market to invest in share market.
The amount invested by 32 local and foreign banks in the markets is Tk 205.76 billion, or 6.86 percent of their total liabilities. The total investment by the banks and financial institutions in the stock market stood at Tk 221.14 billion as on June 30 last, according to BB statistics.
Hailing the BB move, Mr Ehsan said before DOS 4, section 26(2) of Bank Company Act 1991 issued broad guidelines on the share holding/investments by Banks.
Under DOS 4, holdings means individual banks investments in share (proprietary investment), lien shares against loans & advances and shares under custody (share lien by banks brokerage house against margin loan).
Commenting on the valuation of share-holdings, the City Bank DMD said it has to be done through market price while banks are currently doing at acquisition price and are not violating the Bank Company Act or DOS 4.
Explaining the possible bubble of the stock market prices, the senior banker said if a bank purchases a share at Tk 500 and builds up a portfolio of Tk 500 million, the market price of the item thus shoots up to Tk 2.50 billion.
This escalation thus exceeds 10 per cent holding requirements.
Explaining the present reality, the City Bank DMD said banks cannot increase its liability size to a large extent to become 10 per cent cap compliant within short time.
"It will not be a good idea to sell its shares, especially large volume which will destabilize the stock market and currently the market is perceived as artificially bubbled."
" To value the shareholding at the current price won't give the reflection to its worth," he said.
He said market control is a good technique in developed capital market and we can customize it by taking average 6 months price to come to valuation (6 months price also include current price).
DSE to fix amount of margin loans from Thursday
FE Report (September 21, 2010)
The Dhaka Stock Exchange (DSE) will fix the amount of margin loans against the entitled securities and will keep updating on DSE website from next Thursday in compliance with the SEC directive.
The officials of the Securities and Exchange Commission (SEC) said this Tuesday after a meeting held at the SEC building.
The DSE is going to calculate the amount of margin loans after receiving the directive, issued on September 6 last.
In order to fix the amount of margin loans, the DSE will calculate the average net asset value (NAV) and the prevailing market prices of the securities every Thursday. In that case the NAV will be taken from the companies' latest available financial statements.
While calculating the amount of margin loans against the shares of insurance companies, the DSE will count zero for NAV in absence of NAV provision.
"If the insurance companies can find a method of calculating the NAV the regulator will consider it," an SEC official said.
The Dhaka Stock Exchange (DSE) will fix the amount of margin loans against the entitled securities and will keep updating on DSE website from next Thursday in compliance with the SEC directive.
The officials of the Securities and Exchange Commission (SEC) said this Tuesday after a meeting held at the SEC building.
The DSE is going to calculate the amount of margin loans after receiving the directive, issued on September 6 last.
In order to fix the amount of margin loans, the DSE will calculate the average net asset value (NAV) and the prevailing market prices of the securities every Thursday. In that case the NAV will be taken from the companies' latest available financial statements.
While calculating the amount of margin loans against the shares of insurance companies, the DSE will count zero for NAV in absence of NAV provision.
"If the insurance companies can find a method of calculating the NAV the regulator will consider it," an SEC official said.
সর্বশেষ আর্থিক প্রতিবেদন অনুযায়ী মার্জিন ঋণ নির্ধারণের নির্দেশনা
বাংলানিউজ (September 21, 2010)
ঢাকা: পুঁজিবাজারে তালিকাভুক্ত কোম্পানির সর্বশেষ প্রকাশিত আর্থিক প্রতিবেদন অনুযায়ী মার্জিন ঋণের পরিমান নির্ধারণ করতে হবে।
মঙ্গলবার সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) জারি করা এক নির্দেশনায় এ কথা জানানো হয়।
নির্দেশনায় বলা হয়, প্রতি সপ্তাহের শেষ কার্যদিবসে তালিকাভুক্ত কোম্পানির শেয়ারের সর্বশেষ বাজার দরের ভিত্তিতে ওই শেয়ারের বিপরীতে প্রাপ্য মার্জিন ঋণের হিসাব নির্ধারণ করবে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই)।
নির্দেশনায় আরও বলা হয়, তালিকাভুক্ত কোম্পানিগুলোর সর্বশেষ প্রকাশিত আর্থিক বিবরণীতে উল্লেখিত এনএভি বিবেচনায় নিয়ে শেয়ারের মার্জিন ঋণের পরিমান নির্ধারণ করা হবে। এক্ষেত্রে কোনো কোম্পানির সম্পদ পুনর্মূল্যায়ণ করা হলেও বর্ধিত সম্পদ মূল্য বাদ দিয়ে এনএভি হিসাব করতে হবে। মিউচ্যুয়াল ফান্ডের ক্ষেত্রে বাজার মূল্যের ভিত্তিতে সর্বশেষ প্রকাশিত এনএভি বিবেচনায় নিয়ে মার্জিন ঋণের পরিমান নির্ধারণ করতে হবে।
নির্দেশনায় কোনো শেয়ারের ঋণ প্রাপ্তির যোগ্যতা নির্ধারণে পিই অনুপাত হিসাবের ক্ষেত্রে ডাইল্যুটেড ইপিএস বিবেচনায় নেওয়ার নির্দেশ দেওয়া হয়। এক্ষেত্রে কেবল কোম্পানির মৌলিক কার্যক্রমের সঙ্গে সংশ্লিষ্ট আয়কেই হিসেবে নিতে হবে। কোনো কোম্পানির ডাইল্যুটেড ইপিএস না পাওয়া গেলে মৌলিক ইপিএসের ভিত্তিতে ঋণ প্রাপ্তির যোগ্যতা নির্ধারণ করা যাবে।
উল্লেখ্য, এর আগে গত ৬ সেপ্টেম্বর এসইসি’র জারি করা এক নির্দেশনায় বলা হয়, এনএভি ও বাজার মূল্যের যোগফলের অর্ধেকের ভিত্তিতে কোনো কোম্পানির শেয়ারের বিপরীতে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো কি পরিমান ঋণ দিতে পারবেÑ ডিএসই প্রতি সপ্তাহের শেষ কার্যদিবসে তা নির্ধারণ করবে। ডিএসই’র দেওয়া এই হিসেবের ভিত্তিতে মার্চেন্ট ব্যাংকার এবং দুই স্টক এক্সচেঞ্জের আওতাধীন ব্রোকারেজ হাউসগুলো গ্রাহকদের ঋণ প্রদান করবে।
নির্দেশনায় আরও বলা হয়, ডিএসই নির্ধারিত মার্জিন হিসেব করে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউস প্রয়োজনে সংশ্লিষ্ট বিধিমালা অনুযায়ী গ্রাহককে অতিরিক্ত অর্থ জমা দিতে বলবে (মার্জিন কল)। সংশ্লিষ্ট গ্রাহক ৩০ সেপ্টেম্বরের মধ্যে অতিরিক্ত টাকা জমা দিতে ব্যর্থ হলে মার্জিন বিধিমালা অনুযায়ী ব্রোকারেজ হাউস বা মার্চেন্ট ব্যাংক তার শেয়ার বাধ্যতামূলক বিক্রি (ফোর্স সেল) করে ঋণ সমন্বয় করবে।
কিন্তু এনএভি নির্ধারণে জঠিলতার কারণ নির্ধারণের সময় গত ১৬ সেপ্টেম্বর থেকে ঋণ নির্ধারণের তালিকা প্রকাশ করেনি ডিএসই। এরই পরিপ্রেক্ষিতে মঙ্গলবার এসইসি ৬ সেপ্টেম্বরের সিদ্ধান্ত বহাল রেখে মার্জিন ঋণের ক্ষেত্রে এনএভি নির্ধারণের আরও এক নির্দেশনা জারি করে।
ঢাকা: পুঁজিবাজারে তালিকাভুক্ত কোম্পানির সর্বশেষ প্রকাশিত আর্থিক প্রতিবেদন অনুযায়ী মার্জিন ঋণের পরিমান নির্ধারণ করতে হবে।
মঙ্গলবার সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনের (এসইসি) জারি করা এক নির্দেশনায় এ কথা জানানো হয়।
নির্দেশনায় বলা হয়, প্রতি সপ্তাহের শেষ কার্যদিবসে তালিকাভুক্ত কোম্পানির শেয়ারের সর্বশেষ বাজার দরের ভিত্তিতে ওই শেয়ারের বিপরীতে প্রাপ্য মার্জিন ঋণের হিসাব নির্ধারণ করবে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই)।
নির্দেশনায় আরও বলা হয়, তালিকাভুক্ত কোম্পানিগুলোর সর্বশেষ প্রকাশিত আর্থিক বিবরণীতে উল্লেখিত এনএভি বিবেচনায় নিয়ে শেয়ারের মার্জিন ঋণের পরিমান নির্ধারণ করা হবে। এক্ষেত্রে কোনো কোম্পানির সম্পদ পুনর্মূল্যায়ণ করা হলেও বর্ধিত সম্পদ মূল্য বাদ দিয়ে এনএভি হিসাব করতে হবে। মিউচ্যুয়াল ফান্ডের ক্ষেত্রে বাজার মূল্যের ভিত্তিতে সর্বশেষ প্রকাশিত এনএভি বিবেচনায় নিয়ে মার্জিন ঋণের পরিমান নির্ধারণ করতে হবে।
নির্দেশনায় কোনো শেয়ারের ঋণ প্রাপ্তির যোগ্যতা নির্ধারণে পিই অনুপাত হিসাবের ক্ষেত্রে ডাইল্যুটেড ইপিএস বিবেচনায় নেওয়ার নির্দেশ দেওয়া হয়। এক্ষেত্রে কেবল কোম্পানির মৌলিক কার্যক্রমের সঙ্গে সংশ্লিষ্ট আয়কেই হিসেবে নিতে হবে। কোনো কোম্পানির ডাইল্যুটেড ইপিএস না পাওয়া গেলে মৌলিক ইপিএসের ভিত্তিতে ঋণ প্রাপ্তির যোগ্যতা নির্ধারণ করা যাবে।
উল্লেখ্য, এর আগে গত ৬ সেপ্টেম্বর এসইসি’র জারি করা এক নির্দেশনায় বলা হয়, এনএভি ও বাজার মূল্যের যোগফলের অর্ধেকের ভিত্তিতে কোনো কোম্পানির শেয়ারের বিপরীতে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউসগুলো কি পরিমান ঋণ দিতে পারবেÑ ডিএসই প্রতি সপ্তাহের শেষ কার্যদিবসে তা নির্ধারণ করবে। ডিএসই’র দেওয়া এই হিসেবের ভিত্তিতে মার্চেন্ট ব্যাংকার এবং দুই স্টক এক্সচেঞ্জের আওতাধীন ব্রোকারেজ হাউসগুলো গ্রাহকদের ঋণ প্রদান করবে।
নির্দেশনায় আরও বলা হয়, ডিএসই নির্ধারিত মার্জিন হিসেব করে মার্চেন্ট ব্যাংক ও ব্রোকারেজ হাউস প্রয়োজনে সংশ্লিষ্ট বিধিমালা অনুযায়ী গ্রাহককে অতিরিক্ত অর্থ জমা দিতে বলবে (মার্জিন কল)। সংশ্লিষ্ট গ্রাহক ৩০ সেপ্টেম্বরের মধ্যে অতিরিক্ত টাকা জমা দিতে ব্যর্থ হলে মার্জিন বিধিমালা অনুযায়ী ব্রোকারেজ হাউস বা মার্চেন্ট ব্যাংক তার শেয়ার বাধ্যতামূলক বিক্রি (ফোর্স সেল) করে ঋণ সমন্বয় করবে।
কিন্তু এনএভি নির্ধারণে জঠিলতার কারণ নির্ধারণের সময় গত ১৬ সেপ্টেম্বর থেকে ঋণ নির্ধারণের তালিকা প্রকাশ করেনি ডিএসই। এরই পরিপ্রেক্ষিতে মঙ্গলবার এসইসি ৬ সেপ্টেম্বরের সিদ্ধান্ত বহাল রেখে মার্জিন ঋণের ক্ষেত্রে এনএভি নির্ধারণের আরও এক নির্দেশনা জারি করে।
Janata Bank to penetrate stock market under book-building method
Banglanews (September 20, 2010)
DHAKA: The state-owned Janata Bank Limited is going to get enlisted with the capital market under the book-building method for avoiding unwarranted dispute over premium fixing.
Sources in the Securities and Exchange Commission (SEC) confirmed the matter to banglanews Monday.
The SEC Thursday directed the bank for fixing its share price under the book-building method in lieu of fixed rate.
The bank, therefore, will be listed for trading on the share market by issuing Initial Public Offerings (IPO) under the method after completing the procedure.
Managing Director of Janata Bank SM Aminur Rahman told banglanews, “We held dialogues with SEC about entering the market under book-building method.”
“The decision, however, would be finalised in this connection in the meeting of the board of directors on September 23,” he added.
The bank might get Tk 1500 as premium instead of Tk 900, if it comes under the method, he added.
Sources said they applied for issuing 10 million general shares on the market to collect Tk 10 billion. They earlier proposed to issue each share at Tk 100 as the face value of and Tk 900 as premium for collecting Tk 1000 in total, the sources added.
The IPO processing of the bank was being delayed mainly for the settlement of the increased amount of the premium.
The bank is preparing its detailed report based on its financial statement submitted to SEC in 2008. Later on September 25, an updated statement was also submitted.
Earlier, the board of directors decided to issue shares through IPO on September 2009. ICB Capital Management Ltd is working as the issue manager for listing the bank with the share market.
At present the authorized capital of the bank is Tk 20 billion while the paid-up capital is Tk 5 billion. Income against per share till December 31 was Tk 100.62. Asset against per share was Tk 277.20.
The operating profit income of Janata Bank in 2008 was Tk 7 billion and the net-profit income was Tk 3.19 billion.
On the other hand, total deposit of the bank was Tk 221.33 billion while allocated loan was Tk 144.67 billion. The default loan collection of the bank in 2008 was Tk 9.24 billion.
Janata Bank Limited operates as a state commercial bank. It was founded in 1972 as a result of merger between United Bank and Union Bank. About 13,000 officials and employees are working its 880 branches across the country. The bank turned into public limited company on November 15 in 2007.
Book-building system is a modern method of selling equities when an investment firm seeks bids for a new issue at indicative prices. When the book is complete, it offers prices and sells the lot in a single day.
Underwriters buy all the shares to be floated by public limited companies through competitive bidding procedure under the proposed system. Later the underwriters choose some brokers to put up those shares for selling to retail investors.
The issuers in the book-building system get their share prices from the underwriters who will be the highest bidder in the bidding process.
Sources in the Securities and Exchange Commission (SEC) confirmed the matter to banglanews Monday.
The SEC Thursday directed the bank for fixing its share price under the book-building method in lieu of fixed rate.
The bank, therefore, will be listed for trading on the share market by issuing Initial Public Offerings (IPO) under the method after completing the procedure.
Managing Director of Janata Bank SM Aminur Rahman told banglanews, “We held dialogues with SEC about entering the market under book-building method.”
“The decision, however, would be finalised in this connection in the meeting of the board of directors on September 23,” he added.
The bank might get Tk 1500 as premium instead of Tk 900, if it comes under the method, he added.
Sources said they applied for issuing 10 million general shares on the market to collect Tk 10 billion. They earlier proposed to issue each share at Tk 100 as the face value of and Tk 900 as premium for collecting Tk 1000 in total, the sources added.
The IPO processing of the bank was being delayed mainly for the settlement of the increased amount of the premium.
The bank is preparing its detailed report based on its financial statement submitted to SEC in 2008. Later on September 25, an updated statement was also submitted.
Earlier, the board of directors decided to issue shares through IPO on September 2009. ICB Capital Management Ltd is working as the issue manager for listing the bank with the share market.
At present the authorized capital of the bank is Tk 20 billion while the paid-up capital is Tk 5 billion. Income against per share till December 31 was Tk 100.62. Asset against per share was Tk 277.20.
The operating profit income of Janata Bank in 2008 was Tk 7 billion and the net-profit income was Tk 3.19 billion.
On the other hand, total deposit of the bank was Tk 221.33 billion while allocated loan was Tk 144.67 billion. The default loan collection of the bank in 2008 was Tk 9.24 billion.
Janata Bank Limited operates as a state commercial bank. It was founded in 1972 as a result of merger between United Bank and Union Bank. About 13,000 officials and employees are working its 880 branches across the country. The bank turned into public limited company on November 15 in 2007.
Book-building system is a modern method of selling equities when an investment firm seeks bids for a new issue at indicative prices. When the book is complete, it offers prices and sells the lot in a single day.
Underwriters buy all the shares to be floated by public limited companies through competitive bidding procedure under the proposed system. Later the underwriters choose some brokers to put up those shares for selling to retail investors.
The issuers in the book-building system get their share prices from the underwriters who will be the highest bidder in the bidding process.
Monday, September 20
24 companies set to miss deadline
FE Report (September 20, 2010)
Twenty-four companies are set to be removed from the main board to the over-the-counter (OTC) market as they are going to miss the deadline of the securities regulator for converting paper shares to electronic forms.
The securities regulator has given four months' time, which will expire on September 30, to dematerialise their shares in a bid to bring transparency in the trading system.
The Central Depository Bangladesh Limited (CDBL), which covers settlement of trades on the stock exchanges, needs 20 working days to transform paper shares into electronic ones.
"The companies that have failed to comply with the directive will be placed in the OTC market," Yasin Ali, a member of the Securities and Exchange Commission (SEC) told the FE.
Asked if the regulator will extend the time for dematerialisation, he said, "There is no scope for time extension as enough time has already been given."
The 24 companies include Alpha Tobacco, Yousuf Flour, Bangladesh Plantation, Hill Plantation, Gulf Foods, Modern Industries, Northern Jute, Quasem Silk, Modern Dyeing, Alltex Industries Ltd, Anlima Yarn, Bangla Process, Therapeutics, Orion Infusion, Azadi Printers, Bangladesh Hotels, Bangladesh Services, Niloy Cement, Samata Leather, The Engineers, Himadri.
"It takes around 20 working days to convert paper shares into electronic forms," said Shuvra Kanti Choudhury, CDBL's chief financial officer.
"Very few companies, however, rushed to us at the eleventh hour but most of them are yet to communicate," he said adding that share dematerialisation would not be possible within the remaining days of the deadline.
Paper shares make up less than one per cent of the total market capitalisation and less than 10 per cent of the total issues traded on Dhaka Stock Exchange.
On June 1, 2010, the SEC, in a directive, said no paper securities shall be transacted in the stock exchanges from October 01, 2010.
Since then, 26 companies have dematerialised their paper shares and joined the electronic trading system, which was introduced in January 2004.
Presently, shares of 51 companies de-listed from DSE are being traded in the OTC market.
In September 2009, the DSE introduced the OTC market - a separate floor to facilitate trading of the non-listed and de-listed companies.
Twenty-four companies are set to be removed from the main board to the over-the-counter (OTC) market as they are going to miss the deadline of the securities regulator for converting paper shares to electronic forms.
The securities regulator has given four months' time, which will expire on September 30, to dematerialise their shares in a bid to bring transparency in the trading system.
The Central Depository Bangladesh Limited (CDBL), which covers settlement of trades on the stock exchanges, needs 20 working days to transform paper shares into electronic ones.
"The companies that have failed to comply with the directive will be placed in the OTC market," Yasin Ali, a member of the Securities and Exchange Commission (SEC) told the FE.
Asked if the regulator will extend the time for dematerialisation, he said, "There is no scope for time extension as enough time has already been given."
The 24 companies include Alpha Tobacco, Yousuf Flour, Bangladesh Plantation, Hill Plantation, Gulf Foods, Modern Industries, Northern Jute, Quasem Silk, Modern Dyeing, Alltex Industries Ltd, Anlima Yarn, Bangla Process, Therapeutics, Orion Infusion, Azadi Printers, Bangladesh Hotels, Bangladesh Services, Niloy Cement, Samata Leather, The Engineers, Himadri.
"It takes around 20 working days to convert paper shares into electronic forms," said Shuvra Kanti Choudhury, CDBL's chief financial officer.
"Very few companies, however, rushed to us at the eleventh hour but most of them are yet to communicate," he said adding that share dematerialisation would not be possible within the remaining days of the deadline.
Paper shares make up less than one per cent of the total market capitalisation and less than 10 per cent of the total issues traded on Dhaka Stock Exchange.
On June 1, 2010, the SEC, in a directive, said no paper securities shall be transacted in the stock exchanges from October 01, 2010.
Since then, 26 companies have dematerialised their paper shares and joined the electronic trading system, which was introduced in January 2004.
Presently, shares of 51 companies de-listed from DSE are being traded in the OTC market.
In September 2009, the DSE introduced the OTC market - a separate floor to facilitate trading of the non-listed and de-listed companies.
Sunday, September 19
Booming stock markets double active BO holders in a year
FE Report (September 19, 2010)
The number of active BO (beneficiary owners') account holders has more than doubled in a year, reaching over 2.8 million in mid-2010 as investors continue to sink money in the capital market.
While 1.4 million individuals traded in share markets in June last year, the number ballooned to 2.85 million by the end of August this year, meaning the booming capital market added over 0.1 million retail investors every month, according to figures available with Central Depository Bangladesh Ltd (CDBL) said.
Officials said mobile telephony giant Grameenphone's listing alone drew a record 0.2 million investors in October 2009, smashing the February record of about 180,000 million accounts.
Currently, one-third of the country's active BO accounts are operated by women. In contrast, women's accounts were one-fourth of total number of accounts in May.
Besides, non-resident Bangladeshis own 119,705 BO accounts. The number of BO accounts including inactive ones on June 30, 2009 stood at over 2.124 million, up from just 0.35 million five years ago. CDBL figures say investors rushed to open more than 530,000 BO accounts in the last six months of 2009.
The number of active BO (beneficiary owners') account holders has more than doubled in a year, reaching over 2.8 million in mid-2010 as investors continue to sink money in the capital market.
While 1.4 million individuals traded in share markets in June last year, the number ballooned to 2.85 million by the end of August this year, meaning the booming capital market added over 0.1 million retail investors every month, according to figures available with Central Depository Bangladesh Ltd (CDBL) said.
Officials said mobile telephony giant Grameenphone's listing alone drew a record 0.2 million investors in October 2009, smashing the February record of about 180,000 million accounts.
Currently, one-third of the country's active BO accounts are operated by women. In contrast, women's accounts were one-fourth of total number of accounts in May.
Besides, non-resident Bangladeshis own 119,705 BO accounts. The number of BO accounts including inactive ones on June 30, 2009 stood at over 2.124 million, up from just 0.35 million five years ago. CDBL figures say investors rushed to open more than 530,000 BO accounts in the last six months of 2009.
Friday, September 17
SEC to Probe Fine Foods' Price Spike
The premier bourse did not find any irregularities in a price hike in Fine Foods shares. The stockmarket regulator will now investigate the issue.
The Securities and Exchange Commission (SEC) formed a two-member committee to probe the unusual rise in the prices of Fine Foods, an official said yesterday.
The market watchdog also asked the probe body, led by SEC Director Mir Mosharraf Hossain, to submit the investigation report to the commission by October 31. Mohammed Fakhrul Islam Mazumder, deputy director of SEC, is also on the committee.
An SEC official said the Dhaka Stock Exchange (DSE) investigated the Fine Foods issue to see if rules were violated, and found no major irregularities.
The commission realised that it should investigate the matter by itself to see whether any rules were violated, the official said.
Last month, the DSE investigated Fine Foods' price spike following instructions from the market regulator.
The company's shares rose on the trading floor yesterday too. Each Fine Foods share traded between Tk 102.60 and Tk 115, before closing at Tk 110.30 on the DSE.
Fine Foods was listed on the DSE in 2004 under the foods and allied segment.
Dhaka stocks however closed nearly flat on choppy trading. The benchmark index, DSE General Index, rose just 4 points, or 0.06 percent, to stand at 6,797.
Losers beat advancers 146 to 99, with six securities unchanged. The prime bourse traded more than 7.33 crore shares and mutual fund units with a total value of Tk 1,340 crore.
Prime Finance was yesterday's leader with 31.28 lakh shares being traded worth Tk 122.91 crore.
Chittagong stocks also closed flat, with the CSE Selective Categories Index declining by only 2 points, or 0.01 percent, to 12,902.
GBB Power to Go Public
FE Report, (September 17, 2010)
GBB Power Limited, the first rental power producer in Bangladesh, plans to go to the capital market to raise capital, reports UNB.
GBB established a 24MW rental power plant in Bogra in 2008, under a 15-year electricity sale contract with state-owned Power Development Board (PDB). At present, the PDB purchases electricity from the GBB's gas fired plant.
The management of GBB has made a decision to go to the capital market to raise sufficient funds to pay off its syndicated loan and preferential finance, as well as other outstanding dues with a target of saving a minimum of Tk 200 million per year, sources said.
Engr Wahidur Rahman, senior vice president of GBB, said the company would move to the capital market under the process of launching its initial public offering (IPO).
"We're now readying our necessary documents and papers to submit to the Securities and Exchange Commission (SEC). We hope that we would be able to secure the SEC nod for the IPO," said Fauzul Akbar, managing director of GBB Limited.
GBB established a 24MW rental power plant in Bogra in 2008, under a 15-year electricity sale contract with state-owned Power Development Board (PDB). At present, the PDB purchases electricity from the GBB's gas fired plant.
The management of GBB has made a decision to go to the capital market to raise sufficient funds to pay off its syndicated loan and preferential finance, as well as other outstanding dues with a target of saving a minimum of Tk 200 million per year, sources said.
Engr Wahidur Rahman, senior vice president of GBB, said the company would move to the capital market under the process of launching its initial public offering (IPO).
"We're now readying our necessary documents and papers to submit to the Securities and Exchange Commission (SEC). We hope that we would be able to secure the SEC nod for the IPO," said Fauzul Akbar, managing director of GBB Limited.
Popular Life MF Lottery Sept 22, JB MF Makes Debut Monday
FE Report, (September 17, 2010)
The Initial Public Offering lottery draw of Popular Life First Mutual Fund will be held on September 22 at 10.30 am at National Sports Council in the city, officials said.
The schedule of distributing refund warrants will be announced later.
The IPO subscription of Popular Life First Mutual Fund, worth Tk 2.0 billion started on August 22 and ended on August 26.
For resident and non-resident Bangladeshis, the subscription period was August 22 to August 26, and August 22 to September 4 respectively.
Popular Life, a closed-end mutual fund went public worth Tk 1.0 billion for general public.
The face value of each unit of the fund is Tk.10 and the market lot will be of 500 units.
The sponsor, the Popular Life Insurance, will retain 10 per cent or Tk 200 million worth of units in the Tk 2.0 billion mutual fund. The rest of the amount, Tk 800 million, will come from pre-IPO placement.
Race Asset Management was the fund manager of the mutual fund.
Meanwhile, the First Janata Bank Mutual Fund will make debut Monday in the stock market.
It will be 27th mutual fund to be listed with the stock exchanges and also the first fund sponsored by the state-owned Janata Bank.
The Dhaka Stock Exchange (DSE) board in a meeting Thursday approved the listing of the mutual fund and fixed the debut- trading day of the fund worth Tk 2.0 billion.
The First Janata Bank Mutual Fund equals with the largest ever mutual fund --Trust Bank First Mutual Fund that made debut early this year.
Of the fund size, Tk 1.0 billion has been allocated for IPO (initial public offering), pre-IPO Tk 500 million for sponsors and Tk 500 million for pre-IPO placement.
Each unit price of the fund is Tk 10.
IPO of the mutual fund was oversubscribed by more than five times.
The subscription of the fund opened on August 1 and ended on August 5. For non-resident Bangladeshis, the subscription closed on August 14.
The objective of the fund is to provide attractive dividend to the unit holders by investing the proceeds in the various instruments in the Bangladeshi capital market and money market, according to the prospectus.
Mutual fund sector makes up 1.20 per cent of the total market capitalisation and 0.90 per cent of the total turnover in DSE.
The Initial Public Offering lottery draw of Popular Life First Mutual Fund will be held on September 22 at 10.30 am at National Sports Council in the city, officials said.
The schedule of distributing refund warrants will be announced later.
The IPO subscription of Popular Life First Mutual Fund, worth Tk 2.0 billion started on August 22 and ended on August 26.
For resident and non-resident Bangladeshis, the subscription period was August 22 to August 26, and August 22 to September 4 respectively.
Popular Life, a closed-end mutual fund went public worth Tk 1.0 billion for general public.
The face value of each unit of the fund is Tk.10 and the market lot will be of 500 units.
The sponsor, the Popular Life Insurance, will retain 10 per cent or Tk 200 million worth of units in the Tk 2.0 billion mutual fund. The rest of the amount, Tk 800 million, will come from pre-IPO placement.
Race Asset Management was the fund manager of the mutual fund.
Meanwhile, the First Janata Bank Mutual Fund will make debut Monday in the stock market.
It will be 27th mutual fund to be listed with the stock exchanges and also the first fund sponsored by the state-owned Janata Bank.
The Dhaka Stock Exchange (DSE) board in a meeting Thursday approved the listing of the mutual fund and fixed the debut- trading day of the fund worth Tk 2.0 billion.
The First Janata Bank Mutual Fund equals with the largest ever mutual fund --Trust Bank First Mutual Fund that made debut early this year.
Of the fund size, Tk 1.0 billion has been allocated for IPO (initial public offering), pre-IPO Tk 500 million for sponsors and Tk 500 million for pre-IPO placement.
Each unit price of the fund is Tk 10.
IPO of the mutual fund was oversubscribed by more than five times.
The subscription of the fund opened on August 1 and ended on August 5. For non-resident Bangladeshis, the subscription closed on August 14.
The objective of the fund is to provide attractive dividend to the unit holders by investing the proceeds in the various instruments in the Bangladeshi capital market and money market, according to the prospectus.
Mutual fund sector makes up 1.20 per cent of the total market capitalisation and 0.90 per cent of the total turnover in DSE.
Thursday, September 16
IPO Drought May Worsen
FE Report (15 September, 2010)
The flow of initial public offering (IPO) into the stock market is expected to drop this year, aggravating the IPO-drought thanks to the setting of new guidelines for the public offer.
Experts blame tougher regulations set by the government for the fall in the flow of IPOs which, they say, already led to overpricing of stocks.
Only 13 companies went public in the current year so far against 18 companies hitting the market in 2009, according to statistics of the Securities and Exchange Commission (SEC).
Most of the companies, which applied for IPOs in the first half this year, remain pending as they submitted applications just before formulation of the new guidelines.
The pending IPOs of 12 companies worth Tk 3.13 billion are Sunflower Life Insurance Company, Modern Poly Industries, Alliance Holdings, Janata Bank, Meghna Insurance Company, Bangladesh National Insurance, Desh General Insurance, Salvao Chemicals, Padma Life Insurance, Lanka Bangla Securities and Rangpur Dairy and Food Products.
The SEC has recently approved IPO of the two companies - MI Cement and Deshbandhu Polymer Industries. "It takes at least three to four months for an issue to hit the market from the date of approval," said an official.
"Any rigid rule concerning IPOs will not bring any good to the market," said Salahuddin Ahmed Khan, professor of finance at Dhaka University.
Rather IPO rules should be relaxed to lure more companies into listing themselves with a shallow market, he said.
Khan, also ex-chief executive officer of DSE said, "Such a move makes IPOs a less attractive source of capital for the fast-growing companies."
"Financing for expansion of business should be entirely the matter of the firms, not the regulators. Offering undue proportion of equity to the market might have adverse impact on company earnings," he said.
In November last year, the finance ministry decided to revamp public offering rules.
Later in March this year, SEC has introduced the new guidelines in line with the finance ministry's decision.
Under the new regulations, minimum paid-up capital of a company interested to go public shall be Tk 400 million.
The company having paid-up capital between Tk 750 million and Tk 1.5 billion must offload 25 per cent of its paid-up capital if it seeks to raise money through IPO.
Minimum public offer in IPO above Tk 1.50 billion shall be 15 per cent of the said paid-up capital or Tk 400 million -- whichever is higher.
"The new guidelines have not only hampered the flow of IPO, but hurt industrialisation," said a leading market analyst.
"There should not be any coercive measure. The focus should rather be on quality control with incentive measures to lure the companies into the shallow market," he said.
"Prices of most of the securities have become overvalued. Considering such a condition, the flow of new shares is urgently needed to prevent the market from being further overheated," said Ahmed Rashid, managing director of Rashid Investment Services.
"Unfortunately, supply of shares does not increase keeping pace with demand for shares, which is a source of concern," he added. The regulator's recent price curbing measures will help stabilise the market in the short term, but not in the long term, said Rashid, also ex-senior vice president of Dhaka Stock Exchange.
The main index of DSE increased almost 50 per cent to 6800 as of yesterday (Tuesday) from 4536 of December 30, 2009.
The new investors have increased with every passing day as the beneficiary owners (BO) account stood at 2.8 million, an increase of 33 per cent over the same period last year.
Experts blame tougher regulations set by the government for the fall in the flow of IPOs which, they say, already led to overpricing of stocks.
Only 13 companies went public in the current year so far against 18 companies hitting the market in 2009, according to statistics of the Securities and Exchange Commission (SEC).
Most of the companies, which applied for IPOs in the first half this year, remain pending as they submitted applications just before formulation of the new guidelines.
The pending IPOs of 12 companies worth Tk 3.13 billion are Sunflower Life Insurance Company, Modern Poly Industries, Alliance Holdings, Janata Bank, Meghna Insurance Company, Bangladesh National Insurance, Desh General Insurance, Salvao Chemicals, Padma Life Insurance, Lanka Bangla Securities and Rangpur Dairy and Food Products.
The SEC has recently approved IPO of the two companies - MI Cement and Deshbandhu Polymer Industries. "It takes at least three to four months for an issue to hit the market from the date of approval," said an official.
"Any rigid rule concerning IPOs will not bring any good to the market," said Salahuddin Ahmed Khan, professor of finance at Dhaka University.
Rather IPO rules should be relaxed to lure more companies into listing themselves with a shallow market, he said.
Khan, also ex-chief executive officer of DSE said, "Such a move makes IPOs a less attractive source of capital for the fast-growing companies."
"Financing for expansion of business should be entirely the matter of the firms, not the regulators. Offering undue proportion of equity to the market might have adverse impact on company earnings," he said.
In November last year, the finance ministry decided to revamp public offering rules.
Later in March this year, SEC has introduced the new guidelines in line with the finance ministry's decision.
Under the new regulations, minimum paid-up capital of a company interested to go public shall be Tk 400 million.
The company having paid-up capital between Tk 750 million and Tk 1.5 billion must offload 25 per cent of its paid-up capital if it seeks to raise money through IPO.
Minimum public offer in IPO above Tk 1.50 billion shall be 15 per cent of the said paid-up capital or Tk 400 million -- whichever is higher.
"The new guidelines have not only hampered the flow of IPO, but hurt industrialisation," said a leading market analyst.
"There should not be any coercive measure. The focus should rather be on quality control with incentive measures to lure the companies into the shallow market," he said.
"Prices of most of the securities have become overvalued. Considering such a condition, the flow of new shares is urgently needed to prevent the market from being further overheated," said Ahmed Rashid, managing director of Rashid Investment Services.
"Unfortunately, supply of shares does not increase keeping pace with demand for shares, which is a source of concern," he added. The regulator's recent price curbing measures will help stabilise the market in the short term, but not in the long term, said Rashid, also ex-senior vice president of Dhaka Stock Exchange.
The main index of DSE increased almost 50 per cent to 6800 as of yesterday (Tuesday) from 4536 of December 30, 2009.
The new investors have increased with every passing day as the beneficiary owners (BO) account stood at 2.8 million, an increase of 33 per cent over the same period last year.
Sunday, September 12
Draft Prospectus of Modern Poly Industries Limited (MPIL) & Alliance Holdings Limited (AHL)
Draft Prospectus of Alliance Holdings Limited (AHL):
http://allfin.org/file/Final%20prospectus%20-%20AHL.pdf
Draft Prospectus of Modern Poly Industries Limited (MPIL):
http://allfin.org/file/Prospectus-Modern.pdf
Capital market to be brought under money laundering act
banglanews24 (09 September, 2010)
DHAKA: The government is going to bring the country’s capital market along with non-banking financial institutions under the money-laundering act soon in a bid to prevent such kind of financial crimes.
“An action plan to this effect has been taken to amend all kinds of laws related to money laundering by June next year,” the minister told reporters after an anti-Money laundering meeting at the Secretariat Wednesday.
He also informed journalists that Bangladesh would attend the Asian Group meeting on Money Laundering in Sydney, Australia the current month, where the Action Plan, prepared by the government, would be submitted. "The government has taken some measures as advanced preparation ahead of the meeting", he added.
The Minister also said that the existing acts on money laundering should be redesigned in keeping with international standards.
He said stock dealers, stockbrokers, portfolio managers and merchant banks of stock markets would be brought under the preview of the law. Information would be collected from the stock market on different sources of investment shortly, he added.
Replying to a query Muhith said the measures would not make any impact on investment in the capital market.
However, he hoped, "If there is not excess flow of undisclosed money, the market will not be affected."
“An action plan to this effect has been taken to amend all kinds of laws related to money laundering by June next year,” the minister told reporters after an anti-Money laundering meeting at the Secretariat Wednesday.
He also informed journalists that Bangladesh would attend the Asian Group meeting on Money Laundering in Sydney, Australia the current month, where the Action Plan, prepared by the government, would be submitted. "The government has taken some measures as advanced preparation ahead of the meeting", he added.
The Minister also said that the existing acts on money laundering should be redesigned in keeping with international standards.
He said stock dealers, stockbrokers, portfolio managers and merchant banks of stock markets would be brought under the preview of the law. Information would be collected from the stock market on different sources of investment shortly, he added.
Replying to a query Muhith said the measures would not make any impact on investment in the capital market.
However, he hoped, "If there is not excess flow of undisclosed money, the market will not be affected."
Wednesday, September 8
DSE Warns Defaulting Listed Firms
banglanews24.com.bd (08 September, 2010)
DHAKA: Dhaka Stock Exchange has warned nine listed companies of hefty fines and unspecified action after the firms failed to pay annual listing fees for years, officials said Tuesday.
The nine companies owe the country’s premier bourse 1.48 million taka in unpaid fees and accumulated penalties for not clearing the listing charges in time for up to seven years.
Fed-up with the companies foot-dragging, last week the bourse asked the defaulters to clear up the dues as “soon as possible”, warning that any further delay could lead to more fines and actions.
In the letter the DSE president Shakil Rizvi did not specify the actions, but he told banglanews that the defaulting firms have set bad example in the market.
“They are strong enough financially and should clear up their dues immediately,” he said.
Under the listing rules, the DSE can de-list a company from the 40 billion dollar fast-booming capital market if it fails to pay fees, fines and other penalties in time.
“But we don’t usually take stern action against the defaulters, as it would eventually affect the companies’ share holders,” said Rizvi.
According to the listing rules, a company must pay annual fee of 10,000 taka if its paid-up capital is 10 million taka, 40,000 taka for a paid-up of 100 million taka, 75,000 for 500 million taka and
100,000 if the paid-up capital is one billion taka.
Among the defaulters, Alhajj Textile, Samata Leather, Legacy Footwear and Federal Insurance Ltd did not pay fees and fines for the last two years.
Fine Food Ltd has been a defaulter for four years while Kashem Silk and Therapeutics for five years. State-owned BD Welding didn’t pay fees for six years and Chittagong Vegetable for the last
seven years.
The DSE law says the companies have to pay their annual fee by March 31 every year. If a company fails to make the payment before the deadline, the DSE slaps 1.5 percent surcharge on the unpaid fees.
Shamsul Alam Shamim, chairman of top defaulter, Chittagong Vegetable, told banglanews that poor financial position caused the delay.
“We failed to pay the fees and fines timely because we have been making losses for the last few years. We will clear up the dues as soon as our financial position improves,” he said.
A total of 456 companies, mutual funds and debentures are listed with the DSE.
The nine companies owe the country’s premier bourse 1.48 million taka in unpaid fees and accumulated penalties for not clearing the listing charges in time for up to seven years.
Fed-up with the companies foot-dragging, last week the bourse asked the defaulters to clear up the dues as “soon as possible”, warning that any further delay could lead to more fines and actions.
In the letter the DSE president Shakil Rizvi did not specify the actions, but he told banglanews that the defaulting firms have set bad example in the market.
“They are strong enough financially and should clear up their dues immediately,” he said.
Under the listing rules, the DSE can de-list a company from the 40 billion dollar fast-booming capital market if it fails to pay fees, fines and other penalties in time.
“But we don’t usually take stern action against the defaulters, as it would eventually affect the companies’ share holders,” said Rizvi.
According to the listing rules, a company must pay annual fee of 10,000 taka if its paid-up capital is 10 million taka, 40,000 taka for a paid-up of 100 million taka, 75,000 for 500 million taka and
100,000 if the paid-up capital is one billion taka.
Among the defaulters, Alhajj Textile, Samata Leather, Legacy Footwear and Federal Insurance Ltd did not pay fees and fines for the last two years.
Fine Food Ltd has been a defaulter for four years while Kashem Silk and Therapeutics for five years. State-owned BD Welding didn’t pay fees for six years and Chittagong Vegetable for the last
seven years.
The DSE law says the companies have to pay their annual fee by March 31 every year. If a company fails to make the payment before the deadline, the DSE slaps 1.5 percent surcharge on the unpaid fees.
Shamsul Alam Shamim, chairman of top defaulter, Chittagong Vegetable, told banglanews that poor financial position caused the delay.
“We failed to pay the fees and fines timely because we have been making losses for the last few years. We will clear up the dues as soon as our financial position improves,” he said.
A total of 456 companies, mutual funds and debentures are listed with the DSE.
Banglalink may submit IPO proposal by December
The country's second largest mobile phone company Banglalink, a brand of Egypt-based Orascom Telecom is likely to submit its Initial Public Offering (IPO) proposal to the stocks regulator by December this year.
Dhaka Stock Exchange (DSE) president Shakil Rizvi Monday said this while he was speaking about its initiatives to inspire the country's private companies to be listed with the bourses.
The DSE president also said that after Eid-ul-Fitr the DSE would arrange a tea party, where the authorities of large companies would be invited to exchange ideas regarding their shares' off-loading.
The Banglalink's Chief Executive Officer (CEO) Ahmed Abou Doma sat with the DSE authorities during his visit to DSE on May 30, 2010 in a move to go public.
"At that meeting, Banglalink's CEO spoke about some of their problems going public, but he was optimistic about overcoming the problems. The CEO also said the government's initiatives to cut taxes on SIMs would help his company go public," the DSE president told the FE.
However, the DSE president said that by this time the telecom authorities have decided in principle to go public. "Now they are working towards the goal," he added.
"We also heard that Banglalink will offload shares without any private placement, which would help the general investors to buy a larger amount of shares in the overheated market," he said.
The DSE president said their campaign in bringing good fundamental companies would be strengthened after Eid-ul-Fitr. "We are expecting that at our upcoming tea party the green signal from the large companies to go public will emerge," he added.
"At the same time the government will have to ensure the facilities for the companies to be listed with the bourses," he added.
Banglalink's success in Bangladesh was based on a simple mission: "bringing mobile telephony to the masses", which was the cornerstone of its strategy.
The positive changes in Bangladesh have been reflected in Banglalink's slogan "making a difference" or "din bodol" and the company has enlisted 16.80 million subscribers in the country as of July, 2010.
Tuesday, September 7
Cement cos' plea to increase enabling facilities
FE Report (7 September, 2010)
Cement companies have urged the government to develop the infrastructure and increase enabling facilities aiming to give the export of the item to India and other SAARC countries a new height.
"Bangladesh has a target to export cement worth $ 7 million in this fiscal (2010-11), but without developing the infrastructure and solving the problems of non tariff barriers with India, the fulfillment of the target remains a mirage," an official of MI Cement Factory Ltd, the manufacturer of Crown Cement told the FE Monday.
Crown Cement is the top cement exporting company to India from Bangladesh since 2003.
"Our government should solve the problems of non-tariff barriers like issuance of visa through Akhaura landport to facilitate our export to India," another cement company source told this correspondent.
Bangladesh exported cement worth 0.125 million metric tonnes till May of 2010.
According to MI Cement Ltd, the company exported 68,000 MT Crown Cement fetching $ 5.48 million between the period of July 2009 to June, 2010.
The company earned $ 2.267 million through exporting cement in 2008-09 fiscal.
"Consumption of cement, one of the key backward linkages of the construction and real estate sectors is expected to witness phenomenal growth in Bangladesh in the coming months as major infrastructure projects like Padma Bridge, Dhaka-Chittagong four-lane highway will begin shortly," an industry observer said.
An official of Bangladesh Cement Manufacturing Association, said though cement consumption is growing, local manufacturers have to keep a large portion of their factories idle, as "local factories will be able to produce in full swing when those public construction works begin".
Presently there are 30 operational cement companies that can produce around 20 million tonnes of cement a year against a demand for 8.5 million tonnes.
Of them, Heidelberg Cement, Lafarge Surma Cement Confidence Cement, Meghna Cement, Niloy Cement, Aramit Cement, Padma Cement and Modern Cement are listed on the stock exchanges.
The eight listed cement companies now have a total of 115,791,374 shares in the stock market.
During construction of Bangabandhu Bridge, the government offered duty free facilities to the constructing firm to import machinery and raw materials for cement.
Some local companies are enhancing their production capacity, as domestic demand has consistently been on the rise for the past few years, except for 2007, along with increasing government initiatives, sector people said.
The government plans to complete construction of the 6.15-kilometre long Padma Bridge, which will be the largest civil engineering project of Bangladesh, and Dhaka-Chittagong express highway in its tenure.
The government's plans to set up several flyovers in Dhaka under the strategic transport plan and build 142 bridges across the country are expected to bring vibrancy to the cement sector.
"As local companies have improved a great deal in the last few years, construction firms are now collecting cement from local sources for big public projects," said another cement company source.
The sector people said local cement was used in a few recent public construction projects, including the Bhairab Bridge, and the Sixth Bangladesh-China Friendship Bridge (Mukterpur Bridge) in Munshiganj.
But local cement makers were not in the same condition 10 years ago.
During the construction of Bangabandhu Bridge on the Jamuna river, the constructing firm -- Hyundai Engineering and Construction Co Ltd -- had to set up a cement factory of its own to ensure cement supply to the mega project.
The local cement sector has since come a long way, meeting domestic demand and exporting to neighbouring countries.
Cement companies have urged the government to develop the infrastructure and increase enabling facilities aiming to give the export of the item to India and other SAARC countries a new height.
"Bangladesh has a target to export cement worth $ 7 million in this fiscal (2010-11), but without developing the infrastructure and solving the problems of non tariff barriers with India, the fulfillment of the target remains a mirage," an official of MI Cement Factory Ltd, the manufacturer of Crown Cement told the FE Monday.
Crown Cement is the top cement exporting company to India from Bangladesh since 2003.
"Our government should solve the problems of non-tariff barriers like issuance of visa through Akhaura landport to facilitate our export to India," another cement company source told this correspondent.
Bangladesh exported cement worth 0.125 million metric tonnes till May of 2010.
According to MI Cement Ltd, the company exported 68,000 MT Crown Cement fetching $ 5.48 million between the period of July 2009 to June, 2010.
The company earned $ 2.267 million through exporting cement in 2008-09 fiscal.
"Consumption of cement, one of the key backward linkages of the construction and real estate sectors is expected to witness phenomenal growth in Bangladesh in the coming months as major infrastructure projects like Padma Bridge, Dhaka-Chittagong four-lane highway will begin shortly," an industry observer said.
An official of Bangladesh Cement Manufacturing Association, said though cement consumption is growing, local manufacturers have to keep a large portion of their factories idle, as "local factories will be able to produce in full swing when those public construction works begin".
Presently there are 30 operational cement companies that can produce around 20 million tonnes of cement a year against a demand for 8.5 million tonnes.
Of them, Heidelberg Cement, Lafarge Surma Cement Confidence Cement, Meghna Cement, Niloy Cement, Aramit Cement, Padma Cement and Modern Cement are listed on the stock exchanges.
The eight listed cement companies now have a total of 115,791,374 shares in the stock market.
During construction of Bangabandhu Bridge, the government offered duty free facilities to the constructing firm to import machinery and raw materials for cement.
Some local companies are enhancing their production capacity, as domestic demand has consistently been on the rise for the past few years, except for 2007, along with increasing government initiatives, sector people said.
The government plans to complete construction of the 6.15-kilometre long Padma Bridge, which will be the largest civil engineering project of Bangladesh, and Dhaka-Chittagong express highway in its tenure.
The government's plans to set up several flyovers in Dhaka under the strategic transport plan and build 142 bridges across the country are expected to bring vibrancy to the cement sector.
"As local companies have improved a great deal in the last few years, construction firms are now collecting cement from local sources for big public projects," said another cement company source.
The sector people said local cement was used in a few recent public construction projects, including the Bhairab Bridge, and the Sixth Bangladesh-China Friendship Bridge (Mukterpur Bridge) in Munshiganj.
But local cement makers were not in the same condition 10 years ago.
During the construction of Bangabandhu Bridge on the Jamuna river, the constructing firm -- Hyundai Engineering and Construction Co Ltd -- had to set up a cement factory of its own to ensure cement supply to the mega project.
The local cement sector has since come a long way, meeting domestic demand and exporting to neighbouring countries.
DSE warns membership aspirants of forgery
FE Report (September 07, 2010)
Dhaka Stock Exchange (DSE) has requested individuals/institutions willing to become its member to remain alert to forged dealings, as it has found that some unscrupulous people have asked the DSE membership aspirants to deposit a large amount of money to the central bank, said a DSE press release Monday.
Recently, some dishonest people sent letters to the aspirant DSE members, using fake signature of the DSE president and its official pad, asking them to deposit Tk 225.0 million to the central bank, which is grossly illegal.
The DSE also filed a general diary (GD) with Motijheel police station in this regard Monday.
DSE president Shakil Rizvi said, "Membership of the bourse is given only after approval from the DSE board, the highest policy-making body. None can obtain membership without the approval of the board."
Finance ministry has recently imposed some conditions for obtaining DSE membership. According to the conditions, an interested candidate will have to take clearance certificates from National Board of Revenue (NBR) and from Anti-Corruption Commission (ACC).
Then, the person will have to submit Tk 225 million to the central bank along with the clearance certificates of NBR and ACC. Finally, the BB money receipt will have to be submitted to the DSE with the membership application.
Dhaka Stock Exchange (DSE) has requested individuals/institutions willing to become its member to remain alert to forged dealings, as it has found that some unscrupulous people have asked the DSE membership aspirants to deposit a large amount of money to the central bank, said a DSE press release Monday.
Recently, some dishonest people sent letters to the aspirant DSE members, using fake signature of the DSE president and its official pad, asking them to deposit Tk 225.0 million to the central bank, which is grossly illegal.
The DSE also filed a general diary (GD) with Motijheel police station in this regard Monday.
DSE president Shakil Rizvi said, "Membership of the bourse is given only after approval from the DSE board, the highest policy-making body. None can obtain membership without the approval of the board."
Finance ministry has recently imposed some conditions for obtaining DSE membership. According to the conditions, an interested candidate will have to take clearance certificates from National Board of Revenue (NBR) and from Anti-Corruption Commission (ACC).
Then, the person will have to submit Tk 225 million to the central bank along with the clearance certificates of NBR and ACC. Finally, the BB money receipt will have to be submitted to the DSE with the membership application.
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