Mohsin Mia, Sharebarta24.com, Dhaka: A special fund of Tk 20,000 crore is being formed for the development of the stock market. The fund is being set up with undistributed dividends from various companies listed on the stock exchange. Due to this the size of the fund may be less. The capital securities regulator Bangladesh Securities and Exchange Commission (BSEC) on Monday approved a proposal to form a fund. This information has been informed in a press release of BSEC after the meeting.
According to the BSEC, the fund in question is the Capital Market Stabilization Fund, a ‘capital market stabilization fund’. Initially, undistributed dividends of stock market companies will be added to the fund. By law, these dividends will be brought into the fund from the institutions.
At present, various companies in the stock market have undistributed dividends of around Tk 20,000 crore. Of which the amount of cash dividend is about three thousand crore rupees. And the market value of bonus dividends is about 16 thousand crore rupees.
BSEC has made a new rule for the formation of this fund. It has been said that from now on, if the money of the investor or the customer has been in the hands of any company in the stock market for more than three years, it has to be transferred to the new fund. The money of the fund will be used for the development of the stock market. However, if an investor ever claims his dividend by showing the required documents, it will be disposed of from the fund after scrutiny.
The rules governing the management of the fund discussed at today’s commission meeting have been approved by the Bangladesh Securities and Exchange Commission (Capital Market Market Stabilization Fund) Rules, 2021. A notification in this regard will be issued shortly.
Source: Share Barta 24 by www.sharebarta24.com.
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