CMSF dissatisfaction with money and shares

CMSF dissatisfaction with money and shares

The Fund's Audit and Accounts Management Committee (AAMC) has expressed dissatisfaction with the issuing companies as a significant amount of money and shares have not been deposited in the Capital Market Stabilization Fund (CMSF).

Sanbir Rupal

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In a meeting of the neutral audit committee, the head of the committee. Abdur Rauf said that despite the huge amount of money and shares of listed companies to be distributed in the fund for a long time, so far Tk 480 crore and equivalent shares of Tk 338 crore at current market value have been deposited in this fund which is very negligible.

He said that if the issuing companies do not transfer money and shares to the CSF fund within the deadline of May 31, the Bangladesh Securities and Exchange Commission (BSEC) will be involved in monitoring the transfer of funds and shares to the fund. Will be supervised.

The other members of the audit committee also agreed.

Incidentally, long-term undistributed dividends of listed companies have huge sums of money. The BSEC has set up a special fund called 'Capital Market Stabilization Fund' to use this money together for market development. At the same time, the Capital Market Stabilization Fund Rules, 2021 were published in the form of Gazette.

The fund has a strong 10-member committee to manage it as per its rules. Former Chief Secretary to the Prime Minister and former chairman of the National Board of Revenue. Najibur Rahman is currently the chairman of the fund.

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In order to stabilize the capital market, Tk 150 crore has been invested in the stabilization fund through the country's public investment institution ICB under the direction of BSEC. This money has been invested to ensure the flow of liquidity in the secondary market of the capital market. 

In addition, the settlement of investors' claims is one of the main responsibilities of this fund. Since the inception of CMSF activities, it has received applications from investors for settlement of unresolved claims amounting to Tk 22.96 lakh and has already settled claims amounting to Tk 21.33 lakh, which is 93 percent of the total claims.

CMSF Chairman. Najibur Rahman said, "We are working for the stability of the capital market and also for the immediate settlement of the demand with due diligence to ensure the wider interests of the cadres and investors." We firmly believe that the activities of CMSF will bring about positive change in the capital market.