শেয়ারবাজারের জন্য ২০ হাজার কোটি টাকার তহবিল গড়ার প্রস্তাব

স্টাফ করেসপন্ডেন্ট-বাংলানিউজটোয়েন্টিফোর.কম

ঢাকা : শেয়ারবাজারে স্থিতিশীলতার জন্য ২০ হাজার কোটি টাকার তহবিল গঠনের প্রস্তাব করেছে দৈনিক পত্রিকা ভোরের কাগজ।

শুক্রবার জাতীয় প্রেস ক্লাবে ভোরের কাগজ আয়োজিত ‘বাজেট ২০১২ : কর প্রস্তাবনা’ শীর্ষক গোলটেবিল আলোচনা সভায় শেয়ারবাজারে স্থিতিশীলতা আনতে ৫ দফা এবং সামগ্রিক অর্থনীতি ও কর আদায় বিষয়ে আরো ৬ দফা প্রস্তাব করা হয়।

বাজেট প্রস্তাবনা উপস্থাপন করেন আয়কর আইনজীবী মো. জাহাঙ্গীর আলম চৌধুরী।

প্রস্তাবনায় জাহাঙ্গীর আলম বলেন, আসছে বাজেটে শেয়ারবাজারের অস্থিতিশীল পরিস্থিতি মোকাবিলার জন্য ২০ হাজার কোটি টাকার একটি তহবিল গঠনের উদ্যোগ গ্রহণ করা প্রয়োজন। স্বচ্ছ পদ্ধতি গ্রহণ করা গেলে পাবলিক-প্রাইভেট অংশিদারিত্বের মাধ্যমে অতি সহজে এ রকম তহবিল গঠন করা সম্ভব।

এ তহবিল প্রতিটি ১০০ টাকা মূল্যমানের শেয়ারে বিভক্ত হবে এবং কোনো প্রিমিয়াম ছাড়াই বাজারে আসবে। সরকার, প্রাতিষ্ঠানিক বিনিয়োগকারী, শিল্প ও বাণিজ্যিক উদ্যোক্তা এবং সাধারণ বিনিয়োগকারীদের মধ্য থেকে সমান সংখ্যক প্রতিনিধি নিয়ে এ তহবিল পরিচালনা পর্ষদ গঠিত হবে। সর্বক্ষেত্রে সংখ্যাগরিষ্ঠের মতামতের ভিত্তিতে সকল সিদ্ধান্ত গৃহীত হবে ও তহবিলটি পরিচালিত হবে।

এ তহবিলের অর্থ যোগাযোগ, পরিবহন ও অবকাঠামো উন্নয়ন খাতে ব্যবহার করার ব্যবস্থা থাকবে। তহবিলটির নাম হবে ‘গ্যারান্টিযুক্ত শেয়ার যোগাযোগ পরিবহন ও অবকাঠামো উন্নয়ন ফান্ড’। একটি বিশেষ আইন প্রণয়নের মাধ্যমে এ তহবিল গঠন ও পরিচালনার ব্যবস্থা নেওয়া হবে। দক্ষতার সঙ্গে এ কাজটি করতে সক্ষম হলে শেয়ারবাজার ভষ্যিতে আর কোনো দিন অস্থিতিশীল হওয়ার সম্ভবনা থাকবে না বলেও মন্তব্য করেন জাহাঙ্গীর আলম।

পুঁজিবাজারে বিনা প্রশ্নে কালো টাকা বিনিয়োগের সুযোগ দেওয়া যেতে পারে। তবে সে ক্ষেত্রে বিনিয়োগকারীকে অন্তত দুই বছর পর্যন্ত একই শেয়ারে বিনিয়োজিত থাকার নিশ্চয়তা দিতে হবে বলেও প্রস্তাবনায় উল্লেখ করা হয়।

কমপক্ষে ৩০-৪০ কোটি টাকা পরিশোধিত মুলধন না হলে পাবলিক ইস্যুতে আসা যাবে না এ জাতীয় শর্ত না রেখে লাভজনক এবং স্বচ্ছতার সঙ্গে হিসাব সংরক্ষণ করে এমন কোম্পানির পরিশোধিত মুলধন কম থাকলেও পুঁজিবাজারে যাতে আসতে পারে সে ব্যবস্থা করা উচিত বলেও মন্তব্য করা হয় প্রস্তাবে।

শেয়ারবাজার বিষয়ক প্রস্তাবনার পাশাপাশি কর কার্যক্রমের বিষয়ে ৬ দফা প্রস্তাব করা হয়েছে।

এর মধ্যে রয়েছে, কর আদায়ের প্রশাসনিক ও পদ্ধতিগত সংস্কারের মাধ্যমে স্বচ্ছতা আনা, গণতান্ত্রিক অধিকার নিশ্চিতকরণের মাধ্যমে অধিক রাজস্ব আদায়ের ব্যবস্থা করা, বাজেটে রাজস্ব আয় ও প্রাক্কলিত ব্যয় সংক্রান্ত ব্যবস্থা, বিদ্যুৎ সমস্যার সমাধানে প্রয়োজনীয় ব্যবস্থা গ্রহণ, যানজট নিরসনে ব্যক্তি খাত ও আয়কর, আয়কর বিভাগে তথ্যপ্রযুক্তির প্রয়োগ ও আমলাতান্ত্রিক জটিলতা নিরসন পদ্ধতির সূচনাকরণ ও দুর্নীতি প্রতিরোধমূলক ব্যবস্থা গ্রহণ।

প্রশাসনিক ও পদ্ধতিগত সংস্কারের মাধ্যমে স্বচ্ছতা, গণতান্ত্রিক অধিকার নিশ্চিত ও অধিক রাজস্ব আদায়ের ব্যবস্থা করা বিষয়ে বলা হয়েছে, আমাদের সার্বিক রাষ্ট্রীয় ব্যবস্থায় প্রশাসনিক জটিলতা, পদ্ধতিগত জটিলতা স্বচ্ছতাহীনতা ও জনগণের গণতান্ত্রিক অধিকার প্রতিষ্ঠার ক্ষেত্রে বাধাগ্রস্ততা অর্থনৈতিক উন্নয়নের প্রধান অন্তরায়।

এসব সমস্যার সমাধানে যে সকল প্রস্তাবনা দেওয়া হয়েছে তার মধ্যে রয়েছে, রিটার্ণ দাখিলের প্রাপ্তি স্বীকারপত্র প্রদান নিশ্চিতকারণ, সুনির্দিষ্ট কারণ ব্যতীত আয়কর রিটার্ন অডিট ও পুন:করন নির্ধারণ না করার বিধান প্রবর্তন, পূর্বানুমোদন প্রথা বাতিলকরণ, সাক্ষ্য আইনের প্রয়োগ, আপিল কর্মকর্তা ও ট্রাইব্যুনালের সদস্য নিয়োগ বিধির পরিবর্তন, বেকারত্ম দূরীকরণ ও সঠিক রাজস্ব আয়ের জন্য হিসাব নিরীক্ষা ও পক্ষ সমর্থন পৃথকীকরণ, সৎ করদাতাদের মূল্যায়ন ও ওয়েবসাইটে টিআইএন সংরক্ষণের ব্যবস্থা করে ভুয়া টিন সৃষ্টি রোধ করা।

বাজেটে রাজস্ব আয় ও প্রাক্কলিত ব্যয় সংক্রান্ত ব্যবস্থার বিষয়ে বলা হয়, যে সকল খাত থেকে রাজস্ব আহরণের সুযোগ রয়েছে সে সকল খাতকে অগ্রাধিকার দেওয়া উচিৎ। তবে এর প্রধান শর্ত হবে রাজস্ব আহরণে অবশ্যই গণতান্ত্রিক ব্যবস্থায়, সুনীতির প্রয়োগ ও অর্থনীতিতে বিরূপ প্রতিক্রিয়া না হয়।

এ অংশে আরো বলা হয়, পরোক্ষ করের ওপর নির্ভরতা কমিয়ে প্রত্যক্ষ করের ওপর নির্ভরতা বৃদ্ধি, টিআইএনধারী করদাতাদের রিটার্ন দাখিল নিশ্চিতকরণ, আপিলের মতো অধিকার নিশ্চিতকরণ, করমুক্ত আয়ের সীমা বৃদ্ধিকরণ, বিনিয়োগ কর রেয়াত, ন্যায্য রাজস্ব আয়ের জন্য সর্বজনীন স্বনির্ধারনী পদ্ধতিতে কয়েকটি শর্ত আরোপ, জমি ও ফ্ল্যাট বিক্রেতার ওপর আয়কর আরোপ, রাজধানী থেকে জনসংখ্যার চাপ কমাতে ঢাকায় পাকা দালানে সপরিবারে বা এককভাবে ফ্ল্যাট বা বাসায় বসবাস করলে কর দিতে হবে এমন ব্যবস্থা প্রবর্তন, উন্নয়ন বরাদ্দের ও রাজস্ব ব্যয়ে স্বচ্ছতা নিশ্চিতকরণ এবং আপ্রয়োজনীয় ব্যয় ও অপচয় হ্রাস বা বাতিলকরণ।

বিদ্যুৎ সমস্যার বিষয়ে বলা হয়, ‘বিদ্যুৎ সমস্যা আমাদের উন্নয়নের প্রধান প্রতিবন্ধক। তাই এবারের বাজেটে বিদ্যুৎকে অগ্রাধিকার দেওয়া উচিৎ। এ সমস্যার সমাধানে জরুরি ব্যবস্থা গ্রহণ ও বিলাসবহুল বিদ্যুৎ ব্যবহারে অধিক কর আরোপের প্রস্তাব করা হয় ভোরের কাগজের প্রস্তাবনায়।

ভোরের কাগজের সম্পাদক শ্যামল দত্তের সঞ্চালনায় আলোচনা সভায় আরো বক্তৃতা করেন তত্ত্বাবধায়ক সরকারের সাবেক উপদেষ্টা ড. আকবর আলী খান, জাতীয় রাজস্ব বোর্ডের (এনবিআর) সাবেক চেয়ারম্যান বদিউর রহমান, এনবিআর’র সদস্য এম এ কাদের সরকার, সংসদ সদস্য শাহ জিকরুল আহমেদ, ইংরেজি দৈনিক ফাইন্যান্সিয়াল এক্সপ্রেসের সম্পাদক মোয়াজ্জেম হোসেন ও আমাদের সময়ের সম্পাদক নাঈমুল ইসলাম খান প্রমুখ।

বাংলাদেশ সময় : ১৮০০ ঘণ্টা, জুন ০১, ২০১২

weekly stock market review - Lower participation takes toll on DSE indices, turnover

FE Report-02 June,2012 Saturday

Babul Barman

Dhaka stocks ended lower for the fourth consecutive week with substantially declining turnover value amid meager participation, as most of the investors traded shares cautiously and wanted to see outcome of the pending writs.

The market insiders said 'wait-and-see' policy adopted by most of the investors following sponsor-directors' shareholding issue along with lack of institutional participation continued to drive the market lower.

"Prevailing lack of confidence, coupled with loss-aversion attitude and absence of fresh investments forced the market to end another week with lower turnover," said an analyst.

The week witnessed five trading sessions as usual. Among those, first three sessions lost 165 points while last two sessions gained 102 points.

In the week, the benchmark general index of the DSE---DGEN, the yardstick of the market, slipped 63.59 points or 1.33 per cent to close at 4,734.33.

The broader All Shares Price Index (DSI) went down by 48.06 points or 1.19 per cent to 4,007.33. The DSE-20 Index comprising blue chips also lost 35.61 points or 0.97 per cent to close at 3,643.97.

"Anxiety and lack of confidence among the investors plunged the market during the first three trading session of the week. However, optimism pulled up the index at the end of the week following the news of sponsor-directors' applications to the regulator to extend time of minimum shareholding," commented LankaBangla Securities in its weekly analysis.

The investors were vigilant all over the week. Buy pressure was minimum and the market activities were significantly down throughout the week, it added.

"The lower turnover indicates that the big and intuitional investors were remained inactive and they followed 'go slow' policy, as further writs challenging the SEC in exercising its power under Section 2CC are still pending, which put negative impact in the market," said a stock broker.

But, possibility of decision from the court regarding the latest five writ petitions created hopes among the investors in the last two sessions, which helped the index to close higher.

Application by over hundred sponsor-directors to the SEC seeking time extension to buy minimum shares also made the investors optimistic in the last two sessions.

Meanwhile, the SEC got the judgment copy of three writs filed against minimum two per cent share holding which the High Court rejected earlier on May 21 upholding the SEC directive.

Amid lower participation and cautious trading, the total turnover value came down to Tk 9.65 billion against Tk 14.64 billion in the previous week.

The average daily turnover value came down to Tk 1.93 billion which was 34.11 per cent lower compared to Tk 2.92 billion in the previous week.

In May, the average turnover value declined by 60.30 per cent to Tk 3.18 billion which was Tk 8.02 billion in April due to growing uncertainties, deteriorated confidence level and bearish trend.

"Cautiously participation of investors as well as wait-and-see policy forced the market to experienced lower turnover," said a stock broker.

During the month, the DGEN also lost 464.39 points as it was 5,198.72 in the opening day of the month of May and stood at 4,734.33 on May 31.

Out of 275 issues traded in the week, 181 declined, 78 advanced and 16 remained unchanged.

The market capitalisation of the DSE also declined by 0.70 per cent in the week, as it was Tk 2,549.93 billion on the opening day of the week, and at the end of the week it stood at Tk 2,532.04 billion.

A company---Sandhani Life Insurance---made corporate declaration in the week. The board of directors of the company recommended 48 per cent stock dividend for the year that ended on December 31, 2011.

Lafarge Surma Cement topped the week's turnover chart with shares worth Tk 584.53 million changed hands.

The other turnover leaders were Grameenphone (GP), Lankabangla Finance, Jamuna Oil, Meghna Petroleum, Beximco Limited, Square Pharma, Aftab Automobiles, City Bank and MI Cement.

Purabi General Insurance was the week's top gainer, posting a rise of 20.92 per cent.

It was followed by FAS Finance, BD Finance, First Lease Finance, GSP Finance, Seventh ICB, First Bangladesh Fixed Income Fund, MIDAS Financing, United Insurance and Grameen Mutual One.

The week's worst losers included Shahjalal Islami Bank, CMC Kamal, Beach Hatchery, First Security Islami Bank, Shyampur Sugar Mills, Pragati Life Insurance, Sinobangla Industries, Salvo Chemical, Samata Leather and Monno Jute Stafflers. 

DSE indices rise, turnover tumbles

FE Report-01 June,2012 Friday
Dhaka stocks ended marginally higher Thursday amid volatility with lower turnover value, as most of the investors traded shares cautiously and wanted to see the outcome of the pending writs issue.

The market opened with a positive note, gaining more than 35 points within 15 minutes upon resumption of the day's trading. But it swung between positive and negative territories several times in the mid-session and finally ended 34 points higher.

The benchmark general index of the DSE---DGEN, the yardstick of the market, went up by 34.29 points or 0.72 per cent to close at 4,734.33.

The broader All Shares Price Index (DSI) soared 30.25 points or 0.76 per cent to 4,007.33. The DSE-20 Index comprising blue chips also advanced 37.31 points to 3,643.97.

"Possibility of decision from the court regarding latest five writ petitions has created hopes among the investors, which helped the index to close in the green zone. However, the investors were "watchful' like most other sessions of May," commented IDLC Investments in its regular analysis.

The turnover remained lower due to cautious trading. In May, the average turnover declined by 60.30 per cent to Tk 3.18 billion which was Tk 8.02 billion in April due to growing uncertainties, deteriorated confidence level and bearish trend, it added.

"Throughout the session, the buyers and sellers were placing orders at an equal 'Tug of War' mood which made most of the shares close at prices closer to previous session," stated LankaBangla Securities.

A market analyst said the investors adopted 'wait-and-see' policy due mainly to the legal complexity that arose out of the SEC ordinance and its silence about the next move on compliance of the mandatory shareholding by sponsor-directors.

Because of delay in receiving the official copy of the verdict on three writs, the SEC is yet to announce its next move about the mandatory shareholding by the sponsor-directors. However, the SEC might take a decision Sunday, a source said.

Lower turnover indicates that the participation of institutional investors is still very low, he said, adding the institutional support is needed for a stable market in the long term.

The turnover remained low amid lack of institutional and big investors' participation. The turnover value stood at Tk 1.85 billion against Tk 1.87 billion in the previous session.

Out of 261 issues traded, 193 advanced, 42 declined and 26 remained unchanged.

A total of 36.00 million shares changed hands on the day against 38.83 million in the previous session. The trade deals also decreased to 59,995 against Wednesday's 60,409.

All the major sectors ended green except banking sector. Pharmaceuticals sector gained 1.92 per cent, while telecommunications 1.72 per cent, fuel and power 1.38 per cent and NBFIs 0.69 per cent.

The total market capitalisation of the DSE stood at Tk 2,532.04 billion against Tk 2,513.88 billion in the previous session.

Grameenphone (GP) topped the turnover chart for the second day with shares worth Tk 101.21 million changed hands.

The other turnover leaders were Square Pharma, Lafarge Surma Cement, LankaBangla Finance, Meghna Petroleum, Sandhani Life Insurance, Jamuna Oil, Beximco Limited, UCBL and Aftab Automobiles.

BIFC was the day's highest gainer posting a rise of 9.41 per cent followed by Reliance One, LR Global Mutual Fund One, Pragati Life Insurance, First Bangladesh Fixed Income Fund, Jute Spinners, FAS Finance, RN Spinning, Sandhani Life Insurance and BD Finance.

The day's worst losers included Fifth ICB, Imam Button, Janata Insurance, Monno Jute Stafflers, Modern Dyeing, Eastern Lubricants, Sinobangla Industries, Mutual Trust Bank, Kay and Que and Prime Islami Life Insurance. 

DSE to launch online trading June 10

FE Report-01 June,2012 Friday
The Dhaka Stock Exchange (DSE) will introduce the much- talked online trading using MSA-Plus (Member's Server Application) software on June 10, 2012, officials said Thursday.

The chairman of the Securities and Exchange Commission (SEC) professor Dr Khairul Hossain will inaugurate the "MSA-Plus Go Live Programme,' as chief guest, said a DSE official.

The president of the DSE Rakibur Rahman will preside over the programme while DSE members and stock market related personalities will present at the inaugural session.

After the introduction of MSA-plus software, the investors will get trading access to the DSE by using individual password provided by brokerage houses concerned from anywhere in the country and across the globe through the Internet, said DSE president Rakibur Rahman.

It will ensure transparency and accountability in the stock market and prompt transparent trading activities, he said.

Earlier on March 20, the DSE suspended the introduction of MSA-Plus, which was supposed to be launched on March 25, as complexities arose over the use of omnibus accounts and delayed the introduction of e-trading.

An omnibus account is a specific kind of stock-holding account that involves multiple investors. In the omnibus account, the account manager holds investments of various clients in one account, which he or she trades on behalf of the client base.

In an omnibus account, there are hundreds or even thousands of investors, and a merchant bank acts as a portfolio manager of the account and deals with share transaction with only one BO account.

Through the MSA-Plus, every investor would require separate BO account to participate in share trading, and the transaction will not be possible through omnibus accounts.

Once MSA-Plus will be in place, a virtual marketplace for share transactions will be created. It will be a bridge to real-time online trading, through which investors themselves can execute the trade.

MSA-Plus will allow stock investors to place buy or sell orders online on the internet from any location. It means stock investors would not have to place buy or sell orders with authorised traders. 

Sponsor-directors' minimum shareholding - SEC sits Sunday to fix next course of action

FE Report-01 June,2012 Friday
The Securities and Exchange Commission (SEC) will sit Sunday to fix the next course of action in line with the High Court (HC) verdict that upholds the regulator's directive on holding minimum two per cent shares by sponsor-directors of the listed companies.

Mohammad Saifur Rahman, an executive director and spokesman of the SEC, said this after the regulator officially received the certified copy of the HC verdict Thursday.

"The regulator will sit Sunday to fix the next course of action by analysing the certified copy of the HC verdict," he told the FE.

The HC delivered its verdict on May 21, rejecting three writ petitions, which were filed challenging the legality of the SEC's notification.

On the same day, the six-month timeframe for individually holding minimum two per cent shares by sponsor-directors ended.

On May 24, the SEC stated that its directive regarding the matter remains effective. The regulator would take necessary measures to execute the notification after receiving the certified copy of the HC verdict.

Meanwhile, a number of sponsor-directors have applied to the SEC for extension of the timeframe for purchasing shares to comply with its directive.

The SEC spokesman refused to make any comment at the moment in this regard.

Takaful Insurance removes 6 sponsor-directors

Reazul Bashar -bdnews24.com Senior Correspondent

Dhaka, May 30 (bdnews24.com) – Takaful Islami Insurance Limited removed six sponsor-directors on Wednesday as they failed to follow the Securities and Exchange Commission (SEC) order to hold minimum two percent stake as individual directors.

The board of directors of the company nodded the decision to remove the six sponsor-directors in its Annual General Meeting (AGM) on Wednesday, Secretary of the firm Abul Kalam Azad told bdnews24.com.

"We've followed the SEC directive word to word. The six sponsor-directors had to quit after May 21. The issue was cleared in the AGM," he said.

On Nov 22 last year, the SEC had issued a circular mandating holding of 30 percent share of a company by sponsor-directors together and two percent by directors individually. They got six months to meet the requirement.

The SEC deadline expired on May 21 and the High Court had rejected appeals to declare the circular illegal.

The SEC and the stock exchanges, however, have not yet published any list in this regard.

Takaful board of directors elected Emdadul Haque Chowdhury the Chairman as Fazle Azim, the previous chairman, was among the six removed sponsor-directors, Azad said.

According to him, now the company has 10 sponsor-directors, an independent director and six directors from the shareholders.

The SEC in the circular also said any person holding five percent or more shares will become a director if any director loses his post for not having minimum two percent stake.

Asked about the issue, the Takaful secretary said, "We don't know whether there is any such person. We'll discuss the matter in the next AGM if any such person is found."

Meanwhile, the SEC on Tuesday cleared amended Corporate Governance Guidelines mandating existence of one fourth independent director in the board of listed companies.

"We've come to know about this through news reports. We'll implement the directive, if the SEC issues any," Azad said.

bdnews24.com

Dhaka stocks move higher after six days

FE Report-31 May,2012 Thursday
Dhaka stocks moved higher halting six days' continued fall Wednesday, as the investors somewhat became optimistic and went for fresh buying.

The market insiders said the investors took position on the day as the market fall in the last six sessions. They became optimistic following the news that over a hundred sponsor-directors have applied to the SEC seeking time extension for buying shares.

Receiving of judgment copy of three writs by the SEC, filed against securities regulator's directive on minimum two per cent share holding by sponsor-directors, also made investors optimistic, said a stock broker.

Earlier on May 21, the High Court rejected all the three writs and upheld the SEC directive on holding minimum two per cent shares by sponsor-directors.

The market started with a flying note and the DGEN gained more than 84 points within 25 minutes on resumption of the day's trading.

Afterward, the market lost some points amid usual sale pressure. The market ended 68 points higher, as it gained some points in the last hour trading.

The benchmark general index of the DSE---DGEN, the yardstick of the market, went up by 68.85 points or 1.48 per cent to close at 4,700.03.

The broader All Shares Price Index (DSI) soared 56.20 points or 1.43 per cent to close at 3,977.08. The DSE-20 Index comprising blue chips also advanced 23.73 points to 3,606.65.

Mr Akter H Sannamat, a chartered accountant and a stock expert, said after sixth sessions' fall (391 points), many investors took position on the day though the turnover was relatively lower.

"The news of applications filed by over a hundred of sponsor-directors to the SEC seeking time extension to buy minimum shares has made the investors optimistic," said Mr Sannamat, adding it is good sign for the market that they (sponsor-directors) are egger to comply with the SEC directive.

He said the SEC may consider a reasonable time extension in this regard, as many of the sponsor-directors failed to buy shares following the uncertainty over court verdict issue.

DSE continues to fall, as confidence declines

FE Report  - 30 May,2012 Wednesday
Lower participation of both institutional and retail investors placed the Dhaka stocks in the red for the sixth running session Tuesday amid street protests by aggrieved investors.

According to the market insiders, 'wait-and-see policy' adopted by most of the participants following filing of further writs is the main cause behind the continued market fall.

Meanwhile, a section of investors under the banner of Bangladesh Share Market Investors Unity Council continued their demonstration in front of the DSE Building for the third day of the week in protest against the continued market fall.

At about 12:45pm, the aggrieved investors gathered in front of the DSE Building and chanted slogans against the securities regulator and the finance minister alleging that they failed to restore stability in the market.

The DGEN shed almost 114 points within the first two hours upon resumption of the day's trading. Eventually, the DGEN ended 14 points lower amid street protests by the retail investors.

The DGEN - the market barometer - closed at 4,631.17 with a meager loss of 14.44 points or 0.31 per cent, with out of 256 issues traded 110 declined, 128 advanced and 18 remaining unchanged.

The broader All Shares Price Index (DSI) shed 0.36 per cent or 14.27 points to 3,920.87. The DSE-20 Index comprising blue chips also lost 0.46 per cent or 16.57 points to close at 3,582.92.

"The market continued to fall as the traders could not take firm decision following writs issue which is still pending with the court. Most of the investors are still observing the market trend and waiting for the court verdict and upcoming budget speech as well," said a stock broker.

"The market will not overcome the depressing situation fully unless the court issue is resolved and the institutional and big investors are come forward," he added.

He also said the institutional and big investors should play their responsible role in the market at this crisis moment.

"Prevailing lack of confidence in the market, coupled with loss-aversion attitude and liquidity problem closed another session with modest turnover," stated IDLC Investments Limited in its regular analysis.

Still, as market participants cautiously awaits outcome of ongoing writ issues, the wait-and-see approach taken by investors actively stands the key reason for lower turnover, it added.

The turnover stood at Tk 2.36 billion which was 28.5 per cent higher compared to previous session's Tk 1.83 billion.

A total of 51.42 million shares changed hands on the day against 39.75 million in the previous session. The trade deals also increased to 74,243 against Monday's 59,265.

The total market capitalisation of the DSE stood at Tk 2,488.02 billion against Tk 2,492.92 billion in the previous session.

Apart from telecommunications, all the major sectors were on the red line. Telecommunications sector gained 0.35 per cent.

NBFI's sector lost 1.00 per cent, followed by pharmaceuticals 0.39 per cent, fuel and power 0.23 per cent and banks 0.20 per cent on the day.

LankaBangla Finance topped the turnover chart with shares worth Tk 123.99 million changed hands.

The other turnover leaders were Lafagre Surma Cement, Grameenphone, Meghna Petroleum, Jamuna Oil, Beximco Limited, City Bank, UCBL, MI Cement and Padma Oil.

Fifth ICB was the day's highest gainer posting a rise of 9.83 per cent.

It was followed by Purabi General Insurance, DBBL, ICB First NRB Mutual Fund, Standard Insurance, Fourth ICB, Hakkani Pulp and Paper, Shinepukur Ceramics, Reckitt Benckiser and Grameen One.

The day's worst losers included BIFC, Beach Hatchery, Salvo Chemicals, Reliance One, Anwar Galvanising, Apex Adelchi Footwear, Monno Jute Stafflers, Eastern Lubricants, Shympur Sugar and Tallu Spinning.

Holding minimum 2pc share of listed cos - Full judgment likely today

FE Report  - 30 May,2012 Wednesday

 Mohammad Ali

The full judgment on mandatory holding of minimum two per cent share of the listed companies by their sponsors-directors individually is likely to be published today (Wednesday), sources in the Supreme Court said.

According to the sources, the judges concerned have completed writing the verdict. If they sign the judgment, it will be published today, the sources added.

On May 21 last, the High Court (HC) in a judgment upheld the securities regulator's directive for holding of minimum two per cent shares in the paid-up capital of the listed companies by their sponsor-directors.

A division bench of the HC comprising Justice Farid Ahmed and Justice Sheikh Hassan Arif delivered the verdict rejecting three writ petitions filed challenging legality of the directive of the Securities and Exchange Commission (SEC), regulator of the stock market.

On November 22, 2011, the SEC imposed the mandatory provision relating to the sponsor-directors, other than independent ones, under the Section 2CC for holding in their individual capacity, up to, at least, two per cent of their companies' paid-up capital.

Otherwise, there would be a 'casual vacancy' of directors and any individual holding five per cent or more of shares in the paid-up capital, would then be entitled to become a director of the companies concerned in their respective next annual general meetings (AGMs), according to the SEC directive.

Later, a section of the sponsors-directors took the SEC directive to the HC. After hearing on the writ petitions, the HC passed its judgment on May 21, which was the last date of complying with the regulator's directive.

A number of sponsors-directors failed to comply with the SEC directive within the deadline. But the SEC is yet to take any step regarding 'causal vacancy' of the failed sponsors-directors following the judgment.

The regulator's officials earlier told media that they are now collecting information about who failed to buy 2.0 per cent shares by the deadline.

They would take its action in this connection after getting the certified of the HC judgment, the officials added.

Meanwhile, five separate writ petitions that challenged legality of the Section 2CC of the SEC Ordinance-1969, under which the regulator imposed the directive, remain pending with the HC.

Another writ petition, upon which a HC rule was issued on May 14 asking the SEC to justify its notification regarding 'casual vacancy' of directorship of the sponsors-directors due to their failure to hold minimum 2.0 per cent share, is also remain pending with the court, a lawyer concerned said.

However, another part of the SEC directive on jointly 30 per cent company shares by the sponsor-directors remains unchallenged.

SEC okays Tk 132 crore IPO of Argon Denims

New Age - 30 May,2012 Wednesday
The Securities and Exchange Commission on Tuesday allowed Argon Denims Ltd to raise Tk 132 crore through an initial public offering issuing 3 crore ordinary shares with an offer price of Tk 44 each share including a premium of Tk 34.
The company will use the IPO money to repay bank loans, to meet IPO issuance cost and for business expansion.
The earning per share of Argon Denims was Tk 5.46 as on December 31, 2011. LankaBangla Investment is the issue manager.
The SEC on Tuesday also allowed broadband service provider Banglalion Communication Ltd to issue convertible zero coupon bonds worth of Tk 130 crore.
The face value of the Banglalion bond will be Tk 5,000 each and only institutional investors will be allowed to get the units through private placement.
The bond is 15 per cent yield to maturity and 10 per cent of the size of the bond is convertible to shares with duration of three to seven years.
Banglalion will use the money for broadband wireless excess project.
The issue manager and trusty of the Banglalion Communication bond is IIDFC.
The SEC on the day fined Apollo Ispat’s issue manager ICB Capital Management and its auditor firm Joha Zaman Kabir Rashid and Co Tk 1 lakh each for placing false information on the company’s IPO prospectus.
Apollo Ispat’s valuer company Masih Muhith Haque Co was also fined Tk 2 lakh on the same ground. 

Raising paid-up capital - BB rejects NBFIs’ request to extend deadline

New Age - 30 May,2012 Wednesday
Bangladesh Bank on Tuesday rejected a demand of non-bank financial institutions to extend the June 30 deadline for increasing paid up capital to Tk 100 crore from Tk 50 crore.
Leaders of Bangladesh Leasing and Finance Companies Association made the request to BB for time extension as five NBFIs, out of a total of 31, are yet to raise their paid up capital to Tk 100 crore.
‘The BB will take measures against the NBFIs which will fail to increase the paid-up capital within June 30 deadline,’ BB deputy governor SK Sur Chowdhury told reporters after a meeting with the association at the central bank.
BB governor Atiur Rahman presided over the meeting.
Asad Khan, president of the BLFCA, said that it was difficult for five NBFIs to increase the paid-up capital within the period as they were yet to receive permission from the Securities and Exchange Commission to issue rights share or to go for initial public offering to raise money.
He said, ‘We requested BB to take steps so that the NBFIs get SEC clearance on the rights issue and IPOs. Otherwise, the financial institutions will fall in a difficult condition.’
BB on July 24, 2011 issued a circular to managing directors of all NBFIs saying that they would have to increase the paid up capital within June 30, 2012 to ensure financial stability and face the risk sensitivity among the institutions.   
Asad also said that the NBFIs were still facing difficulties in collecting loans from banks because of higher interest rates asked by the banks.
He alleged that some banks directly informed NBFIs that they would not disburse loans with 15.5 per cent interest rate to them.
He said, ‘Under the circumstances, the NBFIs are collecting deposits from investors, but we have to pay tax over the deposits. We requested the central bank to take measure to withdraw the tax. Otherwise it is difficult for NBFIs to participate in long-term financing.’
When asked about the NBFIs’ allegation that some banks charged higher interest rate from them, Sur said the central bank did not control the market interest rate on lending.
He, however, said the BB would pursue the banks not to charge higher interest rate on moral ground.
The central bank rejected another demand of NBFIs for reviving the home loan window under BB refinance scheme.
Sur said, ‘Such type of programme will not be allowe at the moment due to cautious monetary policy taken by BB. The refinance scheme will be revived in the coming months when the inflationary pressure will decrease to a satisfactory level.’ 

SEC finalises guideline for waiving interest on margin loans

New Age - 30 May,2012 Wednesday
The Securities and Exchange Commission on Tuesday approved a guideline for stockbrokers and merchant bankers to waive 50 per cent of the interests on the past year’s margin loans for the small-scale investors who suffered in the 2011 stock market crash.
The commission also approved a list of the affected investors who will be entitled to apply for a 20-per cent IPO quota under a government announced compensation scheme, said SEC officials.
The approval came at a meeting presided over by SEC chairman M Khairul Hossain at the commission’s board room.
‘In the guideline, the commission has detailed the process how the brokerage houses and the merchant bankers will implement the compensation scheme,’ a senior SEC official told New Age on Tuesday.  
He said that the processes of margin loan interest waiver and IPO quota allotment were specified in the guideline.
Finance minister Abul Maal Abdul Muhith on March 4 announced that 50 per cent of the past year’s margin loan interest will be waived and a 20-per cent quota in IPOs will be allotted for the affected small-scale investors.
The announcement was followed up two days later by an order from the finance ministry to the merchant banks and the brokerage firms.
The order said those who invested less than Tk 10 lakh and had a beneficiary owners’ account in between January 2009 and November 2011 would be ‘eligible’ for the interest waiver.
Market insiders said the merchant banks and the brokerage houses were taking advantage of the government announcement as the government, in its order, did not make such waiver mandatory.
No merchant bank or brokerage house, except state-run Investment Corporation of Bangladesh, waived interests on margin loans given to its clients after two months from the government’s order on the matter.
Of the total interests, Tk 70.35 crore margin loan interests were incurred at 31 merchant banks while Tk 59.85 crore at 27 brokerage firms, the compensation committee data showed.
So far, only the ICB board in late March decided to waive interest of Tk 7.24 crore for its 7,584 investors.  
After a free-fall in share prices in 2011, prime minister Sheikh Hasina in November last year asked the SEC to work out a package to minimise the losses incurred by investors in the crash.
The commission, in line with the prime minister’s order, announced first a stock market stimulus package containing short-, mid-, and long-term measures and then formed a six-member committee to recommend a compensation scheme.
The committee, headed by ICB managing director Mohammad Fayekuzzaman, put forward a proposal on compensation in late January this year. The proposal was the basis of the finance minister’s March 4 announcement.
The SEC at the meeting on Tuesday also approved the amendments to the corporate governance guideline, making it mandatory for the listed companies. Earlier, the guideline was voluntary in nature.
Under the amended guideline, of the total board members, one-fourth
must be the independent directors. 

SEC approves corporate governance guideline - Companies to appoint one-fourth independent directors in board

FE Report - 30 May,2012 Wednesday
The securities regulator Tuesday took a number of decisions, including approval of the revised guideline on corporate governance with a provision of appointing one-fourth independent directors in the board of the listed companies, officials said.

The regulator has also approved suggestions of the government committee, formed earlier to help the investors, affected during the stock market debacle in 2010-2011.

The approvals came at a commission meeting, chaired by the Securities and Exchange Commission (SEC) Chairman Professor M Khairul Hossain.

The SEC earlier sought public opinion on the draft of corporate governance guideline by incorporating some conditions, including increased roles of the directors and the audit committee, for ensuring more transparency in activities of the listed companies.

The companies will have to comply with the revised guideline on corporate governance by submitting a quarterly compliance report to the stock exchanges and the securities regulator within fifteen days from the closing date of the quarter.

The companies will have to obtain certificate, either from a professional chartered accountant or a cost and management accountant or a chartered secretary, regarding compliance with the conditions, to be imposed following the guideline.

In the initial draft of the guideline, the regulator said one-third of the total number of board of directors of a listed company will be independent directors, instead of the existing provision of appointing at least one-tenth of the total directors as independent.

However, after taking public opinion the regulator finally approved the guideline on corporate governance with a provision of appointing one-fourth independent directors.

The SEC's meeting also approved Argon Denims' proposal to offload 30 million ordinary shares at an offer price of Tk 44, including a premium of Tk 34 for each share with face value of Tk 10. The company's earning per share (EPS) was Tk 5.46 as on December 31, 2011.

The SEC has also given its consent to Banglalion Communications to issue ten per cent convertible zero-coupon bonds worth Tk 1.30 billion. The company will issue the bonds to institutional investors outside the existing shareholders. In the meeting the commission approved the list of affected investors, prepared by the government committee along with its other suggestions.

The government committee, led by ICB Managing Director Md. Fayekuzzaman, submitted the list to the SEC on April 30, with suggestions of giving 50 per cent waiver on the interest of their margin loans and providing special quota to them in the upcoming IPOs.

As per the list, 933,280 small investors, with investment of own fund up to Tk 1.0 million from January 1, 2009 to November 30, 2011, were affected during the stock market debacle.

The SEC Tuesday also slapped a fine of Tk 0.1 million each on Apollo Ispat Complex, ICB Capital Management, its issue manager, and Zoha-Zaman-Kabir-Rashid and Company, its audit firm, for supplying fabricated financial information for getting regulatory approval to go public.

The company's valuer - Moshi-Muhith-Haque and Company - was also fined Tk 0.2 million.

প্রাতিষ্ঠানিক বিনিয়োগকারীরা ভূমিকা রাখছেন না: রকিবুর

এসএমএ কালাম, স্টাফ করেসপন্ডেন্ট - বাংলানিউজটোয়েন্টিফোর.কম

ঢাকা: বাজার ভাল করতে হলে প্রাতিষ্ঠানিক বিনিয়োগকারীদের এগিয়ে আসতে হবে। কিন্তু বর্তমান বাজারে প্রাতিষ্ঠানিক বিনিয়োগকারীর কোন ভূমিকা নেই।

এ মন্তব্য ঢাকা স্টক এক্সচেঞ্জের (ডিএসই) প্রেসিডেন্ট রকিবুর রহমানের।

সোমবার দুপুরে ডিএসই’র নিজ কক্ষে বাংলানিউজের সঙ্গে আলাপকালে তিনি এ কথা বলেন।

রকিবুর রহমান বলেন, ‘বাজার স্থিতিশীলতায় প্রাতিষ্ঠানিক বিনিয়োগকারীরা তাদের ভূমিকা রাখছেন না। বাজারে তারা যদি না থাকেন সেক্ষেত্রে বাজার আবার অস্থিতিশীল হয়ে উঠতে পারে।’

‘প্রাতিষ্ঠানিক বিনিয়োগকারী বাজারের প্রাণ’ মন্তব্য করে তিনি বলেন, ‘বাজারে তাদের অংশগ্রহণ নিশ্চিত করতে হবে।’

রকিবুর রহমান বলেন, ‘সাধারণ বিনিয়োগকারী যতই শেয়ার লেনদেন করুক না কেন এতে করে বাজার স্থিতিশীল হবে না।’

এসইসি’র বর্তমান ভুমিকা নিয়ে জানতে চাওয়া হলে তিনি বলেন, ‘এসইসি থেকে রিটের বিষয়টি পরিস্কার হওয়া উচিত ছিল।’

রকিবুর রহমান পরিচালকদের শেয়ার ক্রয়ের বিষয়ে বলেন,  ‘কোন প্রতিষ্ঠানের পরিচালক যদি মনে করেন তার পরিচালক পদটি ধরে রাখতে হবে- সেক্ষেত্রে তিনি শেয়ার ক্রয়ের ক্ষেত্রে এসইসির কাছে আবেদন করতে পারেন।’

তবে এসইসি উপর সময় বাড়ানো না বাড়ানোর বিষয়টি নির্ভর করছে বলেও জানান তিনি।

ব্যাংক, মার্চেন্ট ব্যাংক এবং আর্থিক প্রতিষ্ঠানের পুঁজিবাজারে ১০ শতাংশ বিনিয়োগের করা কথা বলা হলেও তাদের বিনিয়োগ বর্তমানে ২ শতাংশের নিচে বলে জানান রকিবুর রহমান।

তিনি বলেন, ‘আমরা আশা করবো আর্থিক প্রতিষ্ঠানগুলো বাজারের স্বার্থে তাদের কোটা পূরণ করবে।’

অমনিবাস অ্যাকাউন্টের মাধ্যমে লেনদেন না করার আহবান জানিয়ে তিনি বলেন, ‘অমনিবাস অ্যাকাউন্ট নিয়ে সৃষ্ট সমস্যার সমাধানে আইসিবি’র ব্যবস্থাপনা পরিচালক ফায়েকুজ্জামানকে প্রধান করে একটি কমিটি গঠন করা হয়েছে। আগামী ২ অক্টোবরের মধ্যে অমনিবাস বন্ধের সিদ্ধান্ত নেওয়া হয়েছে।’

‘অমনিবাস বন্ধ হলে বাজারে স্বচ্ছতা বাড়বে’ বলেও মন্তব্য করেন তিনি। এ সময় সব বিনিয়োগকারীকে র্সট টাইম নয় লং টাইম বিনিয়োগের জন্য অনুরোধ জানান ডিএসই প্রেসিডেন্ট।

বাংলাদেশ সময়: ২১২১ ঘণ্টা, মে ২৮,২০১২
এসএমএকে/ সম্পাদনা: জাকারিয়া মন্ডল, অ্যাসিসট্যান্ট আউটপুট এডিটর

SEC yet to frame margin loan policies

Daily Sun – 29 May 2012,Tuesday

Securities and Exchange Commission (SEC) has not yet succeeded in framing margin loan policies, although it has taken some important decisions after the 2010 share market disaster.

Sixteen months had been passed since the Finance Minister issued a directive to frame margin loan policies, but the stock market monitoring organisation SEC is yet to make the rules.

Earlier on January 23, the decision to draw up a long term margin loan policy was taken at a meeting presided over by Finance Minister Abul Maal Abdul Muhith.

As per the directive, SEC sat with two stock exchanges and Bangladesh Merchant Bankers Association (BMBA) representatives on February 1, 2011. The meeting sought proposals from BMBA and the stock exchanges.

The proposals were scheduled to be submitted on February 10 of the same year, but later both the parties sought extension of time from the SEC.

A proposal in this regard was submitted to SEC by BMBA during the middle of last year.

SEC found lack of transparency in the proposal and told BMBA to submit the proposal after revision. But BMBA has not submitted it again although a long time has passed since then.

BMBA formed a sub-committee on September last in this regard, but no time limit was given to the committee. On the other hand SEC sources said if the concerned organisations fail to submit any draft policy, SEC would independently form the policies.

Earlier, former DSE President Shakil Rizvi informed that stock exchanges would not submit any draft proposal.

He said, “Margin loan related activities are not the concern of the stock exchanges. So policy making for the loan is not the work of the stock exchanges. It is the work of those who provide loans to buy shares.”

It has been learnt that SEC will not interfere in the loan distribution system of the brokerage houses and merchant banks once the policies are finalised.

These organisations will distribute loans to their clients abiding by the policies. Interest rate of the loan will be fixed by brokerage houses and merchant banks.

Earlier, SEC changed margin loan ratio several times to prevent the 2010 share market disaster.

In 2010, SEC changed loan policies ten times in total.