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Daily Business News All Daily Business News
13 Mar 2013
BSEC body for new products to attract foreign investment

A committee of the Bangladesh Securities and Exchange Commission has proposed that the capital market should introduce diversified market products according to the need of the foreign investors including vibrant bond market, introduction of SME market, Islamic market and derivative market.

The BSEC committee suggested enlisting of more bonds, asset backed securities and opening ended mutual fund. The committee report was placed at a meeting of the commission, headed by its chairman M Khairul Hossain, on Tuesday The meeting decided to discuss with the stakeholders the suggestions made by the BSEC committee which was formed to facilitate foreign investment in the capital market.

The BSEC committee recommended listing of export-oriented companies and multinational companies which have more international exposure, allowing and encouraging the asset management companies to maintain foreign fund and foreign pension funds and keeping extra quota in IPO’s for foreign investors. The committee pointed out that the merchant banking services of the country is not well-known to the international investors. It also suggested preparing a data base on the listed companies and highlight the investment facilities for foreign investors on the web sites of the related organisations.

Earlier on December 27 last year, the BSEC formed a two-member committee to suggest the ways to increase the foreign investment in the capital market. The committee was asked to submit report within January 30. But, later on the commission extended 15 days time to submit the report after the committee asked for more time. The commission at the meeting also decided to fine Saif Powertec Ltd, a company which applied to offload shares through initial public offering, and its auditor for providing misleading financial statement.

The commission fined Saif Powertec Tk 2 lakh and SF Ahmed and Company, the auditor of Saif Powertec, Tk 3 lakh as it did not calculate the earning per shares properly in the financial statement. The BSEC also issued a warning letter to ICB Capital Management Ltd, the issue manager of Saif Powertec, as it failed to fulfil its duty. It  approved a non-convertible zero coupon bond worth Tk 150 crore of IDLC Finance. The face value of the bond was set at Tk 10 lakh and the discounted value of the bond was set at Tk 8,13,156. The three-year tenure bond will be non-convertible with 12.50 per cent yield to maturity.

On Tuesday, the BSEC also fined Mercantile Bank Securities Tk 1 lakh for violating securities related laws.

Source :: New Age