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Daily Business News All Daily Business News
25 Jul 2013
SEC opens market crash probe
The Securities and Exchange Commission (SEC) says it has started an investigation into the sharp fall in the stock market over the last four days amid protests by small investors.

To boost the markets, it has decided to allow bonus shares on mutual funds.It has also finally approved a new law — ‘Bangladesh Securities and Exchange Commission (Research and Analysis) Rule 2013’ — to pave the way for research and analysis of data in the share market for opening new companies. The decisions were taken in meeting of the commission on Wednesday, the regulator said in a media statement. Retail investors came down to streets to protest against the stock market crash after DSE shed 355 points in the last four working days.

There were allegations that the regulators did not take measures despite the share prices of some companies were increased ‘questionably.’ Individual investors demonstrated in Dhaka and Chittagong on Tuesday against a fresh round of continued fall in share prices. They began agitation after failing to meet the SEC Chairman and threatened to launch a movement for his resignation, accusing him of completely failing to control the market.

The SEC press statement said, “Its surveillance division has already started investigating the causes of crash. So, in Wednesday’s meeting it was decided that any punitive action for violation of the securities laws will be taken only after getting the investigation report.”

The commission has amended Section 66 of the Mutual Fund Regulation Rules in Wednesday’s meeting so that each mutual fund at the end of the year could announce bonus shares along with the profit against all schemes, the statement said. The rule will apply to all mutual funds registered with the commission.

CEO of Asset and Investment Management Services of Bangladesh Limited Yawer Sayeed told bdnews24.com, “This will remove a contradiction from the share market. Now all mutual funds can provide bonus shares. This should have been done before.” He also advised that authorities should be vigilant so that no one could misuse this facility.

The Bangladesh Securities and Exchange Commission (Research and Analysis) Rules would be published as a gazette. Sayeed said, “Capital market analysis was not included in the law before, no one used to take this responsibility either. Now it has become a part of the law.” He believes this would be good for the market in the long run. “This law will allow the formation of independent companies for capital market analysis. This facility was not available before.”

Source :: bdnews24.com