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Dhaka Tribune

ICB clients: BSEC extends provision deadline by one year

The existing deadline on keeping the provision against unrealized losses ends on December 31 this year

Update : 15 Oct 2020, 09:19 PM

The Bangladesh Securities and Exchange Commission (BSEC) has extended the deadline till December 31 next year for keeping the provision against unrealised losses in margin accounts for clients of the Investment Corporation of Bangladesh (ICB).

The decision came at a meeting of the BSEC on Thursday. The meeting was   presided over by its chairman, Prof Shibli Rubayat-Ul-Islam.

The unrealised losses took place due to revaluation of portfolios of the ICB.

The existing deadline on keeping the provision against unrealised losses ends on December 31 this year.

The market situation has been taken into account while taking the decision of extending the deadline of keeping the provision, BSEC officials said.

This decision will make the ICB stronger and allow the state-owned company to play a positive role in the stock market, according to stakeholders. 

Meanwhile, the BSEC recently announced that it would restructure the ICB. 

Prof Shibli Rubayat-Ul-Islam recently said at a program, "We have appointed a foreign advisory institution to restructure the ICB. We are seeking the advisory report from the foreign institution within November this year."

"The restructuring decision has been taken to strengthen the ICB's ability to support the capital market properly," he added.

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