BB wants deposit information on Capital Market Stabilisation Fund
The fund was set up to invest dividends that have been lying unclaimed and undistributed for a long time in various companies in the stock market
Mahmud Hossain Opu/Dhaka Tribune
Tribune Report
Publish : 18 Jan 2022, 08:57 PMUpdate : 14 Feb 2022, 04:11 PM
The Bangladesh Bank has issued a letter to listed banks, asking about money deposited into the Capital Market Stabilisation Fund (CMSF) as of November 30 last year.
In the letter, the central bank has also asked the financial institutions to separately provide information on local currency, foreign currency, and the number of shares deposited in the fund.
An official of the Bangladesh Bank said letters were sent to 32 banks listed on the stock exchange last Thursday seeking information on the matter, and the banks have been asked to send the information by Tuesday.
Mohammad Rezaul Karim, spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), had earlier said that the unclaimed dividends belong to the capital market.
“As there is no claimant for this money and shares, it has been with the company for a long time. Since it is of no use, the commission will use it for the development of the stock market,” he had said.
According to the securities regulator, when the process of setting up the fund was started last year, the probable amount of the fund was Tk17,000 crore. At present, it is about Tk 21,000 crore.
BSEC claimed that about Tk500 crore has been deposited in the fund so far.
Last year, the Bangladesh Bank disagreed with depositing the unclaimed dividends of listed banks and non-banking financial institutions.
Later, in November that year, the commission and the central bank had a meeting in this regard, which ended without any decision being taken.
The fund was set up to invest dividends that have been lying unclaimed and undistributed for a long time in various companies in the stock market.
According to the CMSF rules, from now on, if the money of an investor or a customer has been unclaimed for more than three years, it will have to be transferred to this fund.
The funds will be used for the development of the stock market.
Undistributed cash dividend refers to the dividend which was sent to the customer but was not accepted by the customer for any reason. And unclaimed profit means dividends that have been sent to shareholders but have not been presented to the bank for cash.
BB wants deposit information on Capital Market Stabilisation Fund
The fund was set up to invest dividends that have been lying unclaimed and undistributed for a long time in various companies in the stock market
The Bangladesh Bank has issued a letter to listed banks, asking about money deposited into the Capital Market Stabilisation Fund (CMSF) as of November 30 last year.
In the letter, the central bank has also asked the financial institutions to separately provide information on local currency, foreign currency, and the number of shares deposited in the fund.
An official of the Bangladesh Bank said letters were sent to 32 banks listed on the stock exchange last Thursday seeking information on the matter, and the banks have been asked to send the information by Tuesday.
Mohammad Rezaul Karim, spokesperson of the Bangladesh Securities and Exchange Commission (BSEC), had earlier said that the unclaimed dividends belong to the capital market.
“As there is no claimant for this money and shares, it has been with the company for a long time. Since it is of no use, the commission will use it for the development of the stock market,” he had said.
According to the securities regulator, when the process of setting up the fund was started last year, the probable amount of the fund was Tk17,000 crore. At present, it is about Tk 21,000 crore.
BSEC claimed that about Tk500 crore has been deposited in the fund so far.
Last year, the Bangladesh Bank disagreed with depositing the unclaimed dividends of listed banks and non-banking financial institutions.
Later, in November that year, the commission and the central bank had a meeting in this regard, which ended without any decision being taken.
The fund was set up to invest dividends that have been lying unclaimed and undistributed for a long time in various companies in the stock market.
According to the CMSF rules, from now on, if the money of an investor or a customer has been unclaimed for more than three years, it will have to be transferred to this fund.
The funds will be used for the development of the stock market.
Undistributed cash dividend refers to the dividend which was sent to the customer but was not accepted by the customer for any reason. And unclaimed profit means dividends that have been sent to shareholders but have not been presented to the bank for cash.
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