The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the stock market, has directed the ICB to keep the stock market afloat through new investments. At the same time, the BSEC has assured the ICB of its support in securing a deposit of Rs 500 crore from the Dhaka Stock Exchange (DSE).
BSEC Executive Director Md. Saifur Rahman, Executive Director and Spokesperson Mohammad Rezaul Karim and Assistant Director Ms. Delaier Hassan were present at the meeting. ICB was represented by ICB Managing Director Ms. Abul Hassan, Deputy Managing Director Ms. Kamal Hassan Gazi, Chief Executive Officers of ICB Subsidiary Companies and other senior officials including the General Managers.
At the meeting, the following issues were taken up by the ICB to maintain the stability of the capital market in the current situation and the representatives of BSEC were informed: –
The money already received from the Capital Market Stabilization Fund and the money received in the future will be used to support the capital market through investment in the secondary market.
In the next few days, initiatives will be taken to discourage small investors and other stakeholders of ICB and ICB subsidiaries from selling securities.
A letter has been sent by the ICB requesting the Dhaka Stock Exchange Ltd. to provide a term deposit of Tk. 500 crore.
Letters have been sent to ICB by the ICB along with the concerned institutions for renewal of reserved term deposits of various banks and financial institutions, which, if considered by the institutions, will not have to be refunded to ICB by selling shares in the downtrend market for the time being.
Members of the Bangladesh Securities and Exchange Commission (BSEC), the regulatory body for capital markets, who were present at the meeting, expressed satisfaction over the steps taken by the ICB to restore confidence in the capital market.
In this regard, the government has assured the policy makers of all possible cooperation from the side of BSEC including raising the issues