FE Report
Top brokers of the premier bourse have sought special fund and formalisation of the buy-back rules to stabilise the country's capital market, officials said.
They made the plea Monday at a meeting arranged at Dhaka Stock Exchange (DSE) with a view to discuss the present situation of the capital market.
DSE Chairman Justice Siddiqur Rahman Miah chaired the meeting attended by two former DSE presidents--Rakibur Rahman and Ahasanul Islam Titu--and other top 50 brokers.
At the meeting, the brokers expressed concern over the ongoing situation of the capital market.
They also requested the DSE board to pursue the demand of relaxing exposure limit issue with central bank to facilitate investment scope for banks and financial institutions.
"The representatives have sought the formalisation of buy-back rules by the securities regulator so that the companies repurchase shares," said a meeting participant.
The brokers told the meeting that fresh funds will be injected in the stock market in sync with the law if the central bank handles the issue softly.
"Bank's revised exposure to capital market has already been included in the Bank Companies Act. So, the central bank has nothing to do here. But we are demanding to exclude the investments made in non-listed securities from the exposure limit," said a chief executive officer (CEO) of a top brokerage firm.
DSE director Sharif Anwar Hossain said the premier bourse has already sent letter to the central bank for discussing the issue of bank's exposure limit.
"But the central bank is yet to give us time to discuss the matter. At today's meeting the brokers requested us to sit with the central bank," Mr. Anwar said.
At Monday's meeting the brokers have also sought quick implementation of new IT system developed for New Public Issue Application Process.
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