2024-07-27 08:57:14
Bangladesh Securities and Exchange Commission (BSEC) has directed the Dhaka Stock Exchange (DSE) to bring back around Tk 400 crore invested in various sectors of the 57 brokerage houses that are members of the capital market to the main business.
Recently, in an order signed by BSEC Chairman Professor Shibli Rubaiyat-ul-Islam, DSE has been instructed to return this money to the institutions by next October.
According to BSEC data, 57 stock brokers and dealers have invested Tk 399 crore 49 lakh 52 thousand 552 in various sectors outside their core business.
These institutions are said to have invested in various sectors including deposits, purchase of land, lending to other institutions of the same group, investment in unlisted companies, loans for the purchase of cars for directors.
According to the BSEC order, DSE’s compliance report and audited financial statements of stock brokers and dealers showed that these institutions were spending funds for purposes other than their registered core business. Therefore, by October 31, stock brokers and dealers must bring back the money invested in other sectors and use it in their core business. DSEC has been entrusted with monitoring the reinvestment of money. In this regard, DSEC has been asked to send a compliance report to BSEC within seven working days of refund by due date. BSEC said that this directive will be effective immediately.
Stock brokers and dealers investing in sectors other than value trading include AB Ispahani Securities, ACE Capital Management Services, Rashid Investment Services, Daulatunnesa Equities, Rapid Securities, M Securities, Aris Securities, First Capital Securities, Multi Securities and Services, Royal Green Securities, Latif Securities, Uniroyal Securities, Md. Fakhrul Islam Securities, Salta Capital, Daytun Holdings, Island Securities, Ittehad Securities, Surma Securities Holding Company, Noveli Securities, CMSL Securities, Nabiul Karim Securities, ANF Management Company, Dragon Securities, Shelltech Brokerage, Rose Securities, RNI Securities , Mashihur Securities, Qazi Equities, Alhaj Jahanara Securities, Midway Securities, KHB Securities, Cosmopolitan Equities, Fortune Securities (Pvt.), Shakeel Rizvi Stock, EMES Securities, Peace Securities, Trustee Securities, Mona Financial Consultancy & Securities, Subvalley C Securities, Doreen Capital Management, GMF Securities , Globe Securities, Anwar Khan Modern Securities, Stock & Bond, Total Communications, Prilink Securities, Yaodhi Securities, AD Holdings & Securities, Mika Securities, Akiz Capital Management, Dhaka Securities, Prudential Capital, B-Rich, Rahman Equity Management, Burma Securities , Inova Securities and Gibson Securities.