Clients yet to get payments from Dawn Securities

The Dawn Securities is yet to pay the arrear payments to its many clients amid the inactions of the regulatory decision earlier taken to reduce the sufferings of the clients.
The clients of the Dawn Securities raised such complaints Thursday while submitting an application to the chairman of the Bangladesh Securities and Exchange Commission (BSEC) seeking its further intervention to resolve the clients' payments by the errant brokerage house.
"We have been exploited by the Dawn Securities for last 10 to 12 years. But unfortunately, the company has not made our payments despite the securities regulator instructed the premier bourse in taking necessary measures," Nizam Uddin Mahmud said in his application submitted to the securities regulator.
Mahmud said his dues of around Tk 10 million remains pending for last two years. "Under such a situation, I have again sought the regulatory intervention in getting back my payment."
Like Mahmud many other clients are also facing financial hardship over the non-payments from the Dawn Securities.
The premier bourse authority, however, said they have not issued the shares of the demutualised exchange to the owners of the Dawn Securities following an instruction.
"An instruction was made in the demutualisation scheme for not issuing any shares to the owners of the Dawn Securities until its clients' complaints are resolved. That's why we have preserved the shares in a block account," said a senior DSE official.
He said earlier the DSE submitted the updates on the non-payments by the Dawn Securities to the securities regulator.
Nagina Hasin, the chairman of the Dawn Securities, could not be reached through her cell phone despite repeated efforts for her reaction over the non-payment to the clients.   
Earlier, the DSE suspended the transactions in the Dawn Securities on August 8, 2010 over on the non-payment of money and shares to the clients.
At that time the company's cheques issued to the clients were also dishonored.