Kamal assures BSEC of budget incentives
ICB's capacity to be raised, he says
FE Report | Wednesday, 24 April 2019
Finance Minister A H M Mustafa Kamal has assured the securities regulator of his sincere consideration to provide incentives for the capital market in the upcoming budget, a release said.
The minister gave the assurance at a meeting, held at the Bangladesh Securities and Exchange Commission (BSEC) office on Monday, which discussed some budget incentives.
"The securities regulator has urged the finance minister to strengthen the financial capacity of the Investment Corporation of Bangladesh (ICB), as it plays a vast supportive role for the market," the BSEC said in a release.
The minister has assured the securities regulator of considering the proposal of enhancing the financial capacity of the state-run ICB, it said.
"The minister has also given his assurance of considering the proposal of simplifying double taxation, charged on investments made in the securities of the listed companies," it added.
On Tuesday, the securities regulator also held a meeting and approved three draft rules.
The draft rules are Bangladesh Securities and Exchange Commission (Investment Sukuk) Rules 2019, Bangladesh Securities and Exchange Commission (Exchange Treaded Derivatives) Rules 2019, and Bangladesh Securities and Exchange Commission (Short Sale) Rules 2019.
The securities regulator will seek public opinions on these draft rules soon.
In the meeting the securities regulator ruled out the proposal for selling a substantial number of shares by a corporate director of the United Power Generation and Distribution Company (UPGDC) to a foreign company.
Earlier, the United Mymensingh Power Limited (UMPL), a corporate director of the UPGDC, completed a share purchase agreement to sell its shares at the GPGDC. The number of shares was not mentioned specifically.
Later, the company informed the securities regulator of the agreement and sought its assistance.
"The BSEC has ruled out the share sale proposal, as the securities rules do not support the way of selling shares," the BSEC added.
mufazzal.fe@gmail.com