Audit and Accounts Management Committee of Capital Market Stabilisation Fund (CMSF) will accelerate its monitoring if issuer companies fail to transfer investors' undistributed dividends into the account of the CMSF within the stipulated deadline.
The Audit and Accounts Management Committee (AAMC) said this after a meeting held on Thursday to discuss overall situation regarding transfer of investors' undistributed dividend into the account of the CMSF.
After the meeting, the chief of the AAMC Md. Abdur Rouf has expressed dissatisfaction over the amount of undistributed dividends so far transferred into the account of the CMSF, a release said.
"The amount is very insignificant. The AAMC will conduct monitoring in association with the securities regulator to ensure realisation of undistributed dividends if the issuers fail to transfer undistributed dividends within the deadline," said Mr. Rouf, also a former additional secretary at Internal Resources Division (IRD) of the Ministry of Finance.
The other members of the AAMC -AKM Delwer Hosen, Brig. General MA Mohy, Mrs. Shaheda Khanam and Muhammad Tajdikul Islam-expressed the same opinion.
As per the extended deadline, the issuer companies are supposed to transfer investors' undistributed dividends into the account of the CMSF in the form of cash or share within May 31, 2022.
According to the officials, the CMSF has so far received Tk 4.60 billion in cash and shares worth Tk 3.38 billion in current market value.
As part of the regulatory move to stabilise the capital market, the CMSF has so far injected Tk1.5 billion into the market through the Investment Corporation of Bangladesh (ICB).
The CMSF has also formed a closed-end mutual fund namely ICB AMCL CMSF Golden Jubilee Mutual Fund.
The size of this fund is Tk 1.0 billion and the face value of the fund's units is Tk 10 each. As a sponsor of the fund, the CMSF has contributed Tk 500 million.
The CMSF's prime responsibility is to settle investors' claims on undistributed dividends. It has received applications from investors for settlement of unresolved claims amounting to a total of above Tk 2.29 million.
Investors' claims worth above Tk 2.13 million have already been settled, according to the officials of the CMSF.
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