The affected investors whose funds were embezzled by three brokerage firms -- Banco Securities, Crest Securities and Tamha Securities-started to get back their money.
The Dhaka Stock Exchange (DSE) has refunded Tk 47.60 million to 432 affected investors until June 29 who submitted their claims to the prime bourse till May 15, 2022, according to a DSE statement issued on Tuesday.
"The prime bourse has started to disburse the fund to their respective BO accounts on a pro-rata basis through Bangladesh Electronic Funds Transfer Network (BEFTN)," said the DSE.
Three brokerage houses of the DSE - Banco Securities, Crest Securities and Tamha Securities--had embezzled worth Tk 2.52 billion from their clients.
The DSE expects the rest of the money will be refunded through BEFTN as soon as possible, according to the DSE statement.
"The prime bourse expects to repay the all investors claims in phases and continued discussion with the respective brokerage firms," said the DSE.
Earlier in February this year, the DSE requested the clients of the three stock brokers to submit complaints regarding embezzlement of their money or shares or both within May 15, 2022 as per the securities regulator's instruction.
The stock market regulator -Bangladesh Securities and Exchange Commission - has instructed DSE to settle the small investors' claims on priority basis.
Investors have been asked to contact their complaints, arbitration and litigation department of the DSE for any further query about the matter.
Tamha Securities allegedly embezzled around Tk 1.38 billion of investors' money by illegally using added software and providing fake information on their investment status.
On December 9, 2021, the DSE suspended the trading operations of the brokerage firm upon the allegations of clients' fund embezzlement.
© 2023 - All Rights with The Financial Express