First Chief of Operation of CMSF

Mr. Md. Monowar Hossain FCA has joined as the first Chief of Operation (COO) of Capital Market Stabilisation Fund (CMSF), said a statement.

Mr. Md. Nojibur Rahman, Chairman of CMSF, former Principal Secretary to Prime Minister and also former Chairman of NBR has welcomed him.

"Mr. Monowar brings with him a lot of relevant experiences which will facilitate our ongoing activities in particular and the fulfillment of CMSF mandates in general", he said. Earlier the securities regulator, Bangladesh Securities and Exchange Commission (BSEC), has approved his appointment.

The CMSF was established by the BSEC (Capital Market Stabilisation Fund) Rules, 2021 (CMSF Rule 2021) by BSEC in exercise of the powers conferred by section 33(1) of the Securities and Exchange Ordinance, 1969. CMSF acts as a custodian of undistributed cash and stock dividend, non-refunded public subscription money and un-allotted rights shares from the issuer of listed securities.

Cash and stocks in the fund will be returned back on due claim by the shareholders or investors at any time in the indefinite perpetuity. The CMSF will be utilised to stabilize the capital market ensuring liquidity to the market by buying and selling of listed securities, making investment in other securities, providing loan to market intermediaries, lending and borrowing of listed securities and settlement of investors' claim.

Mr. Monowar, a well-known personality and Professional Accountant, is the Chief Financial Officer (CFO) of State-Owned Agrani Bank Limited. He served Head of ICC, GM (Risk Management), GM (Training Institute), GM (Khulna Circle), Head of treasury Challan Cell, etc. in Agrani Bank.

In his 25 years professional career he also served the 'Consultant (Officer of the Chief Accountant)' of Bangladesh Securities and Exchange Commission, General Manager (ICC) in Rupali Bank, Head of CGFRC of Dhaka Stock Exchange, in Brummer & Partners, SGS (Bangladesh) Ltd. etc. and other national and multinational organisations.