Some Tk 5.18 billion has been disbursed so far under the capital market re-financing scheme, initiated by the government to help affected investors of 2010-11 stock market debacle.
The refinancing scheme supervisory committee said as of September 3 last, 30 merchant banks and brokerage firms have received the said amount from the state-run Investment Corporation of Bangladesh (ICB).
As per the scheme guideline, the central bank earlier disbursed Tk 9.0 billion to ICB in three equal installments.
Later, out of the amount, Tk 5.18 billion was received by 30 merchant banks and brokers from ICB for rescheduling their clients' margin accounts.
Before receiving the fund under the capital market refinancing scheme, the merchant bankers and brokerage firms waived 50 per cent of interest charged on margin loans.
Of Tk 5.18 billion, 16 merchant banks received Tk 3.59 billion against the portfolios of 15,458 affected investors, whereas 14 stock brokers received Tk 1.58 billion against the portfolios of 5,462 affected investors.
Among them, ICB Capital Management received Tk 1.58 billion in two phases, IDFC Securities Tk 200 million, Janata Capital and Investment Tk 400 million.
Besides, Fareast Stocks and Bonds received Tk 180 million, Prime Finance Capital Management Tk 160 million, NCC Bank Securities and Financial Services Tk 114.4 million, and Reliance Brokerage Services Tk 117.5 million.
ICB has witnessed recovery of Tk 1.89 billion, paid by 29 merchant banks and brokerage firms, said Mohammad Saifur Rahman, chief of the refinancing scheme supervisory committee and executive director of the Bangladesh Securities Exchange Commission (BSEC).
"The loan disbursement committee has also issued sanctioned letters for loans worth Tk 6.78 billion. We hope more funds will be disbursed after completing required formalities," he also said.
Meanwhile, BSEC has asked ICB to audit refinancing fund worth Tk 9.0 billion.
Mr Rahman said appointment of audit firm was not clearly mentioned in the refinancing scheme guideline.
"The directive regarding audit of the scheme has been issued to ensure transparency in fund management system," Mr Rahman added.
© 2024 - All Rights with The Financial Express
