Loading...

ICB receives Tk 250 million from CMSF

| Updated: May 20, 2022 09:49:31


ICB receives Tk 250 million from CMSF

Capital Market Stabilisation Fund (CMSF) has provided another amount of Tk 250 million to Investment Corporation of Bangladesh (ICB) to support the ailing stock market.

The CMSF on Tuesday disbursed the fund in third phase into the account of the CMSF, said an official.

As a result, the state-run ICB has so far received a total of Tk 1.75 billion from the CMSF to enhance liquidity support for the stock market.

The CMSF earlier disbursed an aggregate amount of Tk 1.5 billion in two phases to support the market.

The Bangladesh Securities and Exchange Commission on June 27, 2021 issued rules for the CMSF to help revitalise the market along with settling investors' claims on undistributed/unsettled dividends.

The CMSF comprises undistributed or unsettled dividends, cash, stock and rights.

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.

Issuer companies have been asked to transfer investors' undistributed dividends into the account of the CMSF in the form of cash or share within extended deadline set on May 31, 2022.

Meanwhile, Audit and Accounts Management Committee of the CMSF on Thursday expressed dissatisfaction over poor response of transferring investors' undistributed dividends into the account of the stabilisation fund.

The committee said they will accelerate monitoring if issuer companies fail to transfer investors' dividends into the account of the CMSF within the stipulated deadline.

The CMSF has so far received applications from investors to settle unresolved claims worth Tk 2.29 million and claims worth above Tk 2.13 million have already been settled.

[email protected]

Share if you like