Business Desk :
Bangladesh Securities and Exchange Commission (BSEC) has decided not to extend the time for depositing undistributed dividends in the ‘Capital Market Stabilisation Fund’.
The listed companies have earlier been directed to deposit the undistributed dividends in the market stabilisation fund by August 30. The BSEC recently wrote to the Bangladesh Association of Publicly Listed Companies (BAPLC) about its latest decision in response to a letter sent by the group on August 11.
According to the BSEC, all the undistributed dividends of various companies and the money and shares lying in the brokerage house-merchant bank have been asked to be transferred to the market stabilisation fund. In this case, if any interest is earned while a cash dividend or money is deposited in the bank, it should also be deposited in the fund.
The BSEC has tasked DSE, CSE, CDBL and ICB to oversee the process of transferring dividends that have not been distributed to the Capital Market Stabilisation Fund.
On July 7, the BAPLC sought three months to transfer the unclaimed dividends to the market stabilisation fund.
The size of the fund is about Tk 20,000 crore. Of this, the amount of cash dividend is about Tk 3,000 crore. And the market value of bonus stock dividends is around Tk 17,000 crore. The fund will be managed by the Investment Corporation of Bangladesh.
