A/C: Capital Market Stabilization Fund
Account No. 0010311521301
Bank: Community Bank Bangladesh Limited,
CORPORATE BRANCH [001]
Branch Address: Police Plaza Concord (Level-5,
Tower-2), Plot-2, Road – 144, Dhaka-1212
Routing Number: 310260851
Capital
Market Stabilization Fund (CMSF) was established by the Bangladesh Securities
and Exchange Commission (Capital Market Stabilization Fund) Rules, 2021 (CMSF
Rule 2021) by Bangladesh Securities and Exchange Commission (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
resources from CMSF will be utilized 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.
Maximum 40% of cash balance of the CMSF may be used for direct buying and
selling of listed securities, at least 50% of cash balance of the fund shall be
used for providing loan to market intermediaries for refinancing as margin
loan, and maximum 10% of cash balance of the fund may be used for investment in
other securities i.e. in fixed deposits, government securities, fixed income
securities and mutual funds and so on. These ratio of use of cash balance of
the fund may be varied by the Board of Governors (BOG) with prior approval of
the Commission.
The full version of the
Bangladesh Securities and Exchange Commission (Capital Market Stabilization
Fund) Rules, 2021 is available online:
https://sec.gov.bd/slaws/Notification_05.07.2021.pdf
The
fund is run by a Board of Governors (BOG) constituted of eleven (11) members as
follows:
(i)
The Chairman shall be appointed by the
Commission; moreover three (3) members of the BOG shall be nominated by the
Commission;
(ii)
One (1) member shall be nominated by the Dhaka
Stock Exchange Limited (DSE);
(iii)
One (1) member shall be nominated by the
Chittagong Stock Exchange Limited (CSE);
(iv)
One (1) member shall be nominated by the
Central Depository Bangladesh Limited (CDBL);
(v)
One (1) member shall be nominated by the
Central Counterparty Bangladesh Limited (CCBL);
(vi)
One (1) member shall be nominated by the
Bangladesh Association of Publicly Listed Companies (BAPLC);
(vii)
One (1)
member from the Professionals of Chartered Accountants or Cost and Management
Accountants or Chartered Secretaries or Charted Financial Analysts as selected
by the Commission;
(viii)
The
Chief of Operation (COO) of CMSF shall remain as an ex-officio member.
BSEC
vide its notification number BSEC/CMRRCD/2021-391/20/Admin/121 dated June 01,
2021 has constituted the following Board of Governors which has become
operational since September 02, 2021 holding an introductory meeting with the
BSEC Chairman and Commissioners as well as the first BOG meeting:
A
member of the Board shall hold his/her office for a term of 3 (three) years,
but shall continue to hold the office after the expiry of his/her term until a
successor enters. However, no member of the Board shall be appointed for more
than two terms.
For
smooth operation of the Fund, the BOG shall form some management committees –
a.
Operation
Management Committee (OMC),
b.
Audit
and Accounts Management Committee
(AAMC),
c.
Risk
Management Committee (RMC), among others.
The
OMC shall be responsible and accountable to the Chief of Operation (COO) of the
Fund and the COO shall also be responsible and accountable for all operational
activities (i.e., buying and selling of listed securities, making investment in
securities, providing loan/support to market intermediary and market maker,
lending and borrowing of listed securities and settlement of Investors’ claims,
etc.) to the BOG.
AAMC
and RMC shall be comprised of at least three members including at least one
member but not more than two members from the BOG and other members from the
financial market professionals as mentioned at sub-section (7) of the CMSF Rule
2021. The AAMC and RMC also shall be responsible and accountable to the BOG.
A) The Operational Management Committee (OMC) consists of the following members:
1. Mr. Md. Farhad Ahmed, Managing Director & CEO, CCBL and Chairman, OMC, CMSF.
2. Mr. Mohammed Humayun Kabir FCA, Former President, Institute of Chartered Accountants of Bangladesh (ICAB) and Member, OMC, CMSF.
2. Mr. Md. Abdul Mutaleb, Managing Director & CEO (Acting), CDBL and Member, OMC, CMSF.
B) The Audit and Accounts Management Committee
(AAMC) consists of the following members:
1. Mr. Md Abdur Rouf, Former Additional Secretary, Internal Resources Division (IRD), Ministry of Finance and Chairman, AAMC, CMSF.
2. Dr. Mohammad Tareq, Professor, Accounting & Information System (AIS), DU, Independent Director, CCBL and Member, BOG, CMSF.
2.
Mr. A.K.M. Delwer Hussain FCMA,
Member, ICMAB and Member, BOG & Member, AAMC, CMSF.
3.
Brigadier General M.A Mohy psc,
Eng (LPR), Member, AAMC, CMSF.
4.
Ms. Shaheda Khanam, Former Sr.
Finance Controller, Bangladesh Navy, Member, AAMC, CMSF.
5.
Mr. Muhammad Tajdiqul Islam FCMA, Director, CCBL and Member, AAMC,
CMSF.
C) The Risk Management Committee (RMC)
consists of the following members:
1.
Dr. Syed Md. Aminul Karim, Former
Member (Grade-1), NBR, Internal Resources Division (IRD), Ministry of Finance
and Chairman, RMC, CMSF.
2.
Mr. A.K.M. Nurul Fazal Bulbul,
Vice Chairman, CDBL and Member, BOG & Member, RMC, CMSF.
3.
Dr. Sheikh Tanzila Deepty,
Associate Professor, Department of Finance, DU and Member, BOG & Member,
RMC, CMSF.
4.
Mr. Mahbub Hossain, Former
Additional IGP (SB), Bangladesh Police and Member, RMC, CMSF.
5.
Barrister Shafiqul Kabir Khan,
Advocate, Supreme Court of Bangladesh and Member, RMC, CMSF.
Cash
and stocks in the fund will be returned back to the owners on due claim. If any
shareholder or securities holder claims his/her cash dividend after transfer of
such dividend to the bank account of the CMSF, within 15 (Fifteen) days of
receiving such claim, the Issuer shall, after proper verification of the claim,
recommend with detailed information as mentioned in the proviso of rule 9 (1)
of the CMSF Rule 2021 to the COO to pay off such dividend.
Similarly,
if any Shareholder claims his/her stock dividend after transfer of the dividend
to the BO Account of the CMSF, within 15 (Fifteen) days of receiving such
claim, the Issuer shall, after proper verification of the claim, recommend with
a detailed information as mentioned in the proviso of rule 9 (2) of CMSF Rule
2021 to the COO to transfer the stock dividend from the BO Account of the CMSF.
Provided that the COO shall, after due scrutiny with the recommended
information and approval of the Board or the OMC for settlement of investors'
claims as the case may be, pay off or transfer the cash and/or stock dividend
to the claimant’s bank account through Electronic Fund Transfer (EFT) and/or BO
Account within 15 (fifteen) working days of receiving of such recommendation
with intimation to the concerned issuer.
BO Details: |
|
Account Name: Capital
Market Stabilization Fund
Account No.
0010311521301
Bank: Community Bank
Bangladesh Limited,
CORPORATE BRANCH [001]
Branch Address:
Police Plaza Concord
(Level-5, Tower-2)
Plot-2, Road–144, Dhaka-1212.
Routing Number: 310260851 |
BO Name: Capital
Market Stabilization Fund
BO Account Number:
1201530074571230 |
Contact Person: |
Contact
Address: |
Md. Monowar Hossain FCA, FCMA
Chief of Operation (COO)
Capital Market Stabilization Fund
|
3rd Floor, DCCI Building, 65-66 Motijheel C/A Dhaka-1000
E-mail:
coo@cmsfbd.org
Hotline: 01743059940
Website:
https://cmsfbd.org
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