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BSEC-BAPLC-CMSF Tripartite Dialogue

26 May 2022

“Strengthening the Capital Market through Partnership

CMSF arranged a Tripartite Dialogue among the BSEC, BAPLC, and CMSF”

Capital Market Stabilization Fund (CMSF) arranged a Tripartite Dialogue titled “BSEC-BAPLC-CMSF Tripartite Dialogue” with the theme ‘Strengthening the Capital Market through Partnership’ at Bangabandhu International Conference Center (BICC). Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities & Exchange Commission (BSEC) was the Chief Guest as well as Mr. Anis Ud Dowla, President, BAPLC, and Dr. Shaikh Shamsuddin Ahmed, Commissioner, BSEC were also present as Special Guests. Mr. Md. Nojibur Rahman, Ex-Principal Secretary & Chairman, CMSF was the Chair of the program, and Mr. Shyamal Dutta, Editor, Bhorer Kagoj, and BOG Member, CMSF was the Convener of the Organizing Committee of the event.

Bangladesh Securities and Exchange Commission (BSEC) gave directives to the Issuer Companies to transfer undistributed Cash and Stock dividends, non-refunded public subscription money, and un-allotted rights shares to CMSF before May 31, 2022. As the deadline is approaching, CMSF deems it necessary to conduct a dialogue among the main stakeholders of the Capital Market.

The objective of the Tripartite Dialogue is to explore the future areas of cooperation in enhancing the resources of the Capital Market Stabilization Fund (CMSF) in particular by fully implementing the guidance of the BSEC as regards the transfer of un-distributed, un-claimed Cash and Stocks dividends as well as strengthening the Capital Market through a sustainable partnership in general.

Total 60.8 percent of Issuer Companies have transferred their undistributed Cash dividends to the CMSF whereas only 34.98 percent of the Issuer Companies have transferred Stock dividends to the CMSF, Mr. Md. Monowar Hossain, FCA, FCMA, the Chief of Operation (COO) mentioned in his key-note presentation.

Mr. Arif Khan, CFA, FCMA, Former Commissioner, BSEC, and Managing Director, Shanta Asset Management Ltd, Moderator of the Panel Discussion said bringing everyone into the same room and allowing such an open and frank exchange of ideas is a fantastic initiative. I am optimistic that Issuer companies will play a key role in formalizing this collaboration between Issuer companies, CMSF, and the BSEC.

Four Issuer Companies shared their experiences in regards to transferring the fund to CMSF in the panel Discussion where Mr. Selim R. F. Hussain, CEO, BRAC Bank & President, Association of Bankers Bangladesh Ltd was present as the Principal Discussant. Mr. Md. Eunusur Rahman, Chairman, DSE, Mr. Asif Ibrahim, Chairman, CSE, Mr. Kazi Sanaul Hoq, Chairman, Rupali Bank Ltd., and Mr. Riad Mahmud, Managing Director, National Polymer Group were the Panelists.

In the Special Guest remarks, Dr. Shaikh Shamsuddin Ahmed, Commissioner, BSEC said we all need to assist CMSF to get its momentum for the betterment of the Capital Market. I believe CMSF’s role will be highly positive in the Market.

Mr. M. Anis Ud Dowla, President, BAPLC was present at the event as a Special Guest and he encouraged the Issuer Companies to transfer the dues and meet the deadline. The BSEC has been kind enough to grant several extensions.

In Chief Guest remarks, Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC said I can proudly say that Capital Market Stabilization Fund (CMSF) was formed for protecting investors’ interests and it is successfully doing so. I advise the listed companies to complete all formalities in transferring investors’ undistributed, unclaimed Cash and Stock dividends to CMSF before the May 31, 2022 deadline.

Finally, the Chairman, CMSF, and the Chair of the Program Mr. Md. Nojibur Rahman concluded the Dialogue by saying, today we have consolidated CMSFs’ partnership with the entire Capital Market ecosystem as well as identified a large number of areas where cooperation and coordination are needed for making the capital market more investment-friendly. We can improve the capital market by working together with all the relevant stakeholders.

The dialogue has been organized to bring major stakeholders of the Capital Market into one platform. The BSEC is the guardian of the Capital Market. The BAPLC is the apex body for the Issuer Companies and the CMSF is the custodian of the fund. In order to make the Capital Market more viable and stable, the all-around support of these above-mentioned stakeholders is needed.

Event: BSEC-BAPLC- CMSF Tripartite Dialogue (Followed by Dinner)

Time & Date: May 26, 2022. 07:00 PM

Venue: Celebrity Hall, Bangabandhu International Conference Center (BICC), Dhaka

Rationale/Strategic Objective:

1. Exchanging views and learning from the experiences of the Issuer Companies

2. Ironing out the difficulties faced by the Issuer Companies

3. Charting out the future course of actions for the Concerned Stakeholders

4. Developing a roadmap for future cooperation

Chief Guest: Professor Shibli Rubayat-Ul-Islam, Chairman, BSEC

Chair of the program: Mr. Md. Nojibur Rahman, Ex-Principal Secretary & Chairman, CMSF

Special Guests:

· Dr. Shaikh Shamsuddin Ahmed, Commissioner, BSEC