The Ministry of Finance has formed a committee to devise an effective strategy for managing efficiently the Capital Market Stabilisation Fund (CMSF).
In a notification issued on Monday, the finance ministry formed the six-member panel, which includes representatives from the Bangladesh Securities and Exchange Commission (BSEC), the commerce ministry, and the Registrar of Joint Stock Companies and Firms, reports BSS.
The panel has been asked to submit a report within 10 working days.
In 2021, the BSEC established the CMSF to retain undistributed cash and stock dividends, non-refunded public subscription money, and un-allotted rights shares of listed securities.
The fund is intended to return cash and stock to shareholders or investors based on verified claims at any time.
The fund is also used to ensure liquidity in the stock market to help maintain stability.
The committee will decide the next course of actions for the CMSF to ensure proper usage of its funds. It will also prepare a report, including suggestions regarding the management of the funds, according to the order.
The fund disbursed money out of investors’ unclaimed dividends to market operator Investment Corporation of Bangladesh (ICB) and sponsored a mutual fund.
