The three-member supervision committee to manage the Tk 900 crore Capital Market Affected Small Investors’ Assistance Fund in its first meeting on Monday brought in two more
members to assist the committee.
‘The supervision committee made the decision after the Bangladesh Securities and Exchange Commission on Monday had approved the formation of the committee,’ said BSEC executive director Saifur Rahman, who leads the committee.
The two new members are BSEC director Mohammad Jahangir Alam and Investment Corporation of Bangladesh deputy general manager Tarek Nizam Uddin Ahmed.
Saifur also said that the committee had asked the
ICB to form the loan approval committee as soon as possible.
The committee also asked the ICB to take immediate steps to invite applications from the affected small investors through the respective merchant banks and brokerage houses by publishing advertisements in the newspapers, he said.
The committee also proposed a deadline of November 30 for the applications from the investors to be submitted, but it will be fixed after the formation of the loan approval committee, he said.
BB deputy general manager Anwarul Islam and ICB general manager Nasir Uddin Ahmed are the other members in the committee.
As per the guideline that was approved by the finance ministry on August 19, the merchant banks and brokerage houses will apply for refinance loans to the supervision committee for the investors’ accounts which have already got 50 per cent interest waiver on margin loans as per the compensation package adopted by the government.
According to the final guideline, the ICB last week got the first instalment of the government fund to implement the compensation package from the affected small-scale investors at 5 per cent interest from the BB and the ICB will distribute the fund among the merchant banks and brokerage houses at 7 per cent interest.
The merchant banks and brokerage houses will be allowed to give loans to the affected small scale investors at up to 9 per cent interest, the guideline said.
-With New Age input
