DSE to hunt down sponsors who sell shares without notice
12:00 AM, May 23, 2019 / LAST MODIFIED: 04:43 PM, May 23, 2019

DSE to hunt down sponsors who sell shares without notice

The Dhaka Stock Exchange (DSE) will track down the sponsors of listed companies who sold off their stakes without any prior notice, in one of the several measures it is taking to regain investor confidence.

The sudden dumping of shares by the sponsors impacted the general investors.

Subsequently, at a meeting yesterday on the DSE premises, stakeholders urged the bourse to trace the offending sponsors.

“We will find out the sponsors’ names and the amount of tax they evaded,” said Minhaz Mannan Emon, director of the DSE.

The sponsors’ names will be sent to the stock market regulator for punitive action, he added. 

Also at yesterday’s meeting, a committee was formed -- comprising three members from the DSE, Chittagong Stock Exchange, DSE Brokers’ Association and Bangladesh Merchant Bankers’ Association -- to work jointly to tackle any problem the market faces.

The government has taken many reforms and offered incentives to revive the market but somehow it refuses to pick up, Emon said.

“It seems there is some gap, which is why we formed the committee.”

This committee will work together on any proposals to the government such that there is no mismatch among the stakeholders, he added.

Rakibur Rahman, director of the DSE, and Shakil Rizvi, president of the DSE Brokers’ Association, also spoke with journalists.

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