Stocks fall marginally on profit taking sell-offs

Stocks fall marginally on profit taking sell-offs:

Dhaka stocks fell marginally on Wednesday amid volatility as investors went on profit taking sell-offs

banking on the uptrend prevailing in the market. DGEN, the benchmark general index of the Dhaka Stock

Exchange, lost 0.36 per cent, or 19.04 points, to close the day at 5,220.65 points. On Tuesday the index

gained 84.56 points. The bourse’s turnover rose significantly to Tk 526.15 crore on Wednesday form that

of Tk 423.14 crore in the previous day.

SEC discusses today new index launching with bourses

SEC discusses today new index launching with bourses:
The Securities and Exchange Commission today holds a discussion with capital market operators on
launching new, free-float indices by both Dhaka and Chittagong bourses. Members and high officials of
the commission, presidents of the two bourses, and a representative of the Central Depository of
Bangladesh Ltd, among others, are scheduled to took part in the session presided over by SEC chairman
M Khairul Hossain.

Facility to whiten black money to be withdrawn soon

Facility to whiten black money to be withdrawn soon:
Prime Minister Sheikh Hasina has approved an NBR proposal to scrap the existing money whitening
facility for investment in stock market, a high official in the Prime Minister's Office (PMO) said. The
prime minister endorsed the proposal of the National Board of Revenue (NBR) last week. Following the
Prime Minister's approval, the revenue board submitted the draft Statutory Regulatory Order (SRO) to the
law ministry on Wednesday last for vetting, sources confirmed. The SRO that will scrap the 'unethical'
provision is expected to be issued by the NBR within a couple of days, a high official said."The existing
provision to whiten black money for investing in the share market after paying 10 per cent tax would no
longer exist after the issuance of the SRO," a PMO top official told the FE."The government cannot
afford losing its image internationally," he added.The drastic measure has been taken following pressure
from Financial Action Task Force (FATF) and the Asia Pacific Group (APG) on money laundering, the
global watchdog organizations assigned to combat money laundering and terror financing

SEC revises merchant banker, portfolio manager rules:

SEC revises merchant banker, portfolio manager rules:
The securities regulator has revised the Merchant Banker and Portfolio Manager Rules 1996,
incorporating some provisions concerning, among others, appointment, termination and suspension of
chief executives of the merchant banks. The move comes after surfacing of some allegations about chief
executives of some merchant banks playing 'controversial' roles during the recent stock market debacle.
The Securities and Exchange Commission (SEC) issued a gazette notification on December 20 on the
revised merchant banker and portfolio manager rules.
The revised rules have imposed restrictions on the direct or indirect connections of managing directors
(MDs) or chief executive officers (CEOs) of the merchant banks with any securities-related business.
At the same time, their involvement with any stock exchange, its members or issuer companies will also
not be allowed under the new rules.
The tenure of the chief executives will be a three-year period and this tenure can be extended only after
approval by the securities regulator. But no CEO will be allowed to continue his job, if his age reaches 65.
The revised rules have empowered the board of directors of the merchant banks to terminate or suspend
the chief executives, if they fail to discharge their responsibilities or they are found guilty of any
misconduct or for reasons of moral turpitude or degradation.
However, two-third members of the board of directors of a merchant bank will have to approve such a
decision and the accused CEO must be provided a reasonable period of time to put forward his written
and verbal opinions in response to the allegation(s).

Hike in all govt fees on the cards

 Hike in all govt fees on the cards:
The Ministry of Finance (MoF) has undertaken all-out efforts to increase the income of the government
from non-tax revenue and non-NBR tax revenue sources to help reduce its borrowing from the banking
system. The MoF last week asked all government ministries and divisions to send their tax enhancement
proposals to the Finance Division of the ministry by December 31, a top Finance Ministry official said on
Tuesday. Finance Minister AMA Muhith has favoured the hike in all taxes (non-tax revenue and non-
NBR tax revenue) other than taxes coming from under the head of National Board of Revenue (NBR).