BSEC Blocks PFI Securities’ Registration Renewal

Bangladesh Bank (BB) has raised the foreign currency endorsement limit at money exchange houses for travelers to $2,000, doubling the previous cap of $1,000. The new policy, announced on November 19, 2024, aims to ease currency access for Bangladeshis traveling abroad. A senior BB official stated that travelers could now purchase up to $2,000 in cash from money changers, increasing convenience.

The Bangladesh Securities and Exchange Commission (BSEC) has frozen 117 beneficiary owner (BO) accounts allegedly linked to Beximco Ltd’s owners following a request from the Bangladesh Financial Intelligence Unit (BFIU). On November 14, the BSEC instructed the Chittagong Stock Exchange to gather KYC forms and portfolio statements of these accounts within three days.

The Bangladesh Securities and Exchange Commission (BSEC) has proposed a new tax incentive plan to encourage companies to offer more shares through Initial Public Offerings (IPOs). Under the plan, firms that offload at least 30% of their shares would receive a five-year full corporate tax exemption.

The equity market in Bangladesh has seen a surge in foreign investment since the political transition in August 2024. Foreign portfolio transactions on the Dhaka Stock Exchange rose to Tk 13.91 billion in July-September 2024, doubling the figure from the same period last year. Net portfolio investment by foreign investors also soared to $49 million in July-August FY25, compared to $3 million in the previous year.

The Bangladesh Securities and Exchange Commission (BSEC) has suspended the renewal of PFI Securities’ stock dealer and stockbroker registration due to a Tk28.18 crore deficit in its Consolidated Customer Account (CCA). Despite warnings, the brokerage failed to resolve the long-standing issue, confirmed BSEC spokesperson Mohammad Rezaul Karim.