On September 13, the BB told the Bangladesh Securities and Exchange Commission (BSEC) that banks and non-bank financial institutions were allowed to transfer unclaimed or unsettled dividends to the claimants rather than the capital market stabilization fund as per Bank Company Act, 1991.
As per the instruction, the listed companies have distributed around Tk 16,000 crore in unclaimed and unsettled cash and stock dividends to the claimants in the last two months.
There was Tk 21,000 crore in unclaimed and unsettled cash and stock dividends before the settlement, BSEC said. So, there are now unclaimed stock dividends worth around Tk 4,000 crore and cash dividends worth Tk 1,000 crore left to form the capital market stabilization fund.
Moreover, financial institutions were asked to transfer the fund to the CMSF by August 30. But a number of companies failed to settle or transfer the unclaimed dividends within the timeframe due to lack of proper documents of the claimants.
One the other hand, the cold war between the central bank and BSEC was also an issue.
Source: New Age