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Plan on to force borrowers to tap capital market

STAR REPORT
The government plans to compel borrowers seeking long-term investment to collect part of the funds from the capital market.
The finance ministry yesterday asked the Bangladesh Bank and the Securities and Exchange Commission (SEC) to recommend how a borrower could tap the capital market. Finance Minister M Saifur Rahman disclosed this at a meeting with the representatives of different financial institutions and the SEC while discussing ways of improving the capital market.
Some high officials present at the meeting told The Daily Star that if a non-listed company sought bank loans, it could obtain a part of the funds from the capital market by issuing debentures.
"On one hand, it would take the pressure off banks for long-term funds and on the other, increase securities in the share market," said an official of the Investment Corporation of Bangladesh (ICB).
Bangladesh Bank Governor Dr Fakhruddin Ahmed, Finance Secretary Zakir Ahmed Khan, National Board of Revenue Chairman Dr Shoeb Ahmed, SEC
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Chairman Moniruddin Ahmed, Sonali Bank Managing Director (MD) Rabiul Hossain, Janata Bank MD Murshid Kuli Khan, ICB MD Ziaul Haq Khandker participated, among others, in the discussion.
After the meeting, Saifur told journalists that steps should be taken to rejuvenate the share market.
The finance minister said the SEC should be restructured, the audit institutions strengthened and the Company Act amended to spur the market.
He said the SEC should be scrutinised to ascertain whether it was capable of protecting the rights of the shareholders.
Referring to the Poverty Reduction Strategy Programme (PRSP), Saifur said improvements in all sectors are necessary to
implement the programme.
"If we failed to implement it properly, the loan installments will stop," he said.
The SEC presented a report on the state of share market. The report noted that barring a few exceptions, the capital market was behaving normally. But the market did not pick up as expected because of several reasons including the negative international situation.
The SEC took a critical view of the companies not giving dividends and not holding annual general meetings.
Share prices of cement companies and banks, two most lucrative sectors, did not live up to the billing. This was because of over-capacity in cement production and the banks increasing capital by issuing right and bonus shares, which reduced the net worth of their shares.