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Seminar stresses luring NRBs for portfolio investment

Staff Correspondent, etg
Speakers at a seminar here yesterday stressed a proper managerial policy to facilitate investors to reap benefit from the capital market.
They said the stock market could be the cheapest and most reliable source of financing for the entrepreneurs in Bangladesh, if transparency is ensured.
Chittagong Stock Exchange organised the seminar “Capital Market: The Best Source of Equity Raising for Entrepreneurs” at Hotel Agrabad in the port city.
Chaired by Nasiruddin Ahmed Chowdhury, the CSE president, the seminar was also addressed by State Minister for Foreign Affairs Dr Hasan Mahmud, SEC members Prof Md Yasin Ali and Monsur Alam and Prof MA Baki Khalily of the Finance Department at
Dhaka University.
Arif Khan, deputy managing director of IDLC Finance Ltd, presented the keynote paper.
Pointing to the fact that over six million nonresident Bangladeshis (NRBs) are now living in Middle East, Europe, America and other countries, the state minister said the stock markets here could be a great source of investment of their remittance that mostly drained out in unproductive sectors like purchasing plots and flats.
“Urgent steps are needed to attract the NRBs to invest their money in establishing industries or other enterprises in Bangladesh through the capital market,” Hasan Mahmud said.
Arif Khan in his keynote paper outlined some opportunities and benefits of the capital market, which include 10 percent tax rebate
for the listed companies if minimum 20 percent dividend is paid.
Terming the introduction of book building 'a major leap forward', the IDLC boss said it ensured the real price discovery method for primary’ market equity issuance.
“This particular measure (book building) would encourage large and profitable enterprises, especially the multinational companies (MNCs) to enter the market and reduce the price gap between primary and secondary markets,” Khan added.
The CSE president suggested incorporating over 2,500 non-listed PLCs (public limited companies) and large MNCs like Unilever in bourses to help the stock market contribute 30-35percent to the country's gross domestic product (GDP).