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No trade of A category paper shares from Jan

Star Business Report
Paper share will not be allowed for trading under 'A' category from January next, meaning companies having paper shares will have to transform those into electronic ones within this year.
Any lapses in doing so will consequently relegate die shares to 'B' category, according to the stock market regulator's decision at a meeting yesterday.
> Securities and Exchange Commission Chairman Ziaul Haque Khondker chaired the meeting.
"Paper shares create problem in settling those in an electronically trading system," Anwarul Kabir Bhuiyan, SEC's executive director, told reporters after the commission's meeting.
Currently, Of the 177 companies traded under 'A' category, 29 are yet to make paper shares electronic.
The 'A' category companies contribute 84.63 percent of the total market capitalisation. The most popular shares belong to the 'A' category com panies, who regularly hold their annual general meetings and declare minimum 10 percent dividends.
Of the 282 listed companies on the Dhaka Stock Exchange, 179 have so far dematerialised their paper shares, while 121 companies are yet to do so and most of them are being traded under B' and 'Z' category.
As of yesterday, the electronic shares contribute 97.3 percent of the total market capitalisation.
Electronic trading system in Bangladesh started in January 2004 with the introduction of Central Depository System (CDS), the alternative to trading of paper-based stocks.
Under this system, all paper shares have been transformed into electronic ones and transactions are also carried
out electronically.
Central Depository Bangladesh Ltd (CDBL), the service provider company, operates the CDS and it has been gaining popularity among the investors since its inception, as the electronic trading settlement system eliminates the risk of fake or soiled shares.
At yesterday's meeting, the SEC also decided to forfeit 10 percent money from the illegal IPO (initial public offering) applications, which were submitted when some companies such as Bay Leasing and Investment Company, Rupali Life Insurance and Asia Insurance offered primary shares.
It means if anybody submits an unlawful IPO application withTk5,000, the SEC will penaliseTk 500.
Regarding Bay Leasing, the SEC forfeited Tk 21 lakh, while in the case of Rupali Life and Asia Insurance the figures are Tk 14.50 and Tk 7 lakh respectively.