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JS body recommends uniform share face value

Star Business Report
The parliamentary standing commit-^ee on finance ministry- has recom-C ended that the stock market regularset a uniform face value and market lot of shares, which would end misinterpretation and confusion.
“Securities and Exchange Commission should fix the uniform face value of shares in consultation I with the Dhaka and Chittagong stock exchanges," ANH Mostafa Kamal, the Committee chairman, told journalists $fter a meeting at the Jatiya Sangsad Media Centre yesterday.
j A debate over such uniformity has recently been evoked by the SEC consultative body suggestion that the Regulator set Tk 10 as the face value of all company shares. This committee %lso proposed a one-year period to
convert all share prices of listed companies to the said amount. But the commission later backtracked on such recommendation and hinted at a possible conversion of all Tk 10 shares toTk 100 ones.
This topsy-turvy attitude led to protests on streets by retail investors who term it 'damaging for the capital market.' Besides, a divergence in face value misled the investors.
“On review of all this, the committee suggests a uniform share face value," Kamal said.
A common market lot to avoid complexities is the parliamentary body's another recommendation.
“The meeting also observed that there is no necessity of direct listing system," the committee chief told the media.
He also informed journalists that
the ministry concerned in principle had decided that book-building method would be followed in offloading shares through initial public offering or IPO.
On mutual funds, Kamal, also known as Lotus Kamal, said the committee thought the SEC should allow the floatation of mutual funds as per market demand.
The parliamentary body also recommended that SEC rules on private placement of shares and share distribution should be more transparent. e
The committee sought a rise in the number of dedicated benches to dispose of a huge number of pending cases on capital market.
It said rules should be framed in a way that leave no room for listed companies to avert holding annual general meetings.