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Stock slump worries govt

Regulators asked to stabilise market

Staff Correspondent
Troubled by the volatile stockmarket, the government has instructed the Securities and Exchange Commission to make all out efforts to stabilise the market.
"The top level of the government is worried at the continued slump in the share prices. I had talks with the highest authorities including the finance minister. They want to see a stable and vibrant share market," SEC Chairman ProfM Khairul Hossain told a press briefing yesterday.
The SEC chief sat with Prime Minister Sheikh Hasina and Finance Minister AMA Muhith to discuss the market situation on Tuesday night following a four percent plunge in the market index.
Tuesday's fall triggered a street protest by investors in front of the premier bourse at Motijheel in the capital.
A group of investors under the banner of Bangladesh Capital Market Investors' Unity Council also announced
a set of protest programmes including human chain, rally, sit-in and hunger strike unto death.
The market lost around 600 points in the last one month, and 3,500 points from its peak at 8,918 points recorded on December 5 last year.
The SEC chief has informed the government of the measures it has already taken to improve the market situation.
He also sat with the National Board of Revenue yesterday morning when he requested the NBR authorities to reduce tax at source on brokerage commission by half to 0.05 percent.
The government doubled the ratio to 0.1 percent from this fiscal year.
"The NBR has agreed to reduce the tax at source on brokerage commission.
“We assured them that the investors will benefit
from the tax cut,” Khairul Hossain said.
The market regulator will send letters to the stock exchanges, stockbrokers and Central Depository of Bangladesh Limited.
“If any stockbroker violates the instruction or if any investor does not get the tax reduction benefit, we will take action against the stockbroker," he said.
The SEC also requested the NBR to withdraw the 10 percent tax on mutual funds also imposed from this fiscal year.
At a meeting with asset management companies in the afternoon, the NBR in principle decided to with-draw the tax, said Chowdhury Nafeez Sarafat, chairman of Race Asset Management.
The NBR also decided in principle to withdraw the five percent tax on private placement of mutual fund units.