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ICB to waive interest for 10,000 investors

Star Business Report
Around 10,000 retail investors will get an interest waiver on their margin loans that they took from the Investment Corporation of Bangladesh (ICB) during fiscal 2010-11 for share purchase.
At a board meeting on Thursday last, the state-run investment corporation decided to waive interest worth around Tk 14 crore for 9,974 retail investors, ICB officials said.
The Tk 14 crore interest is half of the amount that 9,974 retail investors were supposed to pay in a year.
The ICB took the decision in line with a compensation package approved by the government last month.
As per the compensation package, the small investors, who suffered financial losses due to the last year's
stockmarket debacle, will get a waiver of up to 50 percent of the interest on margin loans.
A small investor will bean individual who deposited Tk 10 lakh or less of own money in beneficiary owner's (BO) account and incurred losses.
The retail investors will, however, have to apply to the state-run investment corporation to get the interest exemption facility, the ICB officials said.
As per the compensation package, the retail investors are also given 20 percent quota of all initial public offerings (IPOs) — government and private — to be issued in 2012 and 2013. It means, if an IPO size isTk 100 crore, Tk 20 crore will be allotted for the small investors who incurred capital losses.
The government in October last year announced a stimulus package
for stockmarket investors to restore stability in the market.
On November 27 of 2011, the government formed a sevenmember special committee to identify the small investors who lost money, and how much they lost. Md Fayekuzzaman, managing director of the ICB, was made the convener.
The committee had found that the number of adversely affected small BO accounts is 15.26 lakh, and the amount of total interest on loans in such accounts is Tk499 crore.
However, the total number of adversely affected BO accounts is 17.84 lakh, and the total amount of loss suffered by those accounts is Tk 22,300 crore.
The committee had come up with the data by analysing the losses incurred between January 2009 and November2011.