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No premium for placement share: SEC

Star Business Report
The Securities and Exchange Commission will not allow companies to issue new shares with premium value through private placement, a way of raising paid-up capital for non-listed firms.
In other words, if the face value of each share is Tk 10, companies will not be allowed to take even a single penny in premium beyond that amount, M Khairul Hossain, chairman of the stockmarket regulator, said yesterday.
"Private placement guidelines have been modified, but further steps are being taken so that companies cannot sell shares at premium prices through private placement," he said.
The issuance of new shares through placement before a public offering has become commonplace for companies.
But, since the market debacle in January last year, private placement has been drawing huge criticism from market analysts, who on many occasions had said placement of shares at higher prices was a major reason behind the share price debacle.
Non-listed companies have to take permission from the SEC to raise paid-up capital by issuing shares to selected private investors.
Hossain said new rules are also being formulated considering the context of the country. He spoke at the inaugural function of a conference of authorised representatives of the Dhaka Stock Exchange at Army Golf Club in Dhaka.
“We have already modified and formulated some securities rules. The demutualisation process of the stock exchanges is going on. We are working for the development and stabilisation of the stockmarket,” he said.
Advising the authorised representatives to play their due role, he said: “You are the main driver of the market. Acceleration of the market depends on you.”
The main duty of an authorised
representative is to execute the buy and sell orders of the investors. An authorised representative also needs regulatory approval to do the trading activities.
Presently, there are around 3,500 authorised representatives in 238 brokerage houses of the premier bourse.
DSE President Rakibur Rahman said authorised representatives act as a link between the investors and the market. “If your clients take a wrong investment decision, you should make them aware,” he said.
“We want to develop our stockmarket as a transparent one and you can play a vital role here,” Rahman added.