Capital Market Stabilization Fund

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Capital Market Stabilization Fund
Formation2021
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitecmsfbd.org

Capital Market Stabilization Fund (Bengali: ক্যাপিটাল মার্কেট স্ট্যাবিলাইজেশন ফান্ড) is a special fund of the Bangladesh government under the Bangladesh Securities and Exchange Commission to stabilize the security exchanges.[1][2]

History

Capital Market Stabilization Fund was established in 2021 by the Bangladesh Securities and Exchange Commission.[3][4][5] Md Nojibur Rahman, former principal secretary to Prime Minister Sheikh Hasina was appointed chairman of the Capital Market Stabilization Fund.[6][7] Shyamal Dutta is a member of the board of governors of the Capital Market Stabilization Fund.[8] It started with a 15.45 billion Bangladeshi taka fund.[6] The Daily Star questioned the fund spending millions on meetings and handling of the fund.[6] The fund had held 300 meetings in three years.[9] The fund is the custodian of undistributed/unclaimed dividends as directed by the Bangladesh Securities and Exchange Commission.[3][10] This was opposed by Bangladesh Bank as it argued the policy was against the Bank Company Act.[11] The dispute between the two regulators saw the drop in the benchmark index of the Dhaka Stock Exchange.[11] The fund provided 500 million BDT to Golden Jubilee Mutual Fund while 500 more was provided by ICB Asset Management Company and Investment Corporation of Bangladesh.[12] It provides capital to increase the supply of liquidity in the market.[13] After the fall of the Sheikh Hasina led Awami League government, the Salehuddin Ahmed, in charge of the Ministry of Finance of the new interim government, ordered the creation of a committee to review the Capital Market Stabilization Fund.[9][14]

References

  1. ↑ "Our Story". cmsfbd.org. Retrieved 2024-10-07.
  2. ↑ "ক্যাপিটাল মার্কেট স্ট্যাবিলাইজেশন ফান্ডের খসড়া বিধিমালা প্রকাশ | অর্থনীতি". Risingbd.com. Retrieved 2024-10-07.
  3. ↑ 3.0 3.1 "About CMSF". cmsfbd.org. Retrieved 2024-10-07.
  4. ↑ "Capital Market Stabilisation Fund". The Financial Express. Retrieved 2024-10-07.
  5. ↑ "Stabilisation Fund: A new financing window for stock market". The Business Standard. 2023-04-03. Retrieved 2024-10-07.
  6. ↑ 6.0 6.1 6.2 Habib, Ahsan (2024-09-24). "To maintain a stock fund, board spent millions on meetings". The Daily Star. Retrieved 2024-10-07.
  7. ↑ "For Dhaka, the balancing act is more difficult". The Daily Star. 2022-12-12. Retrieved 2024-10-07.
  8. ↑ "Board of Governors". cmsfbd.org. Archived from the original on 18 March 2024. Retrieved 2024-08-19.
  9. ↑ 9.0 9.1 "Market Stabilization Fund: 300 meetings in 3 years is all it had". The Business Standard. 2024-09-30. Retrieved 2024-10-07.
  10. ↑ "Listed firms asked again to deposit undistributed dividends". The Daily Star. 2022-03-24. Retrieved 2024-10-07.
  11. ↑ 11.0 11.1 "Stocks take a dive". The Daily Star. 2021-09-15. Retrieved 2024-10-07.
  12. ↑ "Mutual funds to be an alternative to fixed deposit". The Daily Star. 2022-09-22. Retrieved 2024-10-07.
  13. ↑ "Stocks end week on positive note". The Daily Star. 2022-12-16. Retrieved 2024-10-07.
  14. ↑ "Committee formed to manage Capital Market Stabilisation Fund effectively". The Daily Star. 2024-10-01. Retrieved 2024-10-07.
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