bangladesh-bank

Bangladesh Merchant Bankers Association (BMBA) asking for a Motivation Package for itself  so that they can implement the motivation package for small investor announced by government earlier.BMBA asked for a loan of 900 crore tk at 10% interest rate from Bangladesh Bank.They added, without this loan it’ll be hard for them to Remission the interest of small investors, according to the Motivation Package announced earlier by the government.

BMBA arranged a press briefing yesterday after a meeting of BMBA held at Purbani Hotel.At the meeting, members have agreed to apply for a loan of 900 crore tk at 10% interest rate from Bangladesh Bank.Md. A Hafiz, president of BMBA said, Merchant Banks have sanctioned margin loan of total 5500 crore tk to various account holders.In order to implement the motivation package declared by the government, Merchant Banks have to Compensate around 41992 investors.For this, they will have to Remission interest of around 65 crore and 11 lac tk which is not a small amount.It will be easier for them to Compensate those small investors if, Bangladesh Bank approve their loan.

At the meeting, the members of BMBA also demanded 30% quota for under writers in Initial Public Offering (IPO).They also requested SEC to keep the premium option with the listing of new company.BMBA president also said, they are ready to close omnibus account if SEC wants.They have described some possible alternate options that can replace omnibus account.Without any proof, labeling omnibus account as a tool of manipulation, does not make any sense, they added.