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Compensating Small InvestorsGovt to finalise ‘stimulus’ within 10 days: Muhith→ Staff Correspondent
Finance Minister AMA Muhith yesterday said the government would finalise the ‘stimulus package’ within the next 10 days to compensate the affected stock investors who lost money due to the recent market debacle.The minister also said his ministry would examine the recommendations made by the six-member committee formed to propose the stimulus package. Muhith was talking to reporters emerging from a meeting with 10 market stakeholders. “We will finalise the scheme for the small investors after receiving opinions from the merchant banks, brokerage houses, non banking financial institutions and small investors” he added. The minister also hailed the performance of the Securities and Exchange Commission (SEC) saying that the market regulator had already amended several laws relating to the stock market. The six-member committee headed by managing director of Investment Corporation of Bangladesh (ICB) Md Fayekuzzaman placed its recommendations on the stimulus package at the meeting. SEC Chairman Dr M Khairul Hossain, Bangladesh Merchant Banker's Association President Hafiz Uddin Ahmed and Bangladesh Association of Banks (BAB) President Nazrul Islam Mazumder attended the meeting. A summary of the recommendations was revealed to the media recently. As per the summary, the committee recommended waiving 50 percent of the interest rate of the margin loans the investors had taken from the brokers before losing money to the downswings. The waiver in interest rate will cost around Tk 2.31 billion. A total of 1.78 million small investors lost Tk 223.49 billion due to the stock debacle from January 1 of 2009 to November 30 of 2011. The summary estimated that the total interest of the margin loans would be amounted to Tk 26.29 billion. Of the amount, of Tk 21.29 billion is owed by 81 percent of the investors who had investment more than Tk one million and the rest Tk 4.99 billion is owed by 19 per cent of the investors who had invested less than Tk one million. ( This news is viewed 174 times ) Click here to give comments about this article
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