Dhaka Stock Exchange Limited (DSE) has initiated a compensation program for approximately 8,500 investors affected by losses incurred in four brokerage houses listed on the stock exchange. The payment was made as per the directives of the regulatory body Bangladesh Securities and Exchange Commission.
The losses were associated with Crest Securities, Basco Securities, Tamha Securities, and Shah Mohammed Sagir & Co. Limited. The compensation program, directed by the regulatory authority Bangladesh Securities and Exchange Commission (BSEC), began with the transfer of two checks through the hands of two investors under the guidance of DSE’s Chief Regulator Khairul Bashar Abu Taher Mohammad on Monday, November 11. The DSE will pay Tk 25 crore to the affected investors through the BEFTN system in phases.
As part of the compensation process, the affected investors will collectively receive Tk 25 Crore through the Investors’ Protection Fund (IPF) managed by DSE. This payout aims to address the losses reported by investors in the aftermath of the incidents that transpired in October.
BSEC Commissioner Md Abdul Halim, DSE Chairman Professor Dr. Hafiz Muhammad Hasan Babu, DSE Managing Director Dr ATM Tariquzzaman, Chief Regulatory Officer Khairul Bashar Abu Taher Mohammed, Chief Financial Officer Satvik Ahmed Shah and other senior officials were present at the event.
Dr. ATM Tariquzzaman, the Managing Director of DSE, expressed his satisfaction in facilitating the distribution of funds to the investors and hoped that all outstanding dues would be settled progressively. He emphasized the DSE’s commitment to preventing future investor losses and promoting a vigilant market environment.
Moreover, Commissioner Abdul Halim of BSEC highlighted the significance of active law enforcement to prevent financial misconduct, ensuring that individuals cannot abscond with investors’ funds. He commended the efforts of the regulatory authorities in closely monitoring and enforcing the laws to safeguard investor interests.
The DSE Managing Director also thanked BSEC Chairman Professor Shibli-Rubayat-Ul-Islam for his support in this regard.
At the cheque handover event, BSEC Commissioner Abdul Halim said, “It is a pleasure to be able to give a small amount to the affected investors. However, we need to be more active in enforcing the law. So that no one can embezzle any investor’s money. If investors can be protected, confidence in the stock market will increase. After embezzling money in these four organizations, no one could embezzle again. We didn’t have to make a new law to stop it. Monitoring has been strengthened by proper enforcement of the law. So that no one can embezzle money in the future.
In Conclusion, DSE Chairman Professor Dr. Hafiz Mohammad Hasan Babu said, a journey has started in DSE. Investors need security, but to a small extent, we have proved that we think about the investors, we are investor-friendly, we want to move with them
