Dhaka, Nov 24 —Following the Securities and Exchanges Commission (SEC) statement on Tuesday, Bangladesh Bank is set to issue order relaxing rules for banks' stocks exposure.
The central bank's executive director S K Shur told bdnews24.com of the move on Thursday.
This comes less than 24 hours of SEC chairman's announcement on Wednesday afternoon that the central bank would redefine "exposure" when the commercial banks will invest through subsidiaries such as merchant banking as part of stock market incentives package.
A similar circular from the National Board of Revenue is due with incentives for foreign institutions and non-resident Bangladeshis. The revenue board plans to withdraw the 10 percent capital gains tax on investment in capital market by FIs and NRBs to lure funds from abroad.
Chief of the market regulator M Khairul Hossain had also said the central bank will extend the deadline by one year for commercial banks to adjust their single-party exposure relating to share market to Dec 31, 2013.
bdnews24.com
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