Stock market
Some endemic problems have been bedeviling the investors especially those who are new and small. These relate to Mutual Funds that were embroiled in a court case for over a year in 2008-09 resulting in non-payment of dividends since 2007. Even after the High Court has given a clear-cut ruling about the issuance of Stock Dividends and Right Shares, some of the lucrative companies are facing problems in payment of declared stock dividends for 2008 and 2009. In fact the oldest of these AIMS 1st Mutual Fund has virtually disappeared from the trading board for well over a month after the SEC vetoed their dividend and right declaration. What is going on here is also not known as both AIMS & SEC are silent? Meanwhile thousands of Mutual Fund investors are suffering.
Non-resident Bangladeshis are facing serious problems in getting refunds. Most applicants prefer to send their applications to the head offices of the companies by post/courier because going to Motijheel to submit it and get a receipt is akin to going to a foreign country. The postal/couriered applicants never get the receipt after encashment of their foreign draft as the rules of SEC specify on reverse of the application forms. Yet the refund carrying couriers are made to demand this and refuse to hand over the refund warrants. Then the applicant has to make a long and tedious journey to the head office (usually in Motijheel area) to get the refund. This writer had personal experience recently from no less than 7 companies who were holding on to the refund warrants. Why can't the amounts be refunded to the banks mentioned in the application forms as is now being done increasingly for other applications.
The courier services being chosen by issuing organizations are mostly third-rate. Most of them are congregated in a dingy room in the seedy part of Fakirapool. They sit on the refund warrants for weeks then return it to the companies with false notes such as “Not Found”, “Receipt Not Available”, “Premises Locked” etc. I can testify to this personally. Apart from a few, I have had to go to the offices to get my Refund Warrants. Why not use the services of the banks and dispense with the services of the couriers altogether?
Will the SEC not consider a quota for Senior Citizens in future IPOs say 5% of the shares for those 65 and above? This way we can augment our income honestly and also keep active mentally and physically.
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