Unsuccessful IPO candidates
I appreciate the letter of Mr. Sikander Ahmed, Niketon, Gulshan-1, Dhaka published on 14 November 2008. Being NRBs we have also applied for IPOs, but we do not find any way to know our IPO status. The IPO result which is published shows some code Nos. displayed by the computers such as Lottery Serial, Bank-Branch Code, Bank Serial No. I could say it is incomplete as it is unable to meet the requirements of the applicants. Obtaining information in any way is troublesome and time consuming even sometimes impossible if the authorities do not make it simple, easy and proper. Allotment is uncertain; refund is unknown as if it were the mercy of the authorities to offer these services. I would like to suggest some points to the authorities concerned:
1. The result of IPO Lottery should include the BO Accounts at least, so that we can understand our position.
2. The refund can be made directly to the bank which is specified in the IPO forms and the respective bank can put a notice in their branch within a period specified and known to all. So that the investors can easily make sure that their refund is made. In case of NRBs a notice of refund warrants should be sent as the investors are unable to see the notice in the bank or they can use the provision of email or fax or mail which is easy and available.
3. The IPO allotment and the refund should take place within a certain period, so that the whole system will work smoothly and thus it will become more transparent.
4. The cash dividend must be transferred directly to the BO Account holders' accounts, not in cheque which is returned in many instances.
5. If the Security Exchange Commission could enforce strong rules or fine them for any unnecessary delay in the refund or disbursement of dividends, it could protect the rights of investors.
We are sure that everything is possible if we come forward with the commitment that we need to develop our country. The company needs to treat the investors as partners, not as clients so that the gap minimizes between them.
Therefore, we should have a clear vision.
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