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Capital Market Stabilization Fund
Capital Market Stabilization Fund (Bengali: ক্যাপিটাল মার্কেট স্ট্যাবিলাইজেশন ফান্ড) is a special fund of the Bangladesh government under the Bangladesh Securities and Exchange Commission to stabilize the security exchanges.[1][2] HistoryCapital Market Stabilization Fund was established in 2021 by the Bangladesh Securities and Exchange Commission.[3][4][5] Md Nojibur Rahman, former principal secretary to Prime Minister Sheikh Hasina was appointed chairman of the Capital Market Stabilization Fund.[6][7] Shyamal Dutta is a member of the board of governors of the Capital Market Stabilization Fund.[8] It started with a 15.45 billion Bangladeshi taka fund.[6] The Daily Star questioned the fund spending millions on meetings and handling of the fund.[6] The fund had held 300 meetings in three years.[9] The fund is the custodian of undistributed/unclaimed dividends as directed by the Bangladesh Securities and Exchange Commission.[3][10] This was opposed by Bangladesh Bank as it argued the policy was against the Bank Company Act.[11] The dispute between the two regulators saw the drop in the benchmark index of the Dhaka Stock Exchange.[11] The fund provided 500 million BDT to Golden Jubilee Mutual Fund while 500 more was provided by ICB Asset Management Company and Investment Corporation of Bangladesh.[12] It provides capital to increase the supply of liquidity in the market.[13] After the fall of the Sheikh Hasina led Awami League government, the Salehuddin Ahmed, in charge of the Ministry of Finance of the new interim government, ordered the creation of a committee to review the Capital Market Stabilization Fund.[9][14] References
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