The stock market regulator has approved the first board of governors of the newly-formed Capital Market Stabilisation Fund (CMSF).
On Sunday, the Bangladesh Securities and Exchange Commission (BSEC) issued an order to this effect.
Nojibur Rahman, former principal secretary to the government, will be the first chairman of the CMSF.
Earlier, the regulator disclosed Tk21,000 crore of undistributed and unclaimed dividends by the listed companies, which it now plans to use as the safeguard of the capital market and its general investors.
The fund will be governed by the 10-member board of governors. The chairman will be the head of the team selected for three-year tenure.
The other members of the board are Saifur Rahman, executive director of the BSEC; Dr Tanzila Deepty, associate professor at Dhaka University; Shyamal Dutta, editor of Bhorer Kagoj; Md Tarique Amin Bhuiyan, managing director of the Dhaka Stock Exchange; Asif Ibrahim, chairman of the Chittagong Stock Exchange; AKM Nurul Fazal Bulbul, vice chairman of the CDBL; Professor Dr Mohammod Tareq, Independent Director of CCBL ; Azam J Chowdhury, president of Bangladesh Association of Publicly Listed Companies (BAPLC); and AKM Delwar Hossain.
Listed companies have already initiated moves to transfer unpaid or unclaimed dividends and non-refunded IPO subscription funds to the CMSF.