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 Brokers' monthly statements not satisfactory: SEC

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AuthorMessage
rudra



Posts : 63
Join date : 2010-06-05

PostSubject: Brokers' monthly statements not satisfactory: SEC   Thu Jun 24, 2010 12:37 am

FE Report

The Securities and Exchange Commission (SEC) said the monthly statement on financial netting submitted by the brokers is not satisfactory.

The SEC recently informed the Dhaka Stock Exchange (DSE) about the poor response from the brokers to submission of statements on netting over the past four months.

The SEC said it wanted the financial netting figures from the brokers to have a clear idea about daily transaction in the stock market.

It said the brokers started submitting their financial netting figures from January last when only 20 brokerages responded. Fifty-one percent transaction amounting more than Tk.1.17 billion was settled from transit fund. The rest was transacted in cash.

The brokerages have been asked to submit by the first week of every month the statement on netting settled on the previous month. There are 225 brokerage houses active in the market.

In February, 88 brokerages submitted their financial netting statements, where 36 per cent transaction worth more than Tk.1.28 billion was settled with transit fund.

In March, 145 brokerages submitted their financial netting statements, where 22 per cent transaction amounting more than Tk.1.23 billion was settled with transit fund.

But in April, the number of brokers submitting financial netting statements dropped to 33. These brokers provided 51 per cent transaction amounting more than Tk.1.15 billion from transit fund.

An SEC official said the brokers are reluctant to submit their financial netting for fear of losing the facility.

"We do not want to stop the financial netting. We only want to have the accurate netting figures from the brokers to know about the exact transaction settled by cash payment," the official said.

However, the SEC said that it would be able to get the netting figures from all brokers after installing uniform software.
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