First chief of operation joins CMSF
Md Monowar Hossain has joined as the first chief of operation (COO) of Capital Market Stabilization Fund (CMSF).
Md Nojibur Rahman, chairman of CMSF has welcomed him at the ofice, read a press release.
"Monowar brings with him a lot of relevant experiences which will facilitate our ongoing activities in particular and the fulfillment of CMSF mandates in general", Nojibur said.
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Earlier the securities regulator, Bangladesh Securities and Exchange Commission (BSEC), has approved his appointment.
The CMSF was established by the BSEC (Capital Market Stabilization Fund) Rules, 2021 (CMSF Rule 2021) by BSEC in exercise of the powers conferred by section 33(1) of the Securities and Exchange Ordinance, 1969.
CMSF acts as a custodian of undistributed cash and stock dividend, non-refunded public subscription money and un-allotted rights shares from the issuer of listed securities.
Cash and stocks in the fund will be returned back on due claim by the shareholders or investors at any time in the indefinite perpetuity.
The CMSF will be utilised to stabilise the capital market ensuring liquidity to the market by buying and selling of listed securities, making investment in other securities, providing loan to market intermediaries, lending and borrowing of listed securities and settlement of investors' claim.
Monowar, a well-known personality and professional accountant, is the chief financial officer (CFO) of state-owned Agrani Bank Limited.
He served head of ICC, GM (Risk Management), GM (Training Institute), GM (Khulna Circle), head of treasury Challan Cell in Agrani Bank.
In his 25 years professional career, he also served the 'Consultant (Officer of the Chief Accountant)' of Bangladesh Securities and Exchange Commission, General Manager (ICC) in Rupali Bank, head of CGFRC of Dhaka Stock Exchange, in Brummer & Partners, SGS (Bangladesh) Ltd and other national and multinational organisations.
He is the co-founder of the Foundation of Chartered Taxation of Bangladesh (FCTB), a non-profit organisation for tax learning and tax research.
