The Securities and Exchange Commission yesterday gave its nod to an amendment to the merchant banker and portfolio manager rules.

The stockmarket regulator at a regular weekly meeting approved the modification in the rules after scrutinising public opinion on the amendment, the SEC said in a statement signed by its Executive Director Saifur Rahman.

The SEC will soon publish a gazette notification on the modified version of the rules.

Earlier on February 20, the regulator approved the draft amendment to the rules, allowing them to raise their paid-up capital.

The paid-up capital of a full-fledged merchant bank will be Tk 25 crore, instead of the existing Tk 10 crore, according to the amendment.

The paid-up capital of a merchant bank with only one underwriting licence will be Tk 2.50 crore, instead of Tk 1 crore now, while the capital of a merchant bank with only one issue management licence will be Tk 12.50 crore instead of Tk 5 crore, as per the amendment.

The merchant banks will have to fulfil the paid-up capital requirements within a year of publishing the gazette on the amendment.

Presently, there are 43 full-fledged merchant banks in Bangladesh, while one holds the issue management, underwriting and portfolio management licence, and two others have the issue management licences.

Yesterday's meeting, presided over by SEC Chairman Prof M Khairul Hossain, also warned Union Capital Ltd, an issue manager, as it submitted draft IPO (initial public offering) prospectus of Padma Islami Life Ltd without mentioning some important information. However, the SEC later approved Padma Islami's IPO prospectus with the missing information.

The regulator at the meeting also extended the time for submitting the draft IPO prospectus of Padma Islami Life 1st Mutual Fund by six months.

The Daily Star/Bangladesh/ 4th April 2012

Prime Bank Limited has approved 20 percent stock dividend and 10 percent cash dividend for its shareholders for the year 2011.

The approval came at the 17th annual general meeting (AGM) of the Bank held at a city hotel in the city recently, said a press release.

Md. Shirajul Islam Mollah, chairman of the board of directors of the Bank presided over the AGM.

Chairman of the Bank Md. Shirajul Islam Mollah said the Bank has earned successes based on their continuous support and confidence shown toward the Bank.

The Daily Sun/Bangladesh/ 2nd April 2012

The 26th AGM of Rupali Bank Limited (RBL) was held at Institution of Engineers, Bangladesh in the city Saturday. RBL Chairman Dr. Ahmed Al Kabir presided over the meeting. Managing Director M. Farid Uddin attended, among others. The AGM approved 20 per cent stock dividend for the shareholders.

Financial Express/Bangladesh/ 1st April 2012

The 29th annual general meeting (AGM) of Pubali Bank has been postponed because of an injunction by the High Court.

The Bank said its board decided to postpone the AGM after the court issued the order on March 21. The AGM was scheduled to be held yesterday.

The HC issued the rule after Safi Ahmed Chowdhury, who wanted to contest the election to the Bank's Board of Directors, filed a petition seeking a stay on the AGM. Pubali violated the mandatory provisions of retirement of directors and to elect them at the AGM, according to the petition.

Senior lawyer Rokanuddin Mahmud appeared on behalf of the petitioner.

It appears that the petitioner has reason for seeking the stay on the meeting, the HC said. "Therefore, this court is inclined to pass an interim order."

After the injunction was issued, the Bank postponed its sixth extraordinary general meeting citing unavoidable circumstances. The EGM was set for yesterday.

"The new date, time and venue for holding the 29th AGM and the sixth EGM will be notified later on," said Pubali Bank in a posting on the Dhaka Stock Exchange website on March 28.

The Daily Star/Bangladesh/ 1st April 2012

Eastern Bank Limited (EBL) has declared 35 percent stock dividend for the shareholders for the year ended on 31 December 2011.

The approval was given at the 20th annual general meeting (AGM) of the Bank held at Gulshan-2 in the city yesterday and the record date for the dividend had been set on 1 March this year, said a press release.

Md Noor Ali, Chairman of the Board of Directors of the Bank, presided over the meeting.

During the meeting, Noor Ali presented the Directors’ Report and financial statements for the year 2011 before the shareholders.

The Daily Sun/Bangladesh/ 29th March 2012