Cricketer Shakib’s firm gets CSE brokerage licence
Country's cricket poster boy Shakib Al Hasan's firm Monarch Holdings Limited has got licence from the port city bourse Chittagong Stock Exchange (CSE) for conducting brokerage business.
The Bangladesh Securities and Exchange Commission (BSEC) approved 23 firms including Monarch for issuing brokerage licences of the CSE, technically called the Trading Right Entitlement Certificate (TREC).
The BSEC issued the approval letter to the managing director of CSE on Thursday.
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Earlier, Shakib's firm got TREC licence from the Dhaka Stock Exchange (DSE).
Other companies got the licences are — Bank Asia Securities, MTB Securities, Padma Bank Securities, NRBC Bank Securities, NLI Securities, Beximco Securities, Shah Mohammad Sagir and Co, Hazarat Amanat Shah Securities, Dayton Holdings, Merchant Securities, SBAC Bank Investment, SFIL Securities, Bridge Stock, Columbia Shares and Securities, Biplob Holdings, Rahman Equity, Benemoy Securities, Dynasty Securities, ANC Securities, B & Bss Trade International, Matrix Securities and DP7 Limited.
Earlier, the commission approved 55 new brokerage houses for the DSE, but the licences were handed over to 52 firms.
According to the TREC Rules, the registration fee for each TREC is Tk1 crore. Besides, to get this TREC, applicants have to apply at the exchange with a fee of Tk1 lakh.
Besides, for the TREC license, every firm has to have a paid-up capital of at least Tk5 crore and there is a provision to deposit Tk3 crore in the stock exchange.
In case of joint TREC with foreigners, the paid-up capital is Tk6 crore and in case of foreigners alone, Tk10 crore has been mentioned in the rules. In joint TREC, the deposit with the stock exchange is Tk4 crore, while it is Tk5 crore for the "only foreigner" category. And the annual fee of the TREC is Tk1 lakh.
Currently, of the 250 DSE TREC holders, 236 are active and each of the existing TREC holders is also a member and shareholder of the stock exchange company. Currently CSE has 146 TREC holders.
