 | JS body for margin loan halt
10 November, 2010
The parliamentary standing committee on finance voiced Tuesday its concern over "overheated" stock market and asked the securities regulator to take steps to stop margin loan facility.
Investors are entitled to 1:1 margin loan facility but under the new margin maintenance formula they do not get more than 50 per cent of their equity.
The committee also asked the Securities and Exchange Commission (SEC) to initiate an investigation to identify the manipulators, who allegedly twist prices at the cost of small investors.
The government is going to amend Value Added Tax Act, 1991 and it will be introduced by next fiscal and the NBR is also working on Income Tax Act, said committee chairman AHM Mostafa Kamal Tuesday.
Mr Kamal said a "vested group" is active in the market and it is trying to reduce stock prices of listed state-owned enterprises, when the government has decided to offload their shares.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=117227&date=2010-11-10
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