The commerce ministry has constituted a working group to finalise the draft of the proposed buyback system for the share market.
The working group, to be led by a Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) member, would submit the draft before July 7, commerce secretary Golam Hossain told bdnews24.com after a meeting in this regard on Tuesday.
Buyback is a method where a company will be obliged to buy off their shares from the market if the market value falls below the sum of the initial face value and premium.
The present Company Act introduced in 1994 does not have any provisions for buyback.
Finance minister A M A Muhith had told the press on Mar 7 that an amended Companies Act, after the addition of buyback policy, would be tabled in parliament. However, the act could not be tabled in that session.
The five-member working group also includes representatives from the Securities and Exchange Commission, Bangladesh Bank and the Institute of Cost and Management Accounts of Bangladesh
The working group, to be led by a Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) member, would submit the draft before July 7, commerce secretary Golam Hossain told bdnews24.com after a meeting in this regard on Tuesday.
Buyback is a method where a company will be obliged to buy off their shares from the market if the market value falls below the sum of the initial face value and premium.
The present Company Act introduced in 1994 does not have any provisions for buyback.
Finance minister A M A Muhith had told the press on Mar 7 that an amended Companies Act, after the addition of buyback policy, would be tabled in parliament. However, the act could not be tabled in that session.
The five-member working group also includes representatives from the Securities and Exchange Commission, Bangladesh Bank and the Institute of Cost and Management Accounts of Bangladesh
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