Notification related to refund of IPO application money for unsuccessful applicants

NOTIFICATION
February 9, 2010
No. SEC/CMRRCD/2009-193/19/Admin/...........:Whereas, the Securities and Exchange Commission deems it fit that the consent already accorded by the Commission, or to be accorded by it in future, to the issue of capital in Bangladesh, or to the public offer of securities for sale, should be subject to certain further conditions in the interest of investors and the capital market; Now, therefore, in exercise of the power conferred by section 2CC of the Securities and Exchange Ordinance, 1969 (XVII of 1969), the Securities and Exchange Commission hereby imposes the following further conditions to the consent already accorded by it, or to be accorded by it in future, to the issue of capital in Bangladesh, or to the public offer of securities for sale, namely: - The issuer shall refund application money to the unsuccessful applicant of the public offer by any of the following manner based on the option given by the applicant in the application form;- (a) through banking channel for onward deposit of the refund money into the applicant’s bank account as provided in the respective application form for subscription; or (b) through issuance of refund warrant in the name and address of the applicant as provided in the respective application form for subscription:
Provided that, in case of deposit into the applicant’s bank account, the applicant will bear the applicable service charge, if any, of the applicant’s banker, and the issuer shall simultaneously issue a letter of intimation to the applicant containing, among others, the date and amount remitted with details of the bank through and to which bank such remittance has been effected. This supersedes the Commission’s previous Notification No. SEC/CMRRCD/2008-183/Admin/03-35 dated October 01,2009,and shall have immediate effect.

By order of the Securities and Exchange Commission.
Md. Ziaul Haque Khondker
Chairman.