The Bangladesh Bank has issued a letter to all banks asking for the information of unclaimed dividends deposited to the capital market stabilisation fund, said some commercial banks officials.
The letter asked the banks to submit information on the amount deposited in the capital market stabilisation fund till 30 November last year. The information has to be sent through a form provided with the letter within 18 January.
Last year, the Bangladesh Securities and Exchange Commission (BSEC) formed the capital market stabilisation fund and asked all listed companies to deposit unclaimed dividends in cash or share, which amounts to Tk21,000 crore to date.
BSEC officials said the unclaimed dividends belong to the shareholders. As there is no claimant for this money and shares, it has been with the company for a long time. Since it is of no use, the commission will use it for the development of the stock market.
If a claimant is found, his or her dividend can be refunded. So the commission thinks the unclaimed dividends are safe with it.
BSEC claimed that about Tk500 crore has been deposited in this fund so far.
Last year, the Bangladesh Bank disagreed with depositing the unclaimed dividends of listed banks and non-banking financial institutions. Later in November that year, the commission and the central bank had a meeting in this regard. But the meeting ended without any decision.