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DSE welcomes budget as pro-investment

grap_38161Dhaka Stock Exchange (DSE) authorities welcomed the proposed national budget for the financial year 2014-15 (FY15), terming it an investment-friendly budget that would help revitalise the stock market, reports BSS.

Listing the budget proposals for the stock market, DSE Managing Director Professor Shawpan Kumar Bala in a written statement also greeted Finance Minister AMA Muhith for presenting a budget, which would bring many benefits to the capital market and to the investors as well.

In the budget, Muhith proposed a five-year tax exemption for Dhaka and Chittagong stock exchanges to help the bourses accomplish their ongoing reform process, which would ensure more accountability and transparency in stock trading.

The finance minister also proposed to raise the ceiling of tax-free dividend income for individual investors from Tk 10,000 to Tk 15,000 for encouraging them to invest more in stock market.

Besides these, the DSE chief mentioned about the plan for setting up of a Financial Reporting Council and a Clearing Company.

“The Financial Reporting Company would help ensure institutional good governance while the Clearing Company would ease the process of introducing derivatives market and establish settlement fund to attract foreign investors,” he said.

In addition to that, increasing the ceiling of expenditure under the CSR (corporate social responsibility) programme from Tk 80 million to Tk 120 million and tax cut on business turnover would eventually help strengthen the country’s capital market, the DSE chief said.

DSE, however, will give its detail observation on the budget at a press conference today (Saturday), to be held at 12 noon.

The prime bourse ended week flat on Thursday, the day when the Finance Minister AMA Muhith unveiled the national budget for 2014-15 financial year at the Jatiya Sangsad.

Pre-budget cautious trading kept indices down with the major DSEX finishing at 4396.54, the DS30 at 1622.94 and the Shariah index at 1007.82.

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Source: Financial Express

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