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Stock advisory service rule approved

Staff Correspondent

The Securities and Exchange Commission on Tuesday approved in principle drafts of two rules introducing advisory and research services for share businesses.
A commission meeting, headed by its chairman M Khairul Hossain also decided to seek public opinion on the Securities and Exchange Commission (Advisory Service) Rule 2012 and Research Analysis Rule 2012 for the investors.
The commission will soon make the draft public for taking opinion, said commission officials.
According to the draft, any authorised firm will be able to give in writing advisory service to share market stakeholders including investors if they ask for advice in writing.
In draft guideline the SEC decided that from now on merchant banks, along with stockbrokers and dealers, will be able to provide investment advice to the clients.
The merchant banks, however, can not give any advice about its parent bank, even if such advice is sought by any client. ‘Such issues were addressed in a provision in the rule to avoid conflict of interest,’ a senior official of SEC told New Age on Wednesday.
He said that conflict of interest was the major issue addressed in the rules.
The SEC guideline also included eligibility of the advisers and the researchers.
It said that the advisory service should be research-based and the service provider must have a research wing which will be formed according to the Research Analysis rule.  
‘The listed companies may open research firms which can promote its shares. So, we have a separate rule for that,’ he said.
The SEC in the same meeting approved rights share offer of Trust Bank at a ratio of one rights share against five existing shares. The offer price is Tk 20 including a premium of Tk 10.
The company will raise Tk 100.6 crore from the rights offer.




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