margin trading in dhaka stock exchange
TRANSCRIPT
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Abstract
Officially margin requirements in bourses in Bangladesh were initiated on April 28, 1999, to
limit the amount of credit available for the purpose of buying stocks. The goal of this assignment
is to discuss in details about margin, margin trading, margin trading history in DSE and the trend
of margin trading, to measure the impact of changing margin requirement on stock returns
volatility in Dhaka Stock Exchange (DSE). The impact of margin requirement on stock price
volatility has been also studied Using daily stock returns; we found mixed evidence that SECS
margin requirements have significant impact on market volatility in DSE. We also included our
study on a particular brokerage farm trading on margin.
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1.0 Introduction
Margin requirement can be defined as the amount that an investor must deposit in order to open
or maintain a position in stocks and derivatives. A margin loan is secured by the client’s
collateral which is a portfolio of securities and typically carries a margin rate (the interest
charged on the loan) that is favorable due to the presence of collateral. Moore (1966) and
Figlewski (1984) explain reasons for implementing margin requirement. The first rationale is to
ensure credit and resources are allocated to productive economic activities that are not including
speculation activities. The second is to check investors from taking awfully high leverages
which may eventually be detrimental to them. The third is to lessen the risk of price movements
which is driven by purchasing stock on credit. To meet these goals, however, it is assumed that
an investor will not seek ways to obtain credit to finance their stock purchases other than
borrowing through margin account. , there has been very little systemic study on the importance
of the stock market in the capital market. In case of Bangladesh, the stock market capital
represents perhaps less than one fourth of one percent of the nation’s physical capital. It should
have no significant effect the performance of the economy one way or another. The big problem
however is the potentially unsafe exposure of the financial sector to the volatile stock market.
There is practically no information on the extent of exposure to stock market risk.
However, after a massive nosedive such as the one that occurred recently in the Bangladeshi
stock market, there is renewed urgency to look at the margin requirement and other available
tools to calm down the highly volatile market and to assure the nervous investors. Considering
these facts this paper looks at the evidence from Bangladesh & by the results may give some we
can find some positive facts that will show us the necessity of margin requirements to stabilize
the market. However, there may be more potent tools to develop an investment climate with
greater stability and more diversified options for investment.
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1.1 Introduction of the report
Each professional degree needs practical knowledge of the respective field of discipline to be
fruitful. Our BBA program also is similar, relating to the exchange of theoretical knowledge into
the real life practical situation. The report entitled “Margin Trading in Dhaka Stock
Exchange”; A study on Margin trading & brokerage farm. The main purpose of the
preparation of the report understands the practical knowledge about Margin trading in DSE.
During the course, we were under the supervision and guidance of Jannatunnesa Mam, Senior
Lecturer, Dept. of Business Administration. East West University.
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1.2 Objectives of the report
Main Objective:
The main objective of this study is to prepare a paper on the specified topic implementing the
knowledge that has been gathered over the semester at the East West University-Bangladesh.
Specific Objective:
The Objectives of this report are:-
To give a clear idea about the Margin & Margin Trading
To give a clear idea about the Margin Trading in DSE
To analyze the relation between stock market volatility and requirement of Margin
To provide details about a brokerage farm trading on margin
To recommend some suggestions what we can actually give to that particular brokerage farm.
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1.3 Methodology
Project Design:
At first we got the report design and structure from our academic supervisor and moved for the
next steps.
Data Collection:
To prepare this report we had to collect data from both primary and secondary sources-
Primary Data:
Discussion with officials of DSE, LankaBangla Securities lmtd.
Discussion with employees and investors
Secondary Data:
Different Journals
Through web searching
1.4 Limitations
The Study was limited by a number of factors. Some Constraints are given below:
Limited Source of Data
Lack of Co-Operation from the official from confidential Point of view.
Shortage of information on margin in DSE
Time was also limited to prepare the report.
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About Margin
What is Margin?
"Margin" is borrowing money from broker to buy a stock and using own investment as collateral.
Investors generally use margin to increase their purchasing power so that they can own more
stock without fully paying for it.
What is Margin Trading?
To trade on margin, one needs a margin account. This is different from a regular cash account, in
which that person can trade using the money in the account. By law, the broker is required to
obtain his/her signature to open a margin account. The margin account may be part of that
person’s standard account opening agreement or may be a completely separate agreement. An
initial investment is required for a margin account which can vary in different brokerage houses.
This deposit is known as the minimum margin. Once the account is opened and operational,
investor can borrow up to 50% of the purchase price of a stock. This portion of the purchase
price that he/she deposit is known as the initial margin. It's essential to know that he/she doesn’t
have to margin all the way up to 50%. Can borrow less; say 10% or 25%. Be aware that some
brokerages require depositing more than 50% of the purchase price.
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How Margin Works
Hypothetically speaking if someone buys a stock for $50 and the price of the stock rises to $75. If he/she bought the stock in a cash account and paid for it in full, that person will earn a 50
percent return on his/her investment. But he/she bought the stock on margin – paying $25 in cash and borrowing $25 from his/her broker – would have earned a 100 percent return on the money invested. Of course, that person still owes the firm $25 plus interest.
The downside to using margin is that if the stock price decreases, substantial losses can mount quickly. For example, let's say the stock been bought for $50 falls to $25. If been fully paid for
the stock, it’ll 50 percent loss of money. But if been bought on margin, lose will be 100 percent, and still must have to come up with the interest owed on the loan.
In volatile markets, investors who put up an initial margin payment for a stock may, from time to
time, be required to provide additional cash if the price of the stock falls. Some investors have been shocked to find out that the brokerage firm has the right to sell their securities that were
bought on margin – without any notification and potentially at a substantial loss to the investor. If your broker sells your stock after the price has plummeted, then you've lost out on the chance to recoup your losses if the market bounces back.
Recognize the Risks
Margin accounts can be very risky and they are not suitable for everyone. Before opening a margin account, one should fully understand that:
He/she can lose more money than have invested;
May have to deposit additional cash or securities in account on short notice to cover market losses;
May be forced to sell some or all of securities when falling stock prices reduce the value of securities; and
Brokerage firm may sell some or all securities without consulting to pay off the loan it made.
One can protect by knowing how a margin account works and what happens if the price of the stock purchased on margin declines. Know that firm charges interest for borrowing money and
how that will affect the total return on investments. Be sure to ask broker whether it makes sense for to trade on margin in light of one’s financial resources, investment objectives, and tolerance for risk.
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Margin Rules:
Margin Rules, 1999 Dated the 28th April 1999
No. SEC/Section-5/98-542/141- In exercise of the powers conferred by Section 33 of the
Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Securities and
Exchange Commission makes the following rules, namely:-
1.Short title. - These rules, may be called Margin Rules, 1999.
2.Definitions. - (1) In these rules, unless the context otherwise requires, -
a) "Average net capital" means the average of net capital of the three months preceding the
previous month.
b) "Exchange" means the recognized stock exchange.
c) "Member" means a member of the exchange who is registered as the stock-dealer/stockbroker
by the Securities and Exchange Commission under the Securities and Exchange Commission
(Stock-dealer, Stock-broker and Authorized Representative) Regulations, 1994.
(2) Words and expressions used herein and not defined, but defined in the Securities and
Exchange Ordinance, 1969 (XVII of 1969), the Securities and Exchange Commission Act, 1993
(XV of 1993), the Rules and Regulations made under the said Ordinance and Act, and the
Companies Act, 1994 (XVIII of 1994) shall have the same meanings respectively assigned to
them in the said Ordinance, Acts, Rules and Regulations.
3. Margin Account.
(1) A member may extend credit facilities to his approved client for securities transactions
subject to the margin account requirements of these rules.
(2) Margin account arrangements must be evidenced in the form of a written agreement
executed between the member and the client.
(3) A client who operates a margin account with a member shall authorize the member to
mortgage, pledge or hypothecate the client's securities or property for a sum not exceeding the
debit balance in the margin account and without obligation to retain in his possession or control
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securities of like character.
(4) The margin deposited by client with the member shall be in the form of cash, securities
issued by the Government or its agencies, marginable securities and such other instruments as
the Commission may from time to time prescribe. The initial margin must be deposited with the
member not later than seven days from the first date of securities transaction and shall be such
amount that would result in the equity being not less than 150% of the debit balance in the
margin account.
(5) Whenever the equity in a client's margin account falls below 150% of the debit balance,
the member shall request the client to provide additional margin to bring the equity to not less
than 150%. Such additional margin must be satisfied by deposit of cash or marginable securities
within three days from date of notice. The member shall not permit any new transactions in the
margin account unless the resulting equity in the account would be not less than 150% of the
debit balance.
(6) A member shall not permit the equity in a client's margin account to fall in any way
below 125% of the debit balance. Once the equity falls below this level, the member shall have
absolute discretion and without notice to the client to liquidate the margin account including the
marginable securities deposited to bring the equity to not less than 150% of the debit balance.
(7) The member shall cause daily review to be made of all margin accounts to ensure that
credit is not overextended beyond the approved facility and that the margin requirements
prescribed above are met at all times. For the purpose of computing margin requirements in a
margin account, the last traded price of the security on the preceding market day shall be used.
All transactions traded on the same day shall be combined on a transaction date basis and the
total cost of purchase or the net proceeds of sale including any commission charged and other
expenses shall be taken into account for computing margin requirements.
(8) The member shall require substantial additional margin as the exchange with the prior
approval of the Commission may from time to time prescribe in an account where the securities
carried are subject to unusually rapid or violent changes in value, or do not have an active
market or have been suspended from trading on the exchange for more than seven days or where
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the quantity carried is such that it cannot be liquidated promptly.
(9) A client may withdraw cash or securities from his account provided that the equity in his
account does not fall below 150% of the debit balance.
(10) The exchange shall have with the prior approval of the Commission the discretion to vary
the margin requirements stipulated in sub-rules (4), (5) and (6) above.
(11) All securities transactions in a margin account shall be on a ready basis. The margin
account shall not be used to subscribe for new issues of securities.
(12) For the purpose of these sub-rules:-
(a) "Debit balance" means the cash amount owed by a client in his margin account
before deducting cash deposited by him as margin;
(b) "Equity" means the sum of margin and current market value of securities bought
or carried in a client's margin account;
(c) "Margin" means the aggregate amount of cash and market value of securities
deposited by a client into his margin account, but shall not include securities which are bought
and carried in the margin account;
(d) "Marginable securities" means securities permitted by the exchange to be bought
and carried in margin accounts.
4. Discretionary Account.
(1) Discretionary account means an account in which the client gives a member discretion which
may be complete or within specific limits as to the purchase and sale of securities including
selection, timing and price to be paid or received.
(2) No member shall exercise any discretionary authority with respect to a discretionary account
unless:-
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(a) The client has given prior written authorization to the member to exercise discretion on
the account;
(b) The member has accepted the discretionary account. Acceptance of a discretionary
account must be evidenced by a document in writing which shall be available for examination
and signed on behalf of a member by authorized person of the member.
The authorization given to the member shall specify the investment objectives of the client with
respect to the particular discretionary account. Each authorization or acceptance may be
terminated by notice in writing by member or the client, as the case may be.
5. Exposure to a single client.
(1) No member shall permit deficit arising from transactions by a single client to exceed 25% of
its average net capital.
(2) In sub-rule (1) above, "deficit" means -
(a) The excess of amount owed by the single client in his cash account over the market value
of all his securities held by the member as collateral;
(b) The amount of margin deficiency in the single client's margin account as determined by
minimum margin requirement permitted under rule 3 (6); and
(c) The amount of unsecured interest charged on amounts owed by the single client.
6. Exposure to a single security.
(1) No member shall permit his exposure to a single
Security to exceed -
(a) 100% of his average net capital if the security is quoted on the exchange;
(b) 100% of his average net capital if the security is unquoted, but such security shall not
include the member's interest in subsidiary and associated companies and any company which
the exchange may approve from time to time.
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(2) In sub-rule (1) above, "exposure to a single security" means -
(a) The book value of the single security carried in the member's own account;
(b) the contract value of the single security underlying clients' cash accounts to the extent
that they have not been paid for; and
(c) The amount of credit extended to clients for the purchase of the single security on
margin.
7. Contravention. -
Contravention of any of the provisions of these rules shall be punishable under the provisions of
the Securities and Exchange Ordinance, 1969 (XVII of 1969), the Securities and Exchange
Commission Act, 1993 (XV of 1993), the Rules and Regulations made thereunder, and the bye-
laws of the stock exchange as well.
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Margin in Bangladesh:
Though in the U.S., and in many other countries, margin requirement is set by the Central Bank,
in Bangladesh, like India, Securities and Exchange Commission (SEC) decides the margin ratio.
In Bangladesh, two types of margin loan exist. One is for investors and another is for members
of the stock exchange.
Margin for investors:
Before April 28, 1999, in Bangladesh, members or brokers were not permitted to provide credit
facilities to their clients. However, unofficially or informally they did provide credit facilities to
their clients which were totally unauthorized. Both the Exchanges and Commission detected it
and observed that it was perturbing the market and also realized that it could lead the market into
more trouble provided that there were no guidelines or rules for margin loan facilities. But it
should be noted here that under SEC (Merchant Bank & Portfolio Managers) Ordinance, 1996,
some merchant banks, Investment Corporation of Bangladesh (ICB) operated some margin loan
activities. But there was no specific ratio for margin loan before October 24, 2007. On October
23, 2007, under a notification, SEC fixed the margin ratio at 1:1 basis for merchant banks and
portfolio managers.
Nonetheless, in exercise of the powers conferred by Section 33 of the Securities and Exchange
Ordinance, 1969 (Ordinance No. XVII of 1969), the Securities and Exchange Commission made
the Margin Rules, 1999 on April 28, 1999. Under these rules, a member can extend facilities to
the clients for the purpose of securities transactions subject to the margin account requirements
of these rules. Margin account must be evidenced in the form of a written agreement executed
between the member and the client.
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According to the Margin Rules, 1999, the margin deposited by client with the member is
required to be in the form of:
♦ Irrevocable and Without Resource to the Drawer Bank or Insurance Guarantee or Guarantee
issued by the non-banking financial institution (NBFI) registered with the Bangladesh Bank
provided such NBFI is lawfully authorized in this behalf;
♦ Government securities;
♦ Fixed Deposit Receipt issued by any scheduled bank;
♦ Sanchay Patra and Defense Saving Certificate issued by the Government of Bangladesh;
♦ Life Insurance Policy at surrender value;
♦ Demand Draft or Payment Order issued by any scheduled bank;
♦ Securities listed with the Exchange (valued at seventy percent of the lowest market price
prevailed in the Exchange in the previous week); and
♦ Cash.
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Date
Effective From Margin Requirement
10 January, 2011
11 January, 2011
33.33%
19 December, 2010
20 December, 2010
40.00%
December, 2010
Immediate Effect
50.00%
21 November, 2010
22 November, 2010
66.67%
8 July, 2010
11 July, 2010
50.00%
15 March, 2010
18 March, 2010
40.00%
3 February, 2010
7 February, 2010
50.00%
1 February, 2010
Immediate Effect
40.00%
3 February, 2008
10 February, 2008
50.00%
25 November, 2007
26 November, 2007
66.67%
19 November, 2007
20 November, 2007
100.00%
23 October, 2007
24 October, 2007
50.00%
18 April, 2005
19 April, 2005
33.33%
21 December, 2004
Immediate effect
100.00%
28 April, 1999
33.33%
Table 1 : His tor ical Margin requirement Changes in Bangladesh
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Member’s margin:
In exercise of the powers conferred by section 34(1) of the Securities and Exchange Ordinance,
1969 (Ordinance No. XVII of 1969), the Dhaka Stock Exchange Limited made the Dhaka Stock
Exchange (Member® Margin) Regulations, 2000, with the approval of the Securities and
Exchange Commission. According to these Regulations, 0MemberS margin0 means the margin
deposited by a member with the clearing house. Every member compulsorily deposited an
amount as security deposit with the Exchange prescribed by the Exchange. Every member shall,
in addition to the security deposit, deposit with the clearing house, free of interest, as member®
margin an amount at the rate specified in sub- regulation (3) on his additional trade exposure
within one hour of his exceeding the free limit failing which his trade shall remain suspended.
As per SEC directive (SCE/CMRRCD/2001-49/231 dated November 26, 2009), the free limit
shall be five taka crore only in respect of the stock exchange membersEl margin deposit with the
stock exchange on each trading day based on the total buy exposure, without linking to the
capital requirements. However, members are changed heavily for additional trade exposures.
However, this paper focuses only on the margin requirements for investors. MembersEl margin
is irrelevant to this study. Table one illustrates historical margin requirement changes in
Bangladesh. Currently, margin requirement is 33.33 percent.
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Margin Trading In DSE
Officially margin requirements in bourses in Bangladesh were initiated on April 28, 1999, to limit the amount of credit
available for the purpose of buying stocks. SEC introduced margin requirements in DSE as SEC’S margin
requirements have significant impact on market volatility in DSE.
Fig: List of Brokerage firms trade on Margin in DSE
SL. No Company Name Address
1 A B S Safdar & Co. Ltd. Room # 626 (5th floor), 9/E, Motijheel C/A, Dhaka-1000.
2 A N F Management Company
Limited Room # 504, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
3 A N W Securities Ltd.
Gulshan Tower (3rd
Floor), Plot # 31, Gulshan
North C/A (Shahid Major Nazmul Hoque Road),
Gulshan - 2 Dhaka -
1212.
4 A. L. Securities Ltd. Suite # 701, 158-160, Modhumita Cinema Building, Motijheel C/A, Dhaka-1000.
5 A. M. Securities and Financial
Services Limited
Monem Business District (Level-14, East side of the South Tower) 111, Bir Uttam C.
R. Dutta Road (Sonargaon Road) Dhaka
6 A. R. Chowdhury Securities Ltd. Room # 303, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000
7 A.B. Ispahani Securities Ltd. Ispahani Building (6th Floor),14-15, Motijiheel C/A, Dhaka-1000.
8 A.K. Khan Securities Ltd. Fazlur Rahman Centre (7th Floor) 72, Dilkusha C/A Dhaka-1000.
9 AB & Co. Ltd. Room # 505, 9/F, Motijheel C/A, Dhaka-1000.
10 AB Securities Limited W W Tower (6th Floor), 68, Motijheel C/A, Dhaka - 1000.
11 Abdul Ahad (Late)
12 Abdul Hye House # 06, Road # 76, Gulshan Model Town , Dhaka-1212. & Room # 436 ,9/E, Motijheel C/A, Dhaka-1000
13 ACE Capital Management Service
Ltd. Room # 611 , Stock Exchange Building , 9/F , Motijheel C/A, Dhaka-1000.
14 AD Holdings Limited 14, Topkhana Road (1st Floor), Segunbagicha, Dhaka-1000.
15 Adil Securities Ltd. Room # 720, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
16 AHC Securities Limited Room # 602, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
17 Ahmed Iqbal Hasan Securities Ltd. Room # 735 & 736, 9/E, Motijheel C/A, Dhaka - 1000.
18 Ahsanur Rahman null
19 AIBL Capital Market Services Ltd. Peoples Insurance Bhaban (6th - 9th floor), 36, Dilkusha C/A, Dhaka - 1000.
20 Akij Securities Ltd. Akij Chember (9th, 10th, 11th Floor), 73 Dilkusha C/A , Dhaka-1000
21 Al Faisal Securities Room No 405, Stock exchange Building, 9/F Motijheel C/A, Dhaka - 1000.
22 Al-Haj Securities & Stocks Ltd. Room # 306, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
23 Al-Haja Jahanara Securities Ltd. Room # 217, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
24 Al-Muntaha Trading Co.Ltd. Room No-525, 9/E Motijheel C/A, Dhaka-1000.
25 Ali Securities Co. Ltd. Room # 608, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
26 Alliance Securities & Management
Limited Rahman Chamber (3rd floor), 12-13 Motijheel C/A, Dhaka - 1000.
27 Aloco Securities Ltd. Room # 520, DSE Annex Building, 9/E, Motijheel C/A, Dhaka - 1000.
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28 Alpha Equities Ltd. Room # 634, 9/E, Motijheel C/A, Dhaka-1000.
29 Anchor Securities Ltd. Room # 712 (6th floor), Stock Exchange Building, 9/F Motijheel C/A, Dhaka - 1000.
30 Anwar Securities Limited Room # 518 & 519 9/E, Motijheel C/A Dhaka - 1000.
31 Apex Investments Limited Apt. # A3 & C3 (3rd Floor), House # 6, Block # SW (H) Gulshan Avenue, Gulshan -
01, Dhaka-1212.
32 ARC Securities Limited Modhumita Bhaban, 2nd floor (South corner) & 3rd floor, 158 - 160, Motijheel C/A,
Dhaka - 1000.
33 Arena Securities Ltd. Modhumita Building (2nd floor), 160, Motijheel C/A, Dhaka-1000.
34 Aries Securities Ltd. Room # 603, Modhumita Building (5th floor), 158 - 160, Motijheel C/A, Dhaka -
1000.
35 ASENZ Securities Ltd. Room # 729, 9/E, Motijheel C/A, Dhaka - 1000.
36 Asia Securities Ltd. Room # 602, S.S Steel Building, 17/C, Panthapath, Dhaka-1207.
37 Asif Ahmad & Co. House No. 02, Road No - 59, Gulshan-2, Dhaka-1212
38 Azam Securities Ltd. Room # 726 (6th floor), 9/E, Motijheel C/A, Dhaka - 1000.
39 B & B Enterprise Limited Room # 718, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
40 Bali Securities Ltd. Room # 637 & 638 (5th floor), 9/E Motijheel C/A, Dhaka - 1000.
41 Banco Securities Limited. Ispahani Building (3rd. Floor), 14-15 Motijheel C/A, Dhaka-1000.
42 Bangladesh Shilpa Bank Shilpa Bank Bhaban (3rd Floor), 8, Rajuk Avenue, Dhaka.
43 Bank Asia Securities Limited Hadi Mansion (7th floor), 2, Dilkusha C/A, Dhaka - 1000.
44 BD Finance Securities Ltd. Plot # 64 (2nd Floor), Motijheel C/A, Dhaka-1000.
45 BD Sunlife Securities Ltd. BTA Tower (1st Floor), 29 Kemal Ataturk Avenue, Road # 17 Banani C/A Dhaka - 1213.
46 BDBL Securities Ltd. BDBL Bhaban, Level -16 (16th floor, east side), 12, Karwan Bazar C/A, Dhaka-1215.
47 Beximco Securities Limited House # 19/B, Road # 01, Dhanmondi R/A, Dhaka-1205
48 BLI Securities Limited. 22 Bir Uttam M. A. Rob Sarak (4th floor), Road # 02 (old 16), Dhanmondi R/A,
Dhaka.
49 Borak Securities Limited 45, Kemal Ataturk Avenue, Banani, Dhaka-1215.
50 BRAC EPL STOCK BROKERAGE LTD. Room # 1002, DSE Annex Building (9th floor), 9/E, Motijheel C/A, Dhaka-1000
51 BRB Securities Limited House #10/B, Road # 06, Dhanmondi, Dhaka-1205
52 Bulbul Securities (Bulbul Securities Limited)
Room # 705, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
53 Buriganga Industries Ltd. Plot # M-15, M-18, Section # 14, Mirpur - 1/E, Dhaka-1206.
54 C- Maart Securities Limited House # 14, Road # 18, Sector # 3, Uttara Model Town,Dhaka-1230
55 City Brokerage Ltd. Jiban Bima Tower Building (1st & 2nd Floor), 10, Dilkusha C/A, Dhaka-1000.
56 CMSL Securities Limited Suite # 702 (7 th Floor), 28, Dilkusha C/A, Dhaka - 1000.
57 Coast To Coast Securities Ltd. Suite # B (5th floor), Bhuiyan Mansion, 6, Motijheel C/A, Dhaka - 1000.
58 Commerce Bank Securities and
Investment Ltd. Taranga Complex, 19 Rajuk Avenue Motijheel C/A Dhaka - 1000.
59 Conmark Limited Modhumita Building, Room No-801, (7th Floor), 158-160, Motijheel C/A, Dhaka-
1000.
60 Cosmopolitan Traders (Pvt.) Limited Summit Centre (6th Floor), 18, Kawran Bazar C/A, Dhaka-1215.
61 Country Stock (Bangladesh) Ltd. Room # 617, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka- 1000.
62 Crest Securities Ltd. 57, Purana Paltan (2nd floor, Western side & northern side) Motijheel, Dhaka-1000.
63 Daulatunnessa Equities Limited House # 8/B (2nd Floor), Road # 1, Gulshan - 1, Dhaka - 1212.
64 Dawn Securities Ltd. Room # 311 & 312, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
65 Dayton Holdings Limited Room # 507, Stock Exchange Building , 9/F, Motijheel C/A, Dhaka-1000.
66 DBL Securities Limited Investment Division, Adamjee Court (1st Floor), 115-120, Motijheel C/A, Dhaka -
1000.
67 Delta Capital Limited Zareen Mansion (3rd Floor ), 55, Motijheel C/A, Dhaka - 1000.
68 Desa Securities Ltd. Room # 502 9/F, Motijheel C/A Dhaka - 1000.
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69 Dhaka Securities Limited Room # 3, 4, 5, 6, 7, 8, 9 & 10, Shahida Mansion (2nd Floor), 77/2, Moulavibazar,
Chawkbazar, Dhaka - 1211.
70 Dhanmondi Securities Ltd. Suite # 903 (8th Floor), Modhumita Building,158-160 Motijheel C/A, Dhaka-1000.
71 DLIC Securities Limited Delta Life Tower (9th Floor), Plot # 37, Road # 45 (South) & 90 (North), Gulshan
North Circle-2, Dhaka-1212.
72 DMR Securities Services Ltd. Room # 214, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
73 Doha Securities Limited Chamber Building (2nd Floor ), 122-124, Motijheel C/A, Dhaka-1000.
74 Dragon Securities Ltd. Bilquis Tower (3rd floor), Plot # 6 (New), 2nd Circle, Gulshan, Dhaka-1212
75 DSFM Securities Ltd. Room No- 731, 9/E, Motijheel C/A, Dhaka-1000.
76 Dynamic Securities Consultants
Limited Room # 604, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
77 Dynamic Steel Complex Ltd. 7/3, Roghunath Das Lane, Dhaka-1100
78 E - Securities Ltd. Paramount Heights (13th floor), 65/2/1, Box Culvert Road, Purana Paltan, Dhaka -
1000.
79 Eastern Capital Ltd. JBC Tower (6th Floor), 10, Dilkusha C/A, Dhaka-1000.
80 EBL Securities Ltd. Plot # 59 (1st Floor), Motijheel C/A. Dhaka-1000.
81 EMES Securities Ltd. Room # 435 (3rd floor), DSE Annex Building 9/E, Motijheel C/A Dhaka - 1000.
82 Eminent Securities Limited Room # 313, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
83 Ershad Securities Ltd. Room # 414, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
84 ETBL Securities & Exchange Ltd. Suvasto Tower (9th floor), 69/1, Panthopath, Dhaka-1205.
85 Ettihad Securities Ltd. Room No - 1003, Modhumita Building (9th floor), 158 - 160, Motijheel C/A, Dhaka - 1000.
86 Expo Traders Ltd. Suite # 802, Modhumita Cinema Building 158-160, Motijheel C/A Dhaka-1000.
87 FAREAST STOCKS & BONDS LTD. Eunoos Centre (Level-8), 52-53, Dilkusha C/A, Dhaka-1000.
88 Fareast Islami Securities Limited. Room # 438 & 439, 9/E, DSE Annex Building, Motijheel C/A, Dhaka-1000.
89 Farida Raquib Securities Ltd. Room # 307, Stock Exchange Building , 9/F, Motijheel C/A, Dhaka-1000.
90 Federal Securities And Investment Limited.
Navana Tower (9th floor), Plot # 45, Flat # D, Gulshan South Avenue, Gulshan - 01, Dhaka - 1212..
91 First Capital Securities Ltd. Room # 422, DSE Annex Building (3rd floor), 9/E, Motijheel C/A, Dhaka - 1000.
92 Fortune Securities (Pvt.) Ltd. Room # 632 (5th floor), 9/E, Motijheel C/A, Dhaka-1000.
93 G M F Securities Limited. Room # 309, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
94 Gateway Equity Resources Limited Room # 215, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
95 Global Securities Ltd. Room # 505, 801 & 803 (4th & 7th floor), Samabaya Bank Bhaban, 9/D, Motijheel C/A, Dhaka - 1000.
96 Globe Securities Limited Room # 302 & 314, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
97 Green Delta Securities Ltd. Hadi Mansion (3rd & 6th Floor), 2, Dilkusha C/A, Dhaka-1000.
98 Greenland Equities Limited Room # 716, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
99 H R Securities & Investments Ltd. H. R. Bhaban (2nd floor),26/1, Kakrail Road, P.S. Motijheel, Dhaka - 1000.
100 Habibur Rahman Securities Ltd. 2-3, Wapda Building, Motijheel C/A, Dhaka - 1000.
101 HAC Securities Ltd. Ground floor & 1st floor,4-5, Motijheel C/A Dhaka - 1000.
102 Haji Ahmad Brothers Securities Ltd. Modhumita Cinema Hall Building (3rd Floor), 158 - 160, Motijheel C/A, Dhaka-1000.
103 Haji Mohammad Ali Securities Ltd. Room # 612 (5th floor), Stock Exchange Building 9/F Motijheel C/A Dhaka - 1000.
104 Harpoon Securities Ltd. Suite # 1007, Modhumita Cinema Building (9th floor), 158 - 160, Motijheel C/A, Dhaka - 1000.
105 Harun Securities Ltd. Room # 606, Stock Exchange Building 9/F, Motijheel C/A Dhaka-1000.
106 Hasan Securities Ltd. 115/7-A, Distillary Road, Gandaria Dhaka-1217.
107 Hazrat Amanat Shah Securities Ltd. Phoenix Bhaban (2nd floor, Southeast Portion), 12, Dilkusha C/A, Dhaka - 1000.
108 Hedayetullah Securities Ltd. Room # 624 (5th floor), 9/E, Motijheel C/A, Dhaka - 1000.
109 Howlader Equity Services Limited Room # 706,Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
110 Ibrahim Securities Ltd. Room # 424 (3rd floor), 9/E, Motijheel C/A, Dhaka-1000.
20
111 ICB Securities Trading Company
Limited Shilpa Bank Bhaban, 8 DIT Avenue (13th floor), Dhaka - 1000.
112 IDLC Securities Limited 13th Floor, 36, Dilkusha C/A Dhaka - 1000.
113 IFIC Securities Ltd. BDBL Bhaban (10th Floor), 8 Rajuk Avenue, Motijheel C/A, Dhaka - 1000.
114 IIDFC Securities Limited Eunoos Trade Centre (6th Floor, Level - 7-East), 52 - 53, Dilkusha C/A, Dhaka - 1000.
115 Imtiyaz Husain Securities Ltd. Apartment # DG (Ground Floor), House # (SWB) 15, Road # 7, Gulshan- 1, Dhaka -
1212.
116 Indicate Securities Consultants
Limited. Room # 523-524, 9/E, Motijheel C/A, Dhaka - 1000.
117 International Leasing Securities Limited
Printers Building (3rd & 5th Floor) 5 Rajuk Avenue, Dhaka-1000.
118 Investment Promotion Services
Limited Amin Court (5th Floor ), 62-63, Motijheel C/A, Dhaka-1000
119 Islami Bank Securities Ltd. Yousuf Chamber, 20 Dilkusha (5th Floor), Dhaka-1000.
120 Island Securities Limited Faruk Chamber (6th Floor), 1403, Sk. Mujib road, Agrabad, Chittagong-4100.
121 Jahan Securities Ltd. Room # 212 & 213 (1st floor), Stock Exchange Building, 9/F, Motijheel C/A, Dhaka -
1000.
122 Jamal Ahmed Securities Ltd. Room # 403, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
123 Jamilur Rahman (Late)
124 JKC Securities Ltd. Room # 1001 (9th Floor), Modhumita Building, 158 - 160, Motijheel C/A, Dhaka - 1000.
125 Joytun Securities Intl. Limited Room # 1033, 9/E, Motijheel C/A, Dhaka - 1000.
126 K-Securities and Consultants Ltd. Room # 604, Modhumita Cinema Building (5th floor), 158 - 160 Motijheel C/A, Dhaka - 1000.
127 K.H.B. Securities Ltd. Room # 701 (6th floor), 9/F, Motijheel C/A, Dhaka - 1000.
128 Kazi Equities Limited Room # 406 & 714, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
129 Kazi Firoz Rashid Securities Ltd. Room # 408 & 409, Stock Exchange Building, 9/F Motijheel C/A, Dhaka-1000.
130 Khurshid Alam Securities Limited Room # 203, 204 & 207 Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
131 Khurshid Securities Ltd. Nasim Chamber (1st floor), 21 Dilkusha C/A, Dhaka - 1000.
132 Khwaja Equity Services Limited Room # 703 & 704, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
133 LankaBangla Securities Ltd. Room # 221 (1st floor) ,9/E, Motijheel C/A, Dhaka - 1000.
134 Latif Securities Ltd. Room # 310, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
135 M & Z Securities Limited Suite # 202 (1st Floor) 9/E, Moitjheel C/A Dhaka-1000.
136 M-Securities Limited Room # 434 (3rd Floor), 9/E, Motijheel C/A, Dhaka-1000.
137 M. Zubair Securities Ltd. Room # 607, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
138 MAH Securities Ltd. Shahnewaz Bhaban (5th floor), 9/C, Motijheel C/A, Dhaka-1000.
139 MAM Securities Ltd. Room # 315 & 308 , Stock Exchange Building , 9/F, Motijheel C/A, Dhaka-1000.
140 Md. Fakhrul Islam Securities Ltd. PBL (Project Builders Limited) Tower (7th & 13th floor), 39 (Old), 17 (New), Gulshan
North C/A, Gulshan-2, Dhaka -1212.
141 Md. Idris (Late) null
142 Md. Sahidullah Securities Ltd. Room # 713 (6th Floor), Stock Exchange Building , 9/F , Motijheel C/A , Dhaka-
1000.
143 Meghna Life Securities and
Investment Ltd. Biman Bhaban (2nd Floor), 100, Motijheel C/A, Dhaka-1000.
144 Mercantile Bank Securities Limited Swadesh Tower (3rd Floor), 41/6 Purana Paltan, Dhaka - 1000.
145 Merchant Securities Limited. Room # 402, Stock Exchange Building, 9/F Motijheel C/A, Dhaka - 1000.
146 Mian Abdur Rashid Securities Ltd. Room # 301 & 305, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
147 Midway Securities Ltd. Room # 508, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
148 Mika Securities Limited F. R. Tower (15th Floor), 32, Kamal Ataturk Avenue, Banani, Dhaka- 1213
149 Mirror Financial Management Ltd. Modhumita Building (5th Floor), Suite # 602, 158 - 160, Motijheel C/A, Dhaka -
21
1000.
150 Modern Equity Limited House # 2/A (3rd floor) Monipuri Para,Tejgaon Dhaka-1215.
151 Modern Securities Ltd. Room # 209 (1st Floor), 9/F, Motijheel C/A, Dhaka-1000.
152 Mohammad Hosain
153 Mohammad Talha & Co. Ltd. Room # 630, 9/E, Motijheel C/A, Dhaka-1000.
154 Mohammadi Stock Market Ltd. 93, Motijheel C/A, 9th Floor, Dhaka - 1000.
155 Mona Financial Consultancy &
Securities Limited Room # 412, 413 & 417 Stock Exchange Building 9/F Motijheel C/A Dhaka - 1000.
156 Mondol Securities Ltd. Siaam Tower, Level # 8, Plot # 15, Sector # 3, Dhaka Mymensing Road, Uttara
Model Town, P.S. - Uttara, Dhaka- 1230.
157 Moshihor Securities Limited
158 MTB Securities Ltd. WW Tower (Level - 04), 68 Motijheel C/A, Dhaka – 1000.
159 Multi Securities & Services Limited. Shareef Mension, (5th floor), 56-57, Motijheel C/A , Dhaka - 1000.
160 Murshed Securities Ltd. Room # 708, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
161 Nabiul Karim Securities Ltd. Room # 216, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
162 NBL Securities Limited Head Office 18 Dilkusha C/A Dhaka - 1000.
163 NCCB Securities & Financial Services
Ltd.
NCC Bank Bhaban (3rd Floor), 13/1 & 13/2, Toyenbee Circular Road, Motijheel C/A,
Dhaka – 1000
164 Nexus Securities Limited Room # 6/A, 4 & 5 (3rd & 8th floor), Akram Tower, 199 Shahid Syed Nazrul Islam
Sarani (15/5, Bijoy Nagar), Dhaka - 1000
165 Nil House # 17, Flat # 202, Road # 37, Gulshan, Dhaka -1212.
166 NLI Securities Limited Baitul Markaz, 79, Motijheel C/A (1st Floor, South Side), Dhaka - 1000.
167 Nouvelle Securities Limited Suit no 719, Dhaka Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
168 Nur-E-Alam Siddique & Company Ltd.
Room # 510, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000
169 One Securities Limited 45, Dilkusha C/A (4th Floor), Dhaka - 1000.
170 Oshadhi Securities Limited Room - 705 (6th floor), Modhumita Building 158 - 160, Motijheel C/A Dhaka - 1000.
171 Parkway Securities Limited Room # 901 (8th floor), 9/E, Motijheel C/A, Dhaka - 1000.
172 Pasha Capital Ltd. South Avenue Tower, Block # B, House # 50 (2nd Floor), Road # 03, 07 Gulshan
Avenue, Gulshan - 01, Dhaka - 1212.
173 Peace Securities Limited Swantex Bhaban (5th Floor), 9/I, Motijheel C/A, Dhaka - 1000.
174 Peoples Equities Ltd. Room # 1402 (14th Floor) 28, Dilkusha C/A Dhaka - 1000.
175 PFI Securities Limited PFI Tower (7th & 8th Floor), 56-57, Dilkusha C/A, Dhaka-1000.
176 Phoenix Securities Limited Moon Mansion (1st floor), 12, Dilkusha C/A, Dhaka-1000.
177 PHP Stocks & Securities Ltd. PHP House 31, Agrabad C/A Chittagong - 4100.
178 Popular Equities Ltd. Room # 902 (8th & 11th Floor), 9/E, Motijheel C/A, Dhaka - 1000
179 Popular Life Insurance Company
Ltd. Suite # 903 (9th Floor), 28, Dilkusha C/A, Dhaka - 1000.
180 Premier Bank Securities Limited Iqbal Center (3rd & 12th floor), 42, Kamal Ataturk Avenue, Banani, Dhaka-1213.
181 Prilink Securities Limited Room # 702 (6th Floor), Modhumita Cinema Building 158-160, Motijheel C/A Dhaka - 1000.
182 Prime Bank Securities Limited. Peoples Insurance Bhaban (11th Floor) 36, Dilkusha C/A, Dhaka-1000.
183 Prime Islami Securities Ltd. Raj Bhaban (7th Floor), 29, Dilkusha C/A, Dhaka-1000.
184 Prudential Securities Limited Room # 530, 9/E, Motijheel C/A, Dhaka-1000.
185 Pubali Bank Securities Limited A-A Bhaban (7th Floor), 23, Motijheel C/A, Dhaka-1000
186 Quayum Securities Ltd. Room # 704 (6th Floor), Modhumita Cinema Building,158-160,Motijheel C/A, Dhaka-1000.
187 R N I Securities Limited Room # 728 (6th floor), 9/E, Motijheel C/A, Dhaka-1000.
188 R. N. Trading Limited Room # 416 & 418, Stock Exchange Building, 9/F, Motijheel C/A , Dhaka-1000.
189 Rapid Securities Ltd. Room # 620 & 621, 9/E , Motijheel C/A, Dhaka - 1000.
22
190 Rashid Investment Services Ltd. Room # 601, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
191 Rasti Securities Consultant Ltd. Modhumita Building (5th Floor), 158-160, Motijheel C/A, Dhaka-1000
192 Razzak Sucurities Ltd. Room # 206, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
193 Reliance Brokerage Services Ltd. WW Tower, Level-14, 68 Motijheel C/A, Dhaka-1000.
194 Remons Investment and Securities Ltd.
Room # 207, Ismail Mansion (2nd floor), 9-H, Motijheel C/A, Dhaka - 1000.
195 Rose Securities Limited Room # 421 (3rd Floor), 9/E, Motijheel C/A Dhaka-1000.
196 Royal Capital Ltd. Finlay House, GPO Box No.118, Agrabad, Chittagong-4100.
197 Royal Green Securities Limited Room # 618, 619, 709 & 715, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-
1000.
198 Rupali Bank Securities Limited Humayun Court (2nd Floor) 21, Motijheel C/A Dhaka-1000.
199 S & H Equities Ltd. Room # 723, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1000.
200 S. B. Securities Ltd. Room # 410, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka-1215.
201 Saad Securities Ltd. Karim Chamber (1st floor), 99, Motijheel C/A, Dhaka - 1000.
202 Sadeque Finance Management Ltd. Swantax Building (5th floor), 9/I, Motijheel C/A, Dhaka - 1000.
203 SAHCO Securities Ltd. UTC Tower (Level-01) 8, Panthapath Dhaka - 1215.
204 Sakhawat Hossain (Late) nill
205 Salam & Company Limited Room # 201/205 (1st floor), Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
206 Salta Capital Limited Modhumita Building (9th floor), Room # 1002, 158 - 160, Motijheel C/A, Dhaka -
1000.
207 Samin Securities Limited Room # 721, Stock Exchange Building, 9/F Motijheel C/A, Dhaka.
208 SAR Securities Ltd. Swantex Court Building (2nd floor), 9/I, Motijheel C/A, Dhaka-1000.
209 SBC Securities & Investment Ltd. Sadharan Bima Bhaban, Head Office, 33 Dilkusha C/A, Dhaka - 1000.
210 SCL Securities Limited. Modhumita Building (1st Floor), 160, Motijheel C/A, Dhaka-1000.
211 Securities Broking & Management
Services Ltd. Room # 220, DSE Annex Building (1st Floor), 9/E, Motijheel C/A, Dhaka-1000.
212 SES Company Limited (Unicap
Securities Limited)
Richmond Concord (6th Floor, West Side), 68 Gulshan Avenue, Gulshan - 01, Dhaka
– 1212.
213 Shah Mohammad Sagir & Co. Limited
Suite # 401, Modhumita Bhaban (3rd Floor), 158 - 160, Motijheel C/A, Dhaka - 1000.
214 Shahed Securities Limited Room # 526 (4th Floor), 9/E, Motijheel C/A, Dhaka - 1000.
215 Shahidul Hoque Sikder Securities Exchange Ltd.
Ground Floor (Western side) 158-160, Motijheel C/A Dhaka-1000.
216 Shahiq Securities Ltd. Room # 603 ( 5th Floor), Stock Exchange Building, 9/F, Motijheel C/A, Dhaka -
1000.
217 Shahjahan Securities Ltd. Room # 615, Stock Exchange Building , 9/F, Motijheel C/A, Dhaka-1000.
218 Shahjalal Islami Bank Securities Ltd. Jiban Bima Bhaban (4th Floor) 10 Dilkusha C/A Dhaka-1000.
219 Shakil Rizvi Stock Limited Modhumita Building (4th Floor), 158-160, Motijheel C/A, Dhaka- 1000.
220 Sharp Securities Limited Samabaya Sadan (4th & 5th floor), 9/D, Motijheel C/A, Dhaka - 1000.
221 Sheltech Brokerage Limited Otobi Center (Level-5), 14 Dilkusha C/A, Dhaka - 1000.
222 Shohrab Securities & Trade Ltd. 4th floor 9-G, Motijheel C/A Dhaka-1000.
223 Shyamol Equity Management Ltd. Room # 319, 9/E, Motijheel C/A, Dhaka-1000.
224 SIBL Securities Limited 3rd Floor, 15, Dilkusha C/A Dhaka- 1000.
225 Sinha Securities Ltd. 161, Rahman Mansion (3rd floor), Motijheel, Dhaka - 1000.
226 Square Securities Management Limited
Room # 318 ( 2nd floor), DSE Annex Building, 9/E Motijheel C/A, Dhaka-1000.
227 Standard Bank Securities Ltd. 2, D.I.T Avenue (extension), 1st & 3rd Floor, Motijheel C/A, Dhaka - 1000.
228 Sterling Stocks and Securities Ltd. Modhumita Building (4th Floor-North side), 158 - 160, Motijheel C/A, Dhaka – 1000
229 Stock & Bond Limited Swantex Bhaban (3rd floor), 9/I, Motijheel C/A, Dhaka - 1000.
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230 Subvalley Securities Ltd. Room # 437, DSE Annex Building (3rd Floor), 9/E Motijheel C/A, Dhaka - 1000.
231 Surma Securities Holding Co. Limited
Room # 627, 9/E, Motijheel C/A, Dhaka - 1000.
232 Synthia Securities Ltd. 158-160, Modhumita Building (7th floor), Motijheel C/A, Dhaka-1000
233 T. A. Khan Securities Co. Ltd. Room # 304, Stock Exchange Building, 9/F, Motijheel C/A, Dhaka - 1000.
234 Tamha Securities Limited Room # 501, DSE Building, 9/F, Motijheel C/A, Dhaka - 1000.
235 Thea Securities Ltd. 6, DIT Avenue (3rd Floor), Motijheel C/A, Dhaka - 1000.
236 Times Securities Limited Room # 904, 9/E Motijheel C/A, Dhaka - 1000.
237 Tobarrak Securities Limited. Suit # 1003 (10th floor), 28 ,Dilkusha C/A, Dhaka - 1000.
238 Total Communication Ltd. 158-160, Modhumita Building (6th floor), Motijheel C/A, Dhaka - 1000.
239 Transcon Securities Ltd. PBL Tower (10th Floor), 17 North Commercial Area, Gulshan-2, Dhaka-1212
240 Trust Bank Securities Limited M.Q. Plaza (1st Floor), 28, D.C.C. North Kafrul, Dhaka Cantonment, Dhaka - 1206.
241 Trustee Securities Limited Room # 527 , 9/E, Motijheel C/A, Dhaka-1000
242 UCB Capital Management Limited 74, Motijheel C/A (Ground Floor), Dhaka-1000.
243 UGC Securities Ltd. 10, Dilkusha C/A (6th Floor), Dhaka - 1000.
244 Unique Share Management Limited Unique Oval Building (Ground Floor) 45, Kemal Ataturk Avenue, Banani, Dhaka-
1213.
245 Uniroyal Securities Ltd. Zamman Court (2nd floor), 45 Dilkusha C/A,Dhaka-1000.
246 United Enterprises & Co. Limited Gulshan Center Point (8th Floor, North-West Side), Plot # 23-26 (new) 41 (old),
Road # 90, 91 & 46, Gulshan – 2, Dhaka -
247 United Financial Trading Co. Ltd. Room # 203 & 903 (1st & 8th floor) 9/E, Motijheel C/A Dhaka - 1000.
248 Uttara Bank Securities Limited Uttara Bank Bhaban (13th Floor), 47, Bir Uttam Shahid Asfaqus Samad Sarak,
Motijheel C/A, Dhaka-1000.
249 Vision Capital Management Ltd. Sara Tower (14th Floor), 11/A, Toyenbee Circular Road, Motijheel C/A, Dhaka - 1000.
250 Wifang Securities Ltd. Suite # 901 (8th Floor), Modhumita Building, 158-160 Motijheel C/A, Dhaka - 1000.
24
During the period between January 17, 2010 and January 10, 2011, the Securities and Exchange
Commission (SEC) in Bangladesh put in 83 directives and changed the directives of margin loan
ratio 19 times. On February 1, 2010, the SEC set the margin ratio to 1:1.5. Again, on February
3rd, 2010, SEC revised its margin ratio to 1:1 effecting from February 7th, 2010. Then within a
month, on March 15th, 2010, the Commission changed the margin ratio again to 1:1.5 effecting
from March 18, 2010.
There is no compelling reason to expect margin requirement to have definite effects on stock
prices or returns. Only if investors do take higher risk with borrowed funds than with their own
equity then the margin requirement may have effect on the volatility. There is no clear evidence
or indeed much theoretical discussion on the risk bearing propensity of investors.
The picture is further compounded by a distinction between regular investors who hold stocks for
the long haul and care primarily about the dividend, and the speculators who trade in stocks for
arbitrage through capital gains in the short run. There is no reason to expect that these two
groups have the same risk bearing propensities.
Even more astonishingly, there has been very little systemic study on the importance of the stock
market in the capital market. In case of Bangladesh, the stock market capital represents perhaps
less than one fourth of one percent of the nation’s physical capital. It should have no significant
effect the performance of the economy one way or another. The big problem however is the
potentially unsafe exposure of the financial sector to the volatile stock market. There is
practically no information on the extent of exposure to stock market risk.
However, after a massive nosedive such as the one that occurred recently in the Bangladeshi
stock market, there is renewed urgency to look at the margin requirement and other available
tools to calm down the highly volatile market and to assure the nervous investors. This paper
looks at the evidence from Bangladesh. The results may give some comfort to the regulators that
they may use margin requirements to stabilize the market. However, there may be more potent
tools to develop an investment climate with greater stability and more diversified options for
investment.
25
Using data from December 2004 to January 2011 and DGEN index, we found mixed result about
relation between margin requirements and return volatility in Dhaka Stock Exchange (DSE),
Bangladesh. Rest of paper is divided in to four parts. Part 2 will discuss about previous studies
on this issue. Part 3 will talk about margin structure in context of Bangladesh. Part 4 will focus
on data and methodology used in this paper. Part 5 will briefly analyze results of this research.
Relation between margin requirement and stock price volatility
Hardouvelis (1988) concludes that higher initial margin requirements in the cash market are
statistically associated with a reduction both actual and excess stock price volatility. An increase
in margin requirement does reduce volatility.
Hardouvelis and Peristiani (1990) examined the Japanese evidence to find significant impact of
margin requirements. They think that margin requirements may be an effective tool.
Hardouvelis and Theodossiou (2002) found that higher initial margin requirements are
associated with lower subsequent stock market volatility in normal and bull periods but not in
bear runs. Higher margins are also negatively related to conditional mean of stock returns.
Ricke (2003) develops an analytical model to conclude that margin loans can cause bubbles, the
level of margin loans as well as initial margin requirements may affect asset prices, and, a
properly set initial margin may prevent bubbles.
French, Schwert and Stambaugh (1987) examined the relation between stock returns and stock
market volatility. They found evidence that the expected market risk premium (the expected
return on a stock portfolio minus the Treasury bill yield) is positively related to the predictable
volatility of stock returns. There is also evidence that unexpected stock market returns are
negatively related to the unexpected change in the volatility of stock returns. This negative
relation provides indirect evidence of a positive relation between expected risk premiums and
volatility.
26
Chowdhury (1997) finds statistically significant impact of margin requirements on the stock
prices in Thailand. However, there is asymmetry. The market reacts strongly and immediately
after a decrease, but the response to an increase in slower and weaker.
Kupiec and Sharpe (1991) show that imposing a binding initial margin requirement may either
increase or decrease stock price volatility, depending upon the microeconomic structure behind
fluctuations in economy-wide average risk-hearing propensity. The ambiguous effect on
volatility similarly arises when the source of heterogeneity is noise trader beliefs. Important:
Since dividend realizations contain no information about future returns, the risky asset price
fluctuates only because of changes in taste for risk.
Schwert (1989) found no evidence that changes in margin requirements reduce subsequent stock
return volatility. Also, trading halts have not had much effect on volatility in the past. Trading
halts that were associated with banking panics were associated with high stock return volatility,
but halts without bank panics were not associated with high levels of volatility.
Hsieh and Miller (1990) used daily and monthly stock returns and found no convincing evidence
that margin requirements have served to dampen stock market volatility. The contrary
conclusion, expressed in recent papers by Hardouvelis (1988), was traced to flaws in his test
design. We do detect the expected negative relation between margin requirements and the
amount of margin credit outstanding. We also confirm the recent finding by Schwert (1988) that
changes in margin requirements by the Fed have tended to follow rather than lead changes in
market volatility.
Fortune (2001) claims that despite the statistical significance of the margin loans to both mean
stock returns and their volatility, the economic significance is so low that there is no support for
using margin policy as a tool of any significant impact.
Kim and Oppenheimer (2002) considered the possibility that margins primarily affect
individuals who, as a group, are believed to be the investors most affected when margin
requirements change. Their empirical tests did not support this contention.
27
Lee (2009) finds no evidence that the margin tool is effective in controlling volatility in Canada.
Salinger (1989) finds that post-war US data provide no evidence of a link between the initial
margin requirements and stock market volatility. Over the entire period in which the Federal
Reserve has set margin requirements (1934— present), there is a correlation between margin
requirements and margin debt on the one hand and volatility on the other. However, margin debt
is not primarily associated with downside volatility and margin requirements are not primarily
associated with upside volatility, as would be expected if margin buying were the cause of the
volatility.
Lee and Yoo (1993) examined the effects of margin requirements on stock market volatility in
the U. S., Japan, Korea, and Taiwan. Only Japan showed short-term significant relationship
between margins and volatility. They showed that the margin effect on volatility is dominated by
a liquidity effect rather than a speculative effect. Finally, they find no convincing evidence that
margins affect volatility in the long-run, but instead find that volatility Granger causes margins.
Hsu (1996) examines Taiwan® experience with category A and Category B stocks. Category A
stocks must maintain higher profitability and larger capital. Regulators probably think that
category B stocks are more risky and hence set higher margins for them. There is significant
short run relation between margin requirements and volatility. However, there is some suspicion
that margin changes Granger-cause volatility. The more speculative stocks are affected by
margins.
Making sense of stock market volatility
To understand the ambiguity of the relationship between margin requirements and stock market
volatility, it is worth raising broader issues to set the context in which this relation could be
meaningful.
The first question is whether the stock prices behave differently than prices of other goods,
services and especially other types of financial assets. What is peculiar to the price setting of
stocks that would call for special investigation? There is no known attempt to bring the behavior
of stock prices within the broader frame of price theory.
28
The issue of motivation behind the studies on stock market volatility remains unclear. Does the
stock market represent any significant fraction of a nation® capital? At least for Bangladesh, it
represents next to nothing and cannot be of any significance. But it generates data and the media
thrives on reporting the slightest tremor in it. Whether this is merely a tempest in a teacup
remains to be understood.
Indeed, prices of all things subject to gambling must be volatile specifically because gambler s
thrives on volatility. They abhor predictability. Behavioral economics ought to look at gambling
behavior. In this respect, Schoemaker (1993) examines various concepts of risk-taking and
concludes that it is perhaps an intractable concept.
Then there is a question of distinguishing and characterizing risk taking by entrepreneurs.
Brockhaus (1980) says that the risk taking propensity may not be a distinguishing characteristic
of entrepreneurs.
The issue needs further clarification. The risk-taking propensities of those who hold stocks for
the longer run and care primarily about dividends ought to be distinguished from the risk-bearing
propensities of those who thrive on short run price movements for capital gains. Indeed, futures,
options and hedge funds thrive on expectations of volatility.
Bucciol Miniaci (2012) compare alternative measures of risk, based on a financial portfolio or
based on a broader portfolio also including human capital, real estate, business wealth and
related debt. The measures provide a different ranking of household risk bearing, but they
consistently show that risk bearing fell in the 2000s, and it positively correlates with wealth,
good health status and financial sophistication. Furthermore, the time effect seems more relevant
than the cohort effect, and the risk-age profile looks flat over the life-cycle.
Busche and Hall (1988) find that Hong Kong bettors seem to be either risk neutral or risk averse,
while other studies of North American bettors showed the opposite result.
Harlow and Brown (1990) obtained risk-aversion estimates experimentally from observations of
bidding behavior in computerized auctions using newly developed theoretical models. These
measures were then compared with a psychometric assessment of I3sensation-seeking0
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personality traits and with measures of neurochemical activity that have previously been found
to be significantly related to human behavior. Individuals with neurochemical activity
characterized by lower levels of the enzyme monoamine oxidize and with a higher degree of
sensation-seeking are more willing to accept economic risk.
The analytical issues of conceptual clarity remains unexplored This is a major gap that cries out
for attention. The stock market behavior is not open to meaningful interpretation in the presence
the major gaps in knowledge about its context in the economy.
In Bangladesh, margin requirement was first changed on December 21, 2004. We used DSE
General Index (DGEN) return for sample period December 2004 to January 2011. DGEN index
includes all stock except Z category firms. Securities and Exchange Commission in Bangladesh
frequently cancelled margin facilities on Z category stocks. We first tried to observe the return
pattern associated with change in margin change. However, the main objective of this thesis is to
measure the impact of margin requirement on returns0 volatility. To that end, we used a
regression model and also a variance ratio test to compare pre- and post-change in margin
volatility.
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Variance ratio test
For each margin requirement change, we determine a pre- and post-volatility in the DGEN
Index. The pre (post) period corresponds to a window covering 60 trading days before (after)
the announcement of the margin change. We compute the variance of daily returns for each of
these windows separately. We then compute the ratio of these variances for each observation.
The variance ratio is computed as follows:
The null hypothesis is that the variance of returns is the same in the pre- and post-margin change
periods. If margin requirement changes do not impact volatility, then one should expect the ratio
not to be significantly higher or lower than one. Therefore, we test whether the variance ratio is
different from one. Under regular conditions, the variance ratio follows an F-distribution. These
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conditions include normally distributed returns and independence between the numerator and the
denominator of the variance ratio.
Regression analysis
The effective margin requirement is defined as the combination of the ratio of the initial margin
requirement and cash-only deposit to the loan value. Effective margin requirement is calculated
using the following formula employed by Hardouvelis (1991).
is 1:2 which leads official margin requirements to 33.33%. If the cash-only deposit is 10% while
the loan value is 80%, then the effective margin requirement will be 47.91 percent. However, in
case of Bangladesh, effective margin requirement, , equals the official margin requirement,
because there is no restriction to cash-only deposits. Based upon the definition of the effective
margin requirement, we examine the short-term relation between margins and volatility using the
following equation:
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variable for the effects of market level on volatility. Hardouvelis and Peristiani (1991) point out
that it is likely to observe a spurious positive relation between margins and volatility since
volatility is low during a bullish market and high during a bearish market and that stock prices
are high before margin increases and low thereafter. The presence of such a relationship implies
that in our regressions of volatility on margins, we must control for the size of stock returns.
Result analysis
Using data for sample period December 2004 to January 2011, column 2 in Table 2 shows the
performance of stock prices before and after a raise in margin requirements; column 3 repeats
the same analysis for a margin cut. Following the methodology applied in Hardouvelis and
Peristiani (1989/90, 1992), Table 4 illustrates, for each business day, the total return excluding
dividends— average geometric daily capital gain or loss — obtained by investors who buy the
portfolio of stocks in the DSE General Index (DGEN) on the 15th business day before the
margin change and subsequently sell the same portfolio of stocks after business days ( = 1, ...,
40). The return of a business day is estimated as the arithmetic average of individual returns
across the 6 past margin increases (column 2) or the 8 past margin decrease (column 3). In
calculating returns, dividend information was dropped. Average return data in column 2 and
column 3 was graphed in Figure 1 and figure 2 respectively.
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34
Our Visit to LankaBangla Securities Limited
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TERMS AND CONDITIONS FOR OPENING A MARGIN ACCOUNT
1. DEFINITIONS
• "CLIENT" means applicants named in the application form and include its successors and
interest.
• "SECURITIES ACCOUNT" shall mean the account opened by the CLIENT with the
Lankabangla securities ltd. to deposit/sell/ buy securities with it.
• "PPROVED SECURITIES" shall mean the securities Purchased into the SECURITIES
ACCOUNT.
• "PORTFOLIO VALUE" means total market value of all the stock in the SECURITIES
ACCOUNT.
• "MARGIN CALL" shall mean on request the "CLIENT" to deposit money or share to bring the
Debit Balance below 50% of the Portfolio Value within 24 hours.
• "DEBIT BALANCE" shall mean the total value of cash owed by the CLIENT together with
interest, brokerage and any other charges to the Lankabangla securities ltd. in the Client
SECURITIES ACCOUNT for securities Transaction into the said account.
2. The client would be required to submit an application to the Lankabangla securities for the
Margin Trading Facility.
3. This facility granted under this account shall be a short term facility and shall be valid at the sole
discretion of the Lankabangla securities and repayable on demand of it.
4. The " Lankabangla securities " will have absolute discretion to accept or decline any Security,
against which credit facility is granted and shall reserve the right to make changes to their list of
"approved securities" as any given moment.
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5. Only "Approved Securities" may be used as collateral for Margin Trading. Mainly Cash taka.
6. When a previously approved share is later disqualified from the approved list, it will be excluded
from all subsequent margin calculations.
7. The client which is a legal person (i.e. Trust or Company) shall be allowed to commence Margin
Trading, only when it shall submit copies of the relevant extracts of constitutional documents ( i.
e. certified copy Trust Deed or Memorandum and Articles of Association as the case may be)
and a resolution that authorizes that specific entity and its representatives to conduct Margin
Trading.
8. Client will be allowed to transfer shares to any clearing account or link B.O. account or
withdrawal fund from his B.O account or security account provided that the client debit balance
will remain below 50% of the portfolio value after the transaction.
9. The client' contribution of share will be deposited to the Security Account/ BO Account. The
Last traded price of the security on the preceding market day shall be used to calculate portfolio
value and should be updated on a daily basis.
10. Using the credit facility the Client may purchase quoted Securities through the Broker in to
the "Securities Account" to a maximum value of 50% of the "Portfolio value or TK.50,00,000/=
whichever is lower. The Client shall at all times be responsible to maintain strictly the maximum
limit of the "Debit Balance at any given time.
11. If Debit balance goes above 50% of portfolio value due to fluctuation in the market or any
other event, LankaBangla securities ltd. Will issue a "margin Call" to the client. Margin Call
could be in writing or via telephone call.
12. If client doesn't response to Margin Call, in that case LankaBangla securities ltd. will sell
out whatever shares as the Broker see fit to regularize the "Debit balance" to 50% ot the
"portfolio value" (+/-5% deviation accepted in case of adjustment) and the broker/dealer May act
upon as the Attorney of the client in accordance with the terms thereof and in terms of the
margin Rules.
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13. If the "Debit balance" reach to 66% of portfolio value to a sudden fall in the market or any
other event then in such a case without any notice in that trading day or next day. LankaBangla
securities ltd. will out shares of any company whatsoever as it sees fit to make the Debit
Balance regularize. Any residual shares will remain in the account and will be available to client
14. If the Client exceeds the value of the "Debit Balance" above the stipulated limit and/or
violates any other terms and conditions/ rules/requirements as laid down by the "Broker "or an
regulatory authority from time to time, the Broker shall have absolute discretion at the "Clients
"risk to sell/buy any of all shares or securities of any Company whatsoever in the clients "
Securities Account" without any consent of any form the Client in order to adjust the Debit
Balance of the " Securities Account" In the event the Portfolio value of the " Securities Account"
becomes inadequate to regularize the "Debit Balance" the Client shall be under obligation to
make cash payment to settle any shortfall.
15. The Client shall pay brokerage commission for all transactions i.e.by and sell. in the"
Securities Account" The client shall also pay brokerage commission for all transactions carried
out in oreder to regularize the " Securities Account" The client shall also pay brokerage
commission for all transactions carried out in order to regularize the " Securities Account" Rate
of brokerage will be fixed by the" Broker " and can change from time to time.
16. In the "Securities Account" If client enjoy margin facilities in that case, highest limit to buy a
single stock is TK. 25,00,000/= or 50%ofthe portfolio value whichever is lower.
17. "Broker" shall have the authority to give notice to the client to the client to adjust the debit
balance in “Securities Account" within 20 trading days for whatever reason " LankaBangla
securities ltd. " reserves the right to divulge to client. If client doesn't respond to such notice"
Broker" shall have absolute discretion at the client's risk to sell/Buy any or all shares or
securities in any Company whatsoever in the Client's "Securities Account" without any consent
of any form from the client in order to adjust the Debit Balance of the " Securities Account"
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18. " LankaBangla securities ltd. " will charge clients account for any debit amount, calculated
on a daily basis. Broker shall advice the interest rate to the client from time to time. Broker
reserve the right to increase/decrease the interest rate by giving 7 trading days notices to client.
19. The "Securities Account" will be fully operated (all Buy/Sell decisions) by the client at all
times other than in the instance of " LankaBangla securities ltd. ' regularizing the account.
20. Trading will take place in the same way as with normal accounts i.e either by giving written
oreder, by fscimile message or email.
21. Interest on the margin trading Facility is repayable on or before the end of every calendar
month by way of depositing cash or adjustment in the security account.
22. Paying off Debit Balance.
To reduce or to pay of debit balance the client has to bring funds into the current account in either
or both of following ways:
a) By deposit funds directly to the client's Current Account.
b) By selling securities in client's Security /BO Account and depositing sales proceeds to client's
Security Account.
The proceeds will first be used to pay off the client's debit balance, whatever is left will be given to
the client.
23. Security
The shares or cash brought by the client together with shares purchased by using debit balance will
be considered as collateral for the margin Trading facility.
However, the shares brought by the client to cover Margin requirement should meet following
criteria:
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a) The shares should be acceptable to the broker/dealer
b) The shares should be tradable in the CSE.
c) The shares should possess reasonable liquidity.
The broker/dealer may also take additional securities as collateral from the client.
24. The client hereby irrevocably authorizes the broker:
a) To deal with all the client's securities deposited in the in the "Central Depositary System" (CDS)
from time to time and at all times whatsoever independently and at the sole discretion of the
broker/dealer as long as the client's liabilities in the repayment of all such facilities remain
outstanding.
b) To purchase and sell any such securities of the client deposited with "CDS" and to deal or
negotiate with other Institution, engaged in purchase or sale of any securities on the client's
behalf and to deal with any other matters relating to the " Security/ Bo Account" with or without
instructions given to the broker/ dealer by the client and the client here by agrees that he/it shall
at all-time ratify and endorse such acts of the broker/dealer shall not be liable for any loss to the
client directly or indirectly resulting from any such act of commission or omission.
c) To debit the "Security Account" For any sums or sum of money being purchase price of
marginable securites, broker's commissions, payments for rights and benefits in respect of
marginal securities, transaction fee. commission or for any payment whatsoever.
d) To issue pay Orders of Band Drafts or Transfer funds by any means to any person or persons and
for any amount in respect of any transaction pertaining to the business averred herein.
e) To deposit Cash, Cheque or other instruments into the "Security Account"
f) Generally to do all things which the client is empowered to do in respect of the “Security
Account"
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g) The client shall indemnify the broken in lull and keep indemnified at all times against any losses.
loabilities, expenses and costs whatsoever incurred by the broker as a result of any such
transactions aforesaid.
h) Client further gives irrevocably power of attorney to the broker to sign CDBL pay in pay out
instruction slip on behalf of the client as when required.
i) To execute sell shares from client Security Account and Subsequently sign pay in instruction if
situation arises.
25. The Broker agrees with the client as follows:
a) Both the Broker and Client's shall have the right at any time in its absolute discretion and
without having to furnish any reaon therefore to close the "Security Account" by giving one
month prior written notice of closure to the client and any debit of the client security account (if
any) will be adjusted as per rules 23 mentioned in the terms & conditions.
b) The broker/dealer shall act directly as the agent of the client in respect of all dealings of margin
able securities and the client shall remain principally liable for all dealings, negotiations and
transactions entered into by the broker on behalf of the client.
c) To charge interest on all such amounts due and unpaid or spent on behalf of the client at rates
determined by the broker, with statutory levies and the broker shall have the right to debit the
"Security Account" with the same.
d) Where the client is in default of payment of legal fees, stamp duty or other out of packet
expenses from the client by debiting the Security Account.
e) This agreement shall be binding on the parties here to their successors, heirs. executors,
administrators, assigns or legal representatives.
f) The terms and conditions shall not be altered amended or modified except in writing by the duly
authorized representatives of each party hereto.
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g) This agreement shall be governed and construed by the laws of the Peoples Republic of
Bangladesh.
h) The client does hereby agree and irrevocably holds the broker indemnified, save and harmless
against any losses, suits, claims and damages that the broker shall or may be caused, sustained,
incurred, or suffered by reason in maintaining the client's accounts and using the Margin Trading
Facilities in any manner whatsoever and/or acting on the instructions or requests, advices made
or forwarded by way of telephone massages or Facsimile massages and/or by accepting
electronic massages exchanged.
i) In the event of the death of one of the joint account holder, the survivor; and on the death of sole
account
holder, the nominee or successor shall be the beneficiary of the transactions.
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Recommendations
Here are some recommendations for Margin Trading:
The capital markets are failed to regain the investor’s confidence because a large amount of loan is stuck.
The main problem of the market is the stuck margin loan. To overcome this problem it needs to
be resolved first. Specialists have said many economic indicators rose substantially in last three
years and institutional investors had been active, but the confidence of the investors in the market
could not be restored due to the margin loan crisis.
Information & Research:
The market information is the most important aspect for success in the capital market operation.
We may have professionals or skilled workforces but as long as they don't have adequate, proper
and timely information available at their hands they won't be able to make right assessment or
timely decisions.
Building Data Warehouse
In our country we don't have any data warehouse online facilities. Therefore, it is very essential
that we build our own data warehouse to the best of our abilities.
According to the Securities and Exchange Commission (SEC), the capital market regulator, a
portfolio cannot be used for transactions if equity runs into negative after taking margin loans.
Authorities had taken initiatives to activate the negative portfolios. Another recommendation for
margin trading of DSE is to make the equity accounts of negative portfolios discretionary and
allow their transactions.
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Some specialists recommend that the brokerage houses or merchant banks will do transactions in
the accounts on behalf of the investors. The portfolios will be handed over to the investors once
Tk 35 out of Tk 100 equity comes back. There should be withdrawal of Tk 10-million limit on
margin loan for an individual. The limit should be fixed on the relation between the customer
and the bank.
Re-establishment of SEC is highly necessary and SEC should have honest, skilled,
knowledgeable, clean imaged person. DSE is composed of 25 member’s board. There are 12
members of stock broker and 12 of stock dealers and the rest is chief executive officer, so broad
members are the market player and controller as well. So it is easy for them to manipulate the
market. There should be supportive atmosphere between DSE and SEC; their goal should be the
same to work for the betterment of the market. Bangladesh should impose circular on the
investment criteria for the private banks and other commercial institution.
To introduce automated monitoring system that may control price manipulation, malpractices
and inside trading.`1
Monitoring & Compliances
This is the most important activity in terms of allowing margin loan to the customers. Business
risk is the one of the major risk factors in case of extending credit facility in the form of margin
loan. Strong monitoring is the means by which we can eliminate business risk.
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Conclusion
we can conclude saying that recent competitive market to earn profit investors single investment
is not enough and for this reason they seek for margin loan and as a result many farm been
established but for several reasons we have seen so many negative scenario. DSE along with the
SEC should come forward more strongly to make the margin trading flexible, transparent and the
main thing useful for the investors by bringing proper monitoring over brokerage farms. As there
is direct link between stock market volatility and margin trading, we should give proper value on
it.
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References
1. Brockhaus, R. H. (1980). Risk taking Propensity of Entrepreneurs, Academy of
Management Journal, 23(3), 509-520
2. Brown, M.B. and A.B. Forsythe, 1974, 0Robust tests for the equality of variances,0
Journal of the American Statistical Association, 69, 364-367
3. Bucciol, A. and Miniaci, R. (2012). Household Portfolios And Risk Bearing Over Age
And Time. University of Verona
4. www.Investopedia.com
5. http://www.lankabangla.com
6. www.dsebd.org