SEC Annual Report,1999-2000 
SECURITIES AND EXCHANGE COMMISSION
Notes to The Financial Statements
For the year ended 30 June, 2000
1.  Status and activities:

The Commission was established under the Securities and Exchange Commission Act, 1993 on 8 June, 1993. The Commission commenced its operation formally after inauguration on 14 November 1993. The Commission is responsible for ensuring proper issuance of securities, regulations and development of capital market, and protection of interests of the investors in securities.

2. Accounting policies:

2.1:  The financial statements have been prepared under historical cost convention on accrual basis on the assumption that the Commission would continue to operate as a going concern in the foreseeable future. 

2.2:  Fixed assets have been stated at cost less depreciation. Depreciation is charged under 'straight line method' at the following rates :
 

Item of fixed asset
Rate of depreciation
Furniture and fixtures
10%
Office equipment
15%
Communication equipment
15%
Air conditioners
15%
Motor vehicles
20%

Fifty percent depreciation is charged in the year of acquisition.
2.3: General fund has been created out of excess of income over expenditure, and is        utilized for funding acquisition of assets and/or revenue deficit of the Commission.

SEC's FINANCIAL POSITION

During 1999-2000 the Securities and Exchange Commission has received an aggregate amount of Tk 24.63 million as grant from the Government as against Tk 24.52 million in 1998-99. The Commission spent Tk 26.93 million against revenue and capital expenditure in 1999-2000, as against Tk 23.14 million during 1998-99. The Commission had a bank and cash balances of Tk 9.83 million on 30 June, 2000 as against Tk 5.37 million on  30 June, 1999.
The excess of income over expenditure during the year amounted to Tk 5.92 million. During 1998-99 the excess of income over expenditure was Tk 4.11 million.

SECURITIES AND EXCHANGE COMMISSION
BALANCE SHEET
As at 30 June, 2000


                                                                  Notes 30 June, 2000 30 June,1999
  Tk. Tk.
Fixed assets                                                 3 98,44,294.28 73,39,784.88
Security deposits receivable                    4 7,39,048.00 7,39,048.00
Sundry Advance 40,015.00 8,82,656.57
Prepaid insurance 1,74,663.00 1,54,388.00
Investment- CPF 9,45,427.37 6,82,223.45
Investment- Gratuity 10,31,145.05 5,08,147.60
Investment -GPF 8,04,890.10 5,46,559.57
Investment – pension  26,99,440.00 26,47,973.00
Bank and cash balances 98,31,697.60 53,71,321.87
Total current assets 1,62,66,326.12 1,15,32,318.06
Total assets 2,61,10,620.40 1,88,72,102.94
Financed by:    
General fund                                          5 2,01,64,044.88 1,42,43310.32
Creditors and accruals                           6 4,65,673.00 2,43,889.00
CPF Fund 9,45,427.37 6,82,223.45
Gratuity Fund 10,31,145.05 5,08,147.60
GPF Fund 8,04,890.10 5,46,559.57
Pension 26,99,440.00 26,47,973.00
Total Fund and Liabilities 2,61,10,620.40 1,88,72,102.94

The statements should be read in conjunction with the annexed notes.

SECURITIES AND EXCHANGE COMMISSION
Income And Expenditure Account
For The Year Ended 30 June, 2000

Income 30 June, 2000 30 June, 1999
  Tk. Tk. 
Grant from the Government 2,46,30,000.00 2,45,22,000.00
Other income-Note 7 67,91,800.00 15,03,530.00
Total income 3,13,91,800.00 2,60,25,530.00
Expenditure    
Salaries, allowances and bonus - Note 8 1,03,57,267.66 1,01,53,283.20
Office rent 42,78,288.00 42,78,288.00
Office water and electricity 7,69,692.95 7,72,962.00
Telephone and fax 6,92,808.16 6,97,738.93
Postage 81,606.12 53,676.13
Printing and stationery 9,37,010.00 6,27,431.66
Entertainment 1,35,467.00 76,436.00
Conveyance & TA and DA 3,04,265.90 41,245.50
Board meeting fees & Honorarium 21,000.00 28,500.00
Motor vehicle repairs and fuel 20,88,646.93 14,15,473.25
Insurance 2,18,286.00 2,34,108.45
Office/electrical repairs and maintenance 1,16,445.00 51,126.00
Cookeries and cutleries 13,005.00 635.00
Consultancy fee - 1,57,151.00
Other expenses 4,02,615.00 57,313.20
Books and periodicals 39,330.53 5,560.00
Telephone installation 78,230.00 1,04,100.00
Depreciation - Note 3 23,25,818.85 16,10,102.28
Subscription 3,46,469.00 3,29,271.00
Liveries 40,600.00 54,780.00
News paper 1,15,052.00 1,11,843.00
Office supplies 15,121.00 14,091.00
Advertisement & publication 1,74,985.17 1,50,938.42
Training & Research 1,500.00 16,000.00
Bank charge 443.00 175.00
Legal expenses 10,19,569.00 8,71,103.00
Expenses of Inquiry report  3,94,688.00 -
Total expenses 2,54,71,065.44 2,19,13,332.02
Excess of (expenditure over income)/     
income over expenditure 59,20,734.56 41,12,197.98

The statements should be read in conjunction with the annexed notes.

SECURITIES AND EXCHANGE COMMISSION
Receipts and Payments Account
For the year ended 30 June, 2000

Receipts
30 June, 2000 (Tk.)
30 June, 1999 (Tk.)
Grant from the Government
2,46,30,000.00
2,45,22,000.00 
Other receipts
67,61,800.00
15,03,530.00
Total receipts
3,13,91,800.00
2,60,25,530.00
Less Payments    
Salaries, allowances and bonus
1,02,07,267.66
1,00,05,119.94
Office rent
42,78,288.00
42,78,288.00
Office water and electricity
5,98,142.95
6,91,375.35
Telephone and fax
6,19,210.16
7,07,923.93
Postage
81,606.12
53,676.13
Printing and stationery
9,37,010.00
6,27,431.66
Entertainment
1,35,467.00
76,436.00
Conveyance &TA and DA
1,37,843.50
41,245.50
Board meeting fees
21,000.00
28,500.00
Motor vehicle repairs and fuel
20,88,646.93
14,15,473.25
Insurance
63,898.00
60,008.45
Office/electrical repairs and maintenance
1,16,445.00
51,126.00
Consultancy fees
-
1,57,151.00
Other expenses
4,02,615.00
3,63,323.20
Cookeries and cutleries
13,005.00
635.00
Books and periodicals
39,330.53
5,560.00
Telephone installation
78,230.00
1,04,100.00
Subscription
3,46,469.00
3,29,271.00
Liveries
40,600.00
54,780.00
News paper
1,15,052.00
1,11,843.00
Office supplies
15,121.00
14,091.00
Advertisement and publication
1,74,985.17
1,50,938.00
Training & Research
1,500.00
16,000.00
Sundry Advance
-
1,37,162.00
Bank charge
443.00
175.00
Legal expenses
10,19,569.00
8,71,103.00
Prepaid Insurance 
1,74,663.00
1,54,388.00
Expenses in connection with inquiry report 
3,94,688.00
-
Total payments-revenue
2,21,01,096.02
2,05,07,123.87
Fixed assets
48,30,328.25
26,26,195.50
Total payments - capital
48,30,328.25
26,26,195.50
Total payments (revenue + capital)
2,69,31,424.27
2,31,33,319.37
Excess of (payments over receipts)/receipts 
44,60,375.73
28,92,210.63
over payments    
Bank balance on opening
53,71,321.87
24,79,111.24
Bank and cash balances at closing
98,31,697.60
53,71,321.87

 
3. Fixed Assets:            
Item of fixed asset
Cost
 Accumulated depreciation Written down value
  June, 2000 June, 1999 June, 2000 June, 1999 June, 2000 June, 1999
Furniture and fixtures 45,29,855.79 44,23,258.79 25,61,055.30 21,13,399.58 19,68,800.49 23,09,859.21
Office equipment 42,29,274.50 36,57,124.50 17,94,924.91 12,03,364.99 24,34,349.59 24,53,759.51
Communication  39,06,907.05 8,35,325.80 7,41,208.47 3,85,541.01 31,65,698.58 4,49,784.79
equipment            
Air Conditioners 10,52,905.00 10,52,905.00 5,47,872.38 3,89,936.63 5,05,032.62 6,62,968.37
Motor vehicles 1,03,40,570.00 92,60,570.00 85,70,157.00 77,97,157.00 17,70,413.00 14,63,413.00
  2,40,59,512.34 1,92,29,184.09 1,42,15,218.06 1,18,89,399.21 98,44,294.24 73,39,784.88

4.  Security Deposits receivable:   
 

  June 30, 2000 June 30, 1999
Office rent deposit  7,13,048.00 26,000.00
Telephone deposit 7,13,048.00 26,000.00
  7,39,048.00 7,39,048.00

5. General Fund: 
 

  June 30, 2000 June 30, 1999
Opening balance  1,42,43,310.32 1,01,31,112.34
Excess of (Expenditure over income)/ 59,20,734.56 41,42,197.98
income over expenditure for the year    
Closing balance 2,01,64,044.88 1,42,43,310.32

6. Creditors and accruals:
 

  June 30, 2000 June 30, 1999
Income-tax on salaries payable  1,50,000.00 80,000.00
Income-tax deducted at source 660.00 660.00
Security deposit payable 69,865.00 9,865.00
Electricity bills payable  1,26,410.00 98,251.00
WASA bills payable 45,140.00 28,798.00
Telephone bills payable 73,598.00 26,315.00
Total 4,65,673.00 2,43,889.00

7. Other income:
 

 
June 30, 2000
June 30, 1999
Registration fees of stock-broker/dealer
27,97,000.00
3,69,000.00
Merchant Bank Regulation Fees
4,06,000.00
4,45,000.00
Sale of tender documents
58,650.00
12,000.00
Penalty on listed companies
10,00,000.00
5,25,000.00
Sale of scrap materials
-
48,305.00
Fees of Approval for Prospects
23,33,500.00
1,00,000.00
Sale of Quarterly Review
5,550.00
4,225.00
Mutual Fund Registration Fees
1,01,000.00
-
Appeal Fee
100.00
-
Security Deposit
60,000.00
-
Total
67,61,800.00
15,03,530.00
     

8. Salaries, allowances and bonus:
 
 

 
June 30, 2000
June 30, 1999
Basic salary
39,90,291.06
36,20,669.87
House rent allowance
18,59,253.54
12,39,195.91
Medical allowance
1,61,114.13
1,15,779.01
conveyance allowance
44,507.50
32,787.86
Entertainment allowance
26,650.32
20,217.30
Domestic aid allowance
13,987.25
6,300.00
Washing allowance
8,742.09
6,875.00
Tiffin allowance
58,845.43
58,068.43
Gratuity
14,50,547.00
26,63,813.42
Festival allowance
7,36,652.11
6,77,493.75
Overtime
3,94,997.00
2,74,905.00
Income – tax
2,66,494.00
80,000.00
Salary of employees on daily/fixed basis
13,45,186.23
10,51,101.65
Salary of security ( Contract basis)
-
3,06,010.00
Total
1,03,57,267.66
1,01,53,283.20