Dhaka, April 24 -- Entrepreneurs and bank owners have urged the securities regulator to remove restrictions in the revised IPO rules on the repayment of loans using funds raised through initial public offerings.

Under the revised rules that came into effect last December, a maximum of 30 per cent of IPO proceeds may be used to repay outstanding loans taken for any project or BMRE (Balancing, Modernisation, Rehabilitation and Expansion) purposes, subject to an auditor's report on the proper utilisation of such funds.

However, the rules do not allow the repayment of classified loans or the rescheduling of non-performing loans using IPO funds.

At a meeting held on Thursday at the Bangladesh Securities and Exchange Commission (BSEC), marke...