Trust Bank was given permission yesterday to start merchant banking operations bringing the total number of merchant banks to 30.

Giving the latest permission, the Securities and Exchange Commission (SEC) Executive Director said Farhad Ahmed said Trust Bank applied for license in 2003.

According to the SEC, the delayed was caused by ‘procedure issues’, and the market watchdog is now working through a backlog of merchant banking applications with more permissions expected to be granted in coming months.

The move came at a regular meeting of the SEC at which the body also revised rules relating to custodial services and portfolio management by merchant banks to bring more transparency in securities’ transaction.

In a separate move, the SEC also confiscated unclaimed refund warrants worth Tk 8.40 lakh of 168 applicants, who had sought to buy the initial-public offerings (IPOs) of Progressive Life Insurance Company.