Investors will get credit facility for investing in equity-backed securities with price-to-earnings (P/E) ratio up to 50 if the securities have been listed in the A category for at least the preceding three years.FEThe latest directive from the securities regulator issued on Tuesday also said the current paid-up capital of the securities should not be less than Tk 500 million to be invested in with the fund from margin loans.The order cancelled out the previous directive issued 12 years ago, according to which lenders could disburse margin loans for investments in securities having P/E ratio of 40 or less.The equity-backed securities with P/E ratio above 40 will not be treated as marginable even now unless the instruments have been in the category A for the last 3 years and the paid-up capital of the companies is Tk 500 million or more.Asked about the reason behind the decision, BSEC Executive Director Mohammad Rezaul Karim said investors would be inspired to inject money in good, fundamental companies. The market will see increased liquidity flow as more companies will be included as marginable securities. The Capital Market Stabilisation Fund (CMSF) recently has come up with a decision to provide market intermediaries with loans at lower interest rates.As a result, the merchant bankers and stock brokers will be able to invest such funds and disburse margin loans from the funds to their clients.Mr. Karim said investors would be able to invest money from margin loans, disbursed by the CMSF, in the companies having P/E ratio above 40 but not more than 50.Asked if investment risk will increase through such credit facility, he said market intermediaries had placed a demand in this regard.