Stocks
BSEC Staff Demand Non-Political Appointments and Market Reforms
Call for Merit-Based Appointments
The staff and employees of the Bangladesh Securities and Exchange Commission (BSEC) have urged that the commissioner’s position should be filled based on experience and seniority, not political considerations. This stance was voiced during a meeting of the BSEC Officers’ Welfare Association on Wednesday, August 7.
Leadership and Meeting Details
BSEC Executive Director Md Saifur Rahman, who also serves as the association’s president, chaired the meeting. The association resolved to adhere strictly to the capital market ordinance, law, and regulations, avoiding any actions beyond this scope.
Reformative Decisions
Nine key decisions aimed at capital market reform were made during the meeting:
- Eradication of Corruption: Establishing the rule of law within the capital market to eliminate corruption.
- Delegation of Power: Empowering officials in line with Article 17 of the Securities and Exchange Ordinance, 1969.
- Promotion of Staff: Facilitating rapid promotions for officials and employees.
- Restoration of Medical Facilities: Reinstituting medical benefits for staff.
- Disbursement of CSR Funds: Allocating corporate social responsibility funds for staff welfare.
- Promotion Through Examination
The association leaders agreed to promote officials and employees via an examination overseen by a committee that includes Executive Director Rezaul Karim.
Retrieving Commission Funds
A proposal will be presented to recover Tk45 crore held as a Time Deposit Receipt (TDR) at the Investment Corporation of Bangladesh (ICB).
Condolences and Recovery Wishes
The meeting concluded with a condolence proposal for those who lost their lives during the anti-discrimination student movement from July 1 to August 5. Wishes for a speedy recovery were extended to those injured during the movement and currently receiving treatment.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
