Stocks
Two More BSEC Commissioners Resign
In a significant development, two commissioners of the Bangladesh Securities and Exchange Commission (BSEC) have resigned following the recent departure of the commission’s chairman. The commissioners, Professor Dr. Shaikh Shamsuddin Ahmed and Dr. Rumana Islam, have formally submitted their resignation letters to the Financial Institutions Division.
Professor Dr. Shaikh Shamsuddin Ahmed, who recently resigned, is a faculty member of the Finance Department at the University of Dhaka. He joined BSEC as a commissioner on May 20, 2020.
Dr. Rumana Islam, a professor of law at the University of Dhaka, holds the distinction of being the first female commissioner of BSEC since its inception in June 1993. Dr. Islam completed her undergraduate and postgraduate studies in law at the University of Dhaka in 2003 and 2004, respectively. She further pursued a master’s degree in international trade law from the University of Cambridge, UK, and earned her PhD in international law from Warwick University, UK, in 2015. Dr. Islam began her academic career as an assistant professor in the Law Department at the University of Dhaka in 2008 and joined BSEC as a commissioner on May 8, 2022.
The resignations follow the recent departure of BSEC Chairman Professor Shibli Rubayat-Ul-Islam, who submitted his resignation via email to the Secretary of the Financial Institutions Division on Saturday.
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.
