Stocks
Rashed Maqsood Appointed BSEC Chief
In a significant leadership change, Khondoker Rashed Maqsood, a veteran banker with extensive experience, has been appointed as the new chairman of the Bangladesh Securities and Exchange Commission (BSEC), the regulatory authority for the stock market.
The Financial Institutions Division (FID) issued an official notification today, confirming his appointment for a four-year term.
Maqsood, who brings 30 years of expertise in the banking sector both domestically and internationally, was most recently serving as an Adviser for Strategy and Business Development at the International Finance Corporation (IFC) since May 2023. Prior to that, he held the position of Managing Director and CEO at Standard Bank Limited until January 2023. His career also includes notable roles as the Managing Director of NRBC Bank and as Citi Country Officer (CCO) for Citibank NA, Bangladesh.
Maqsood’s academic credentials include an MBA in finance from the Institute of Business Administration (IBA) at the University of Dhaka. His career began in 1992 as a management trainee with American Express.
This appointment comes after the resignation of Professor Shibli Rubayat-Ul Islam from the BSEC chairmanship on August 10, following the fall of the Sheikh Hasina government. In the wake of Shibli’s departure, the government initially appointed M Masrur Reaz as BSEC chairman on August 13. However, Reaz, who also serves as chairman of the Policy Exchange of Bangladesh, declined the role on Saturday, citing his preference to focus on broader national issues under the new government.
Reaz’s decision was influenced by protests and dissatisfaction from the BSEC Officers’ Welfare Association, which expressed concerns over his alleged connections to the ousted government. Although the association eventually decided to welcome Reaz, he ultimately chose not to accept the position.
In light of these developments, the government swiftly moved to appoint Rashed Maqsood as the new chairman of BSEC, marking a new chapter for the regulatory body.
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.
