Stocks
FID to Dismiss BSEC Commissioner Tariquzzaman Amid Market Tensions
The Financial Institutions Division (FID) under the Ministry of Finance has decided to terminate ATM Tariquzzaman from his role as commissioner at the Bangladesh Securities and Exchange Commission (BSEC). According to an official FID order issued on Wednesday (11 September), he will receive a three-month notice before his dismissal, with his tenure ending on 10 December.
Tariquzzaman had only been appointed as BSEC commissioner on 8 May, following his resignation as Executive Director of the commission. In September 2023, he briefly served as Managing Director of Dhaka Stock Exchange (DSE) before stepping down to take the BSEC role.
The development comes in the wake of the fall of the Hasina-led government on 5 August, after which BSEC Chairman Shibli Rubayat Ul Islam, along with Commissioners Shaikh Shamsuddin Ahmed and Rubana Islam, resigned. However, Tariquzzaman and fellow Commissioner Mohsin Chowdhury chose not to relinquish their positions.
In response, the interim government appointed Khondoker Rashed Maqsood as BSEC chairman, with Ali Akbar and Farzana Lalarukh joining as commissioners.
The political transition also triggered upheaval in the Dhaka Stock Exchange. According to BSEC and DSE sources, seven independent directors of the DSE resigned following the fall of the previous government, creating legal complications for the commission in selecting replacements. The BSEC disregarded the DSE’s recommendations and on 1 September appointed independent directors unilaterally, sparking discontent among DSE shareholders who viewed the decision as arbitrary.
Sources indicated that ATM Tariquzzaman had played a significant role in BSEC’s decision-making, which included appointing independent directors KAM Majedur Rahman, Helal Uddin, and Nahid Hossain—all of whom faced allegations of conflicts of interest. Majedur and Helal were accused of having ties to brokerage houses, while Nahid Hossain, as Additional Secretary of the Financial Institutions Division, was deemed ineligible under the law to serve as an independent director. Majedur Rahman has since refused the position.
The DSE Brokers Association expressed concerns in a letter dated 5 September, accusing the BSEC of making “anti-investor, non-transparent, and self-serving” decisions, leading to instability in the capital market. The association called for a revision of the selection process for appointing independent directors, urging the invocation of Clause 24 of the Demutualisation Act 2013 to form a Nomination and Remuneration Committee with four elected DSE directors to recommend candidates for BSEC’s approval.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
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.
