Stocks
BSEC Chairman on a meeting with PM regarding Stock Market issues
To increase the mobility in the stock market Prime Minister Sheikh Hasina has given directions on several issues. PM gave this instruction in a meeting with Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam on Sunday (January 15) at Ganabhaban.
The source is known from the meeting.
Shibli Rubayat-Ul-Islam briefed Prime Minister Sheikh Hasina about the capital market situation in the meeting today. During that time, he pointed the various steps taken for the development of the stock market. The prime minister gave necessary directions to develop the stock market in the same way as the country’s economy is developing.
In the meeting, it was discussed about the intervention of Bangladesh Bank was to keep investment in bonds out of stock market exposure, to keep the Investment Corporation of Bangladesh (ICB) depository fund out of the stock market exposure limit and to keep 1 percent common (provisioning) against loans to stock market-related institutions.
However, the Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market.
From the sources, with the intervention of Bangladesh Bank, an initiative has been taken to amend the Bank Company Act to keep investment in bonds out of stock market exposure. According to reliable sources, this law will be passed in the next cabinet meeting. And the prime minister as of now seriously looked at the fact that it should be passed quickly.
Meanwhile, an initiative has been taken to keep ICB Depository Fund outside the ambit of stock market exposure limit. This initiative has been taken with the aim of increasing the purchasing power of ICB and making the stock market progressive. If this initiative is implemented, ICB will regain the ability to invest about 6 thousand crores in the stock market. And the Prime Minister has given directions for the speedy implementation of this matter. ICB will prepare a proposal through a board meeting and send it to Bangladesh Bank. Later, the head of government said that Bangladesh Bank will take necessary steps to pass this matter quickly.
Hence, Bangladesh Bank DGM Md Aminur Rahman Chowdhury has been plotting for 12 years with the aim of obstructing the progress of the stock market and destroying the image of the government. He has tried to destroy the stock market in various ways during his tenure in Bangladesh Bank’s Department of Off-Site Supervision. This has been brought to the notice of the Chief Minister. The Prime Minister directed to take urgent measures regarding the policy changes or steps that need to be taken in the progress of the stock market. And the Prime Minister said that she will give directions to assist the concerned departments in the quick implementation of these steps, which she herself will supervise.
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.
