Stocks
4 DSE officials suspended over wrong data infos.
DSE: Dhaka Stock Exchange has ousted out 4 officials of its market operations department due to their alleged involvement in misleading stock investors by publishing wrong corporate earnings information on the DSE website.
The decision came at a time when listed companies were publishing their October-December quarter’s financial reports to let investors know their stock updates.
The officials whom the capital bourse dismissed also include Mohammad Roni Islam, who was serving the bourse as head of market operations.
The 3 remaining suspended officials were Kamruzzaman, Humayun Kabir, and Rakibur Rahman— all from the same department.
M Shafiqur Rahman, deputy general manager of the Dhaka Stock Exchange (DSE), affirmed the matter.
Several other DSE sources having knowledge of the matter said the punished officials had been collaborating with market manipulators, and as part of that move, they had distorted price-sensitive information of few companies.
Sensing the manipulation, the authorities of the prime bourse hurriedly corrected the corrected information which was distorted previously.
As per securities rules, all listed companies must publish their quarterly as well as annual financial reports through stock exchanges to let investors know about their business performance.
Eastern Cables Ltd and Beach Hatchery Limited were among the few companies of which price-sensitive information had been distorted, according to DSE sources.
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.
