Stocks
BSEC seeks access to verify information on firms of company registration database
Bangladesh Securities and Exchange Commission (BSEC) has asked for access to the database of the Registrar of Joint Stock Companies and Firms (RJSC) so that it can easily verify information on companies that want to raise funds from the capital market.
The BSEC has recently sent a letter to the RJSC to this end, in which it also expressed interest to provide technical support if necessary.
“We would like to propose an online verification portal with you by which the authorized officers of the commission can verify the documents from your server in real-time reducing job work for both the institutions.”
“We need frequent verification of basic registration documents, ownership information, and particulars of directors. Currently, there is no easy way to verify those with RJSC except manual letter-based communications, which reduces the ease of doing business,” it adds.
The commission officials said they often struggle to verify the authenticity of information submitted by companies aspiring for enlistment due to the lengthy process of cross-checking work in correspondence with the RJSC, among others.
Currently, a company, after applying to the BSEC, has to wait for one year to raise funds from the capital market. The commission is now keen to bring it down to the shortest possible time.
Access to the proposed online system will facilitate verification of the BSEC, the officials said, adding that even if a fake certificate is submitted, it can be verified quickly.
“As the RJSC is the authority and keeps all the documents, we have no alternative to going to the RJSC to cross-check company information,” BSEC Executive Director Rezaul Karim told.
“Sometimes companies file fake documents. Sometimes, they have to wait a long time to get their registration certificates from the RJSC. If we have access to the online system, we will be able to verify data, which will reduce complexity,” he added.
The BSEC is currently using such a verification system to cross-check data with the Institute of Chartered Accountants of Bangladesh, the national body of professional accountants.
It can easily find out the authentic income and expenditure accounts of any company through this system.
The RJSC is the sole authority that facilitates the formation of companies and keeps track of all ownership.
One of the listed companies Hakkani Pulp & Paper Mills Limited from the Dhaka Stock Exchange (DSE), Hosne Ara Begum, a sponsor director has expressed the intention to sell 50,000 shares from her holdings in the company at the prevailing market price in the Chittagong Stock Exchange (CSE).
All the shares will be sold on the block market within the next 30 working days.
As of Persent, Hosne Ara Begum is holding 10,91,666 shares of the company.
The company was listed on the stock exchange in 2001, and its main goals are to manufacture various types of pulp, paper, and tissue products.
The board of the company recommended a 1% cash dividend for its general shareholders other than sponsors or directors, for fiscal 2021-22.
As of 28 February 2023, sponsors and directors held 44.69 percent of the company’s shares, institutional investors 2.87 percent, and general investors 52.44 percent.
The last trading share price of the company at the Dhaka stock exchange was Tk 53.20 till 1:56 pm Tuesday (28 March).
Dhaka Stock Exchange DSE, Bourses on the second working day of the week, March 28, ended with price index & turnover drops.
This information is known from DSE sources.
272 crores 5 lakh shares were traded in DSE on this day. 45 crores 54 lakhs less trading was done in DSE today compared to the previous workday, 27 March, Shares worth Tk 317 crores 60 lakh shares were traded in DSE last time, Monday.
The benchmark index DSEX dropped 11.83 points or 6,193. The Shariah-based index DSES shed 4.06 points or 1,345, and the blue-chip index DS30 lost 4.70 points or 2,205.
Of the issues traded, 28 advanced, 56 declined, and 201 remained unchanged.
Legacy Footwear Limited ranked top gainer on DSE, the share price increased by Tk 6.0 paisa or 9.71 percent. On this day, the share was last traded at Tk 67.80 paisa.
On the other hand, Jute Spinners Ltd ranked top loser on the DSE, the share price dropped by Tk 17.7 paisa or 6.76 percent. On this day, the share was last traded at Tk 246.30 paisa.
DSE topped on trade eastern Housing Limtied 20 crores 42 lakh 72 thousand takas of shares of the company have been traded.
A total of 52 companies’ shares were traded in the Block on Dhaka Stock Exchange, 52 lakh 48 thousand 57 shares of the companies were traded. The financial value of which is 30 crore 71 lakh taka.
One of the Listed Companies, Pioneer Insurance Company Limited has recommended 25 percent cash & 5 percent stock Dividend to its investors for the Financial Year ending December 31, 2022.
This source is known from DSE.
The Company has reported EPS (after tax) of Tk 6.09 paisa, NAV per share of Tk 46.88 for the year ended December 31, 2022, as against EPS of Tk 6.93 paisa (restated).
The Annual General Meeting (AGM) of the company will be held on May 31 through the digital platform. The record date for this has been fixed at April 27.
/NR
