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Progressive Life Insurance Board to Undergo Reconstitution by BSEC

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Progressive Life BSEC

Progressive Life Insurance Company Limited, a listed company in the stock market, has decided to reconstitute its board of directors, as confirmed by the Bangladesh Securities and Exchange Commission (BSEC). The commission has also appointed five independent directors to the company’s board. This information was obtained from BSEC sources.

According to sources, former Chairman of Bangladesh Textile Mills Corporation Brigadier General Md. Zakir Hossain, former Governor of Bangladesh Bank Mohammed Farashuddin, Associate Professor Dr. Jamil Sharif of Dhaka University, Associate Professor Dr. Tajrina Farah, and Chairman of HTC Limited M. Shoeb Chowdhury have been appointed as independent directors of the company. These appointments were made to serve on the board of directors of the company.

The investigation committee of BSEC has discovered several irregularities in the financial report of Progressive Life Insurance during their examination. The organization has not presented a true financial position in its audited financial statements (PSI) and has created confusion. Furthermore, the company has also engaged in irregularities in asset acquisition, as found in the BSEC investigation. As a result, the regulatory body believes that the management of the company is violating relevant securities laws.

Since 2020, Progressive Life Insurance has not declared any dividends for its investors. In addition, the company has failed to hold its annual general meeting (AGM) for the past two years. Consequently, the commission has decided to transfer the company from ‘Category A’ to ‘Category Z.’ The reconstitution of the Progressive Life Insurance board of directors will be completed within 45 days in accordance with the requirements of Category Z, as stated by the BSEC.

Read More: BSEC Chairman Highlights Profit Potential in Volatile Market

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Weekly U.S. Stock Market Reports Diverse Performance

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Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 555 points, reaching a closing value of 17,688 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 85 point to settle at 5,431 points. Meanwhile, DJIA Index experienced a notable drop, losing 209 points during the week and concluding at 38,589 points after a week of gaining.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 40 points to reach 3,077 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable drop of 20 point, ending the week at 2,006 points.

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Weekly European Stocks Shows Negative Result

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In the Outgoing week, the European stock market displayed a massive losing performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a drop of 12.5 points to close at 511.05.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant drop, losing 99 points or finishing the session at 8,146.

In Germany, the DAX 30 index, lost by 555 points to reach 18,002, while France’s CAC 498 decreased by 9 points to stop at 7,503 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, decreased by 1,995 points to 32,665. However, Spain’s IBEX 35, added by 412 points, to close at 10,992.

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South Asian Stocks Reports Gaining Performance in Recent Week

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A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 299 points during the week. At the end of the week, the index stood at 76,992 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 175 points last week. At the end of the week, the index stood at 23,465 points.

Pakistan Stock Exchange Index ‘KSE 100’, shed 2,926 points last week. After a week of losing, the index settled at 76,742 points.

On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ increased by 208 points in a week. After a week the index settled at 12,314 points.

Bhutan’s stock market index ‘BSI’ added 68 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ gain 35 points, therefore the index stands at 2,112 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ dropped by 119.51 points or 2.28 percent, in the outgoing week. At the end of the week, the index stands at 5,117 points.

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