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, 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.
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