BSEC to form panel of independent directors

Sunbd Desk || Published: 2020-04-30 05:32:38 || Updated: 2020-04-30 05:32:38

Listed firms could not appoint any independent directors beyond the individuals to be included in the list

Stock market regulator on Wednesday decided to form a panel of independent directors for listed companies in accordance with their qualification and professional experience mentioned in the corporate governance guidelines.

The decision was taken at a commission meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at its headquarters. BSEC Chairman M Khairul Hossain presided over the meeting, according to  media statement of the commission.

Listed firms could not appoint any independent directors beyond the individuals to be included in the list, the meeting decided.

In the meeting, BSEC warned Progressive Life Insurance Company Ltd for not submitting its audited financial statements timely to the commission.

The commission deferred time for public opinion on drafted trading right entitlement certificate (TREC) rules due to the ongoing public holiday.

On March 25, BSEC sought public opinions on the draft rules regarding the issuance of brokerage licence until April 15.

But, the government extended general holidays to May 5  to halt coronavirus infection in the country.

The DSE Brokers Association of Bangladesh, a platform of shareholder-members of the Dhaka Stock Exchange, opposed the move saying that the BSEC had no authority whatsoever to frame any such rules and to set qualification by way of framing rules.

The market regulator also decided to approve the amendment proposal of BSEC (qualified investor offer by small capital companies), 2018. It will seek public opinion on the amendment proposal after the end of holidays.

The BSEC at the meeting also finalized the BSEC alternate investment rules, 2015, and approved drafted BSEC debt securities rules, 2020 proposal to seek public opinion soon.

The securities regulator also approved the draft prospectus of an open-ended VIPB Balanced Fund mutual fund with an initial target size of Tk10 crore.

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