The directors of the listed companies will have to face a difficult situation if they do not hold a combined 30 per cent stake. Professor Shibli Rubaiyat-ul-Islam, chairman of the regulatory body Bangladesh Securities and Exchange Commission (BSEC), said no concessions would be made in this regard.

Shibli Rubaiyat-ul-Islam said this while addressing a discussion meeting organized by BSEC on Monday on the occasion of World Investors Week. Mostafizur Rahman, Special Fellow of the Center for Policy Dialogue (CPD), a private research institute, presented the keynote address at the seminar titled 'Investor Protection'. Also speaking were Abu Ahmed, former professor of economics at Dhaka University, Mizanur Rahman, chairman of the marketing department, and Hossain Samad, a consultant at the World Bank.

He said the current commission is working to protect investment and investors. No one will be exempted if they fail to comply with the law. He said 16 directors have already been declared vacant due to lack of minimum 2% share. Now the companies that do not have 30 percent shares, they will not be able to pass. They will suffer (safar).

The BSEC chairman added, "We want to send a message to the market that the interests of investors are paramount to us." We have no agenda of our own, the interest of the people and investors of the country is our agenda. 'He added,' We are trying to bring good companies to the market. We believe that if good environment and good governance can be ensured in the market, then good companies will be encouraged to come in the market. '

Sunbd/nj