21 insurance companies aren’t coming in capital market

Despite legal obligations, ministerial directives, deadlines and relaxation of the latest law, 21 insurance companies in the country could not enter the capital market. As a result, the companies are counting the fines every month.

The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market, has asked the Insurance Development and Regulatory Authority (IDRA) for the latest status of the companies. BSEC sent a letter to IDRA on Wednesday. This information has been known from the relevant sources.

Mohammad Rezaul Karim, executive director and spokesperson of BSEC, said the law was relaxed at the request of the IDRA as insurance companies could not enter the capital market due to legal complications. So far, 21 companies have not applied for IPO. As a result, IDRA has been requested to take the latest steps of the companies and take necessary steps to apply for IPO.

Sunbd/NJ