The Securities and Exchange Commission (SEC) has finalised the draft policy on placement share, preference share and issuance of rights shares.
The commission will introduce the policy to the stock market stake holders for their opinion by next two weeks.
The regulator however sent the draft of the amendment of book building method to the stake holders for their opinion while mutual fund policy is about to end.
The market watchdog asked the stake holders to place their opinions by August 4 this year. The commission will give advertisement in national dailies seeking public opinion after receiving stake holders’ opinion.
Chief executive officers (CEO) of both Dhaka and Chittagong stock exchanges, CEO Central Depository Bangladesh Limited (CDBL), president Bangladesh Association of Publicly Listed Companies, Bangladesh Merchant Bankers Association and Association of Asset Management Companies are among the state holders.
“Due to lack of policy on placement share, preference share and issuance of rights shares market manipulators created irregularities took advantage,” said SEC member professor Helal Uddin Nizami. He also said the probe on recent stock market scam mentioned the issue in its report.
“We are formulating policy so that this could never happen in future,” he added.
The commission has already finished preference share issue policy and the rest will be finalised soon.
Meanwhile the SEC has regretted its inability to accord consent for the Rights Issue of R. N. Spinning Mills Ltd. due to noncompliance of rule 4(2) of the Securities and Exchange Commission (Rights Issue) Rules, 2006.
The commission will introduce the policy to the stock market stake holders for their opinion by next two weeks.
The regulator however sent the draft of the amendment of book building method to the stake holders for their opinion while mutual fund policy is about to end.
The market watchdog asked the stake holders to place their opinions by August 4 this year. The commission will give advertisement in national dailies seeking public opinion after receiving stake holders’ opinion.
Chief executive officers (CEO) of both Dhaka and Chittagong stock exchanges, CEO Central Depository Bangladesh Limited (CDBL), president Bangladesh Association of Publicly Listed Companies, Bangladesh Merchant Bankers Association and Association of Asset Management Companies are among the state holders.
“Due to lack of policy on placement share, preference share and issuance of rights shares market manipulators created irregularities took advantage,” said SEC member professor Helal Uddin Nizami. He also said the probe on recent stock market scam mentioned the issue in its report.
“We are formulating policy so that this could never happen in future,” he added.
The commission has already finished preference share issue policy and the rest will be finalised soon.
Meanwhile the SEC has regretted its inability to accord consent for the Rights Issue of R. N. Spinning Mills Ltd. due to noncompliance of rule 4(2) of the Securities and Exchange Commission (Rights Issue) Rules, 2006.
Sourc: Daily Sun
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