General holidays discarded while counting deadlines in capital market
However, one thing was kept aside like before – the rule of dissemination and publication of price sensitive information on time
All the mandatory events and filing deadlines in the capital market, other than publishing price sensitive information, have been extended for a period equal to the general holidays — March 26 to May 30.
In the 727th commission meeting on Tuesday, The Bangladesh Securities and Exchange Commission (BSEC) has decided to discard the days of general closure while counting deadlines for conducting meetings, adopting financial statements, submission of any report or statement to the securities regulator or any other capital market entities.
Everyone related to capital market has to accept the extended deadline, according to a BSEC directive issued after the commission meeting headed by its Chairman Professor Shibli Rubayat-Ul-Islam.
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All the issuers, stock exchanges, facilitating entities like electronic depository service providers, and market intermediaries, along with the concerned individuals will avail and obey the extension.
However, one thing was kept aside like before – the rule of dissemination and publication of price sensitive information on time.
According to securities law, listed companies have to conduct board meetings, shareholders' general meetings, and publish quarterly financial statements and annual reports within a certain period.
BSEC-regulated entities, other than securities issuers, also have to submit periodic updates to the commission on time.
If any issuer has price sensitive information, it is bound to publish those in the same manner – by submitting to the exchanges and publishing through news media advertisements, explained a BSEC official while talking to The Business Standard.
Earlier on March 24, just before the shutdown on the wake of Covid-19 pandemic, BSEC declared a temporary waiver for the regulated entities to conduct meetings and submit mandatory reports during the emergency days of pandemic.
It also allowed listed companies to conduct online meetings to avoid crowding.
However, through the latest directive the deadline relaxation has got its exit point – around nine-week deferral.
