On demand of the Bangladesh Association of Publicly Listed Companies (BAPLC), the Bangladesh Securities and Exchange Commission (BSEC) has temporarily relaxed the deadline for listed companies to submit their financial disclosures.
The listed companies can now submit their monthly, quarterly and other financial statements to the BSEC and the bourses till 25 May.
The BSEC issued a directive in this regard on Thursday.
Earlier, the BAPLC sought temporary relaxation regarding compliance with the provision of listing regulations and other securities laws relating to submissions of different financial reports.
In a letter to the BSEC, the BAPLC said the listed companies are facing difficulties to prepare, get audited, and submit their financial statements on time owing to the countrywide restrictions put in place to curb the alarming surge in coronavirus cases.
Banks, non-bank financial institutions, insurers, and most multinational companies have closed their accounting year on 31 December.
According to the rules, it said the companies have to accomplish the financial statement preparations and external audits within the next 120 days and submit the statement copies by the 14 following days.
Hence, the above-listed companies have to submit their 2020 annual statements by 14 May 2021.
Also, they have the 15 May deadline to submit the unaudited statements for the January-March quarter of this year as companies get 45 days to submit their first quarter and 30 days for the second and the third quarterly statements since the end of the respective quarters.
Because of the disruption in regular office activities amid the countrywide lockdown, withdrawal of audit teams of CA firms and their abstinence to conduct internal audits, the BAPLC sought regulatory relaxation until the pandemic situation improves.
In 2020, the BSEC discarded the 66 days of the nationwide shutdown while counting the deadlines related to the financial statements submitted by listed companies.
Also, it amended its regulations on the method that listed companies adopt to conduct their board meetings and shareholders' general meetings.
Now, the meetings can be held online, of course, with proper procedures and records ensured.