From now on, listed companies and mutual funds will not be required to submit monthly shareholding reports to the Bangladesh Securities and Exchange Commission (BSEC).
However, the shareholding report must be submitted to the BSEC within 15 days at the end of each quarter. The BSEC on Monday issued a notification in this regard.
According to Section 35 (2) of the Dhaka/Chittagong Stock Exchange Listing Regulations-2015, listed companies will submit shareholding reports to the Dhaka and Chittagong Stock Exchanges within seven days at the end of each month. The stock exchange will then submit the information to the commission in the form of a summary within 15 days.
Dhaka / Chittagong Stock Exchange Listing Regulations-2015 35 (1) has been cancelled according to which shareholding report was to be submitted to the stock exchanges within the last 10 days of each month.
In this case, both stock exchanges will keep hard and soft copies of the information of companies. Besides, both stock exchanges will inform the commission if there is any non-complainant information.
The commission has taken another decision to make the work of the BSEC and stock exchanges online, directing the two stock exchanges to collect data online.
In this case, stock exchanges will collect all kinds of information including listing applications as well as hard copy online from the companies. This information includes companies' shareholding report/unit holding report, declaration, corporate actions, financial disclosures, publications and dissemination of price-sensitive information (PSI), material information, complaint settlement and other compliances and submissions.
The report of digital submission and dissemination platform of the stock exchange has to be submitted to the commission within 15 working days.
Once the digital submission and dissemination platform of the stock exchange is ready, the BSEC will take a new decision. Besides, the BSEC will reform the related laws.
This is a big step of the new commission to make the work of the BSEC and stock exchanges easier and online-based.
Recently, the new chairman of the BSEC, Professor Shibli Rubayat-Ul-Islam also said in several forums that he will make the work of the BSEC and stock exchanges easier and online-based, and make it easy where there are complications. That will return dynamism to work.