BSEC warns firms with not up-to-date websites
BSEC commissioner said lack of reliable information on company websites was hampering investment
The Bangladesh Securities and Exchange Commission (BSEC) might punish listed companies with strict measures for not updating their websites with the latest financial reports, an official of the regulator warned on Sunday.
"BSEC does not want to take any strict action against anyone. However, everyone should remember that as a regulatory body, it has an option to do so," BSEC Commissioner Professor Dr Sheikh Shamsuddin Ahmed said while addressing a workshop on exchange-traded funds organised by Capital Market Journalists' Forum at its office in Dhaka.
He said the stock market regulator has sent several letters to listed companies urging them to update their websites.
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But most companies have been ignoring BSEC's calls.
The BSEC commissioner said the lack of reliable information on company websites was hampering investment as such data leads investors to make wrong decisions.
He called on listed companies to update their websites with the latest data including, annual reports and audited financial reports in the shortest possible time.
Professor Ahmed also said the presence of small investors in the country's market is high and institutional investors are low.
"In this market, there is no similarity between the trader and the investor. We are trying to bring a balance between the two sides," he said.
Syed Mahmud Jubayer, DGM of DSE and Syed Faisal Abdullah, senior manager (Market Development), DSE, delivered the keynote address at Sunday's workshop.
On the occasion, organisers handed over motorcycles to three winners of a raffle draw held during CMJF's annual picnic. The motorcycles were donated by UCB Stock Brokerage, UCB Asset Management, and UCB Investment.
According to media reports, Bangladesh is set to get its first exchange-traded funds in three months which would give a new product to investors and contribute to stabilising the stock market.
The workshop was chaired by CMJF President Ziaur Rahman and conducted by its General Secretary Abu Ali. Rahmat Pasha, CEO of UCB Stock Brokerage Limited, Rashed Hasan, CEO of UCB Asset Management and Tanzim Alamgir, CEO of UCB Investment Limited, also attended among others.
