Listed firms must disclose their board decisions within 30 minutes after the closure of their board meeting and all other price sensitive information need to be made public in two dailies and one online newspaper, securities regulator said.
It warned of tough action if the order is not complied with. Bangladesh Securities and Exchange Commission (BSEC) published a gazette notification on February 15 tightening the corporate disclosure norms.
“Disclosure of outcome of board meetings must be made 30 minutes within the closure of the meeting of board of directors,” said the BSEC.
After taking decisions, the listed firms will have to send the decisions immediately to the BSEC and stock exchanges through fax, messenger and courier services (in case), said the BSEC.
It said the listed firms will have to mention date and time of the board decisions, which need to be mandatorily disclosed through stock exchange platforms for the benefit of investors.
“These disclosures need to be made public as soon as possible, but not later than the given time limit,” an official said, asking not to be named.
The BSEC had earlier decided that disclosure guidelines will be changed into disclosure regulations, which provide for stricter actions.