BSEC warns Standard Insurance Ltd about securities rules

The Bangladesh Securities and Exchange Commission (BSEC) has decided to warn Standard Insurance Limited for violating securities rules. The decision came at a commission meeting on Tuesday, presided over by its chairman M Khairul Hossain. The watchdog found the insurance company did not provide financial statements for 2015 and also failed to provide in due time, first quarter financial statements, ending March 31, 2016, deviating from securities laws, said a BSEC press release. According to the securities rules, “the issuer company excepting the life insurance company must, within 45 days of end of the first quarter (Q1) and 30 (thirty) days of end of the third quarter (Q3) of the financial year, submit quarterly financial statements (audited/un-audited) to the commission and the stock exchanges.”