• Thursday, Jun 20, 2019
  • Last Update : 09:57 am

Action to be taken against companies selling share secretly

  • Published at 09:41 pm May 22nd, 2019
DSE proposes five-point action plans for turnaround in stock market
A dejected stock investor looks at share prices on screen as DSE shed above 500 points in three months Mehedi Hasan/Dhaka Tribune

Joint-body of DSE, CSE, DBA and BMBA vows

Action would be taken against those companies which sold their shares secretly, warned a newly formed joint-committee of four organizations on Wednesday.

The organizations are Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE),  DSE Brokerage Association (DBA) and Bangladesh Merchant Bankers Association (BMBA).

The announcement of the committee came at a press conference at Dhaka Stock Exchange on the day.

The committee, comprising high officials of the four bodies, warned that it would make a list of sponsors and directors of those companies which sold shares in secrecy.

They said the list would be sent to the Bangladesh Securities and Exchange Commission (BSEC) for action.

The committee will work together with BSEC to develop capital markets. From now on, instead of offering proposals to the capital market separately, they will place it collectively.

DSE Director Minhaz Mannan Emon from DSE, Md Shakil Rizvi from DBA, Md Sayadur Rahman from CSE, Nasir Uddin Chowdhury from BMBA and three more representatives from each of the organizations are on the committee. However, in special cases the leaders of four organizations will be able to make decisions.

Minhaz Mannan Emon told journalists that in spite of many reforms in the last few days, the market did not get back its momentum as still there were some gaps.

"There is a lack of coordination. So we will work jointly," he said, adding that action would be taken against companies which sold shares secretly.

DSE director Rakibur Rahman and DBA president Md Shakil Rizvi were also present.