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Dhaka Tribune

BSEC relaxes timeframes for holding meetings, document submissions

The Commission issued the directive on Tuesday following appeals from some listed companies, seeking revision on the existing rules on holding mandatory meetings

Update : 03 Jun 2020, 07:31 PM

The stock market regulator, Bangladesh Securities and Exchange Commission (BSEC) in a directive has excluded the locked down period until June 30 in counting the time for holding meetings and submission of documents or information to the commission or any stock exchange.

The Commission issued the directive on Tuesday following appeals from some listed companies, seeking revision on the existing rules on holding mandatory meetings amid coronavirus outbreak.

The country's bourses remained closed from March 26 to May 30, as the government announced general holidays as part of its efforts to halt the spread of the novel virus. 

Bourses resumed their regular trading on Sunday after the trade suspension for above two months in  response to defeat Covid-19 pandemic.

During the period, a number of listed companies and entities registered with the commission could not submit  required documents or information excluding the price sensitive information to the commission or any stock exchange , the directive said.

It also said that some might have failed to hold meetings or comply with other directives due to the general holidays.

Therefore, the commission decided to exclude the period of general holidays from 26 March 2020 to 30 May 2020 in counting the time for submission of any documents or for holding of meeting, or for compliance with any directive or order excluding the price sensitive information.

Different documents of listed firms are law bound to be submitted between 15 to three months to regulators and stock exchanges.

Earlier, March 24, BSEC relaxed regulations for listed companies on holding annual general meetings, extraordinary general meeting and board meetings physically temporarily, and allowed virtual meetings as a step towards curbing the spread of the virus.

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