Body formed to reduce IPO processing time

FE ReportbrThe Securities and Exchange Commission (SEC) Tuesday formed a 10-member committee aiming at reducing the time of the IPO (initial public offering) processing.brThe committee was asked to submit its recommendations by September 25 next.br Headed by SEC member Mansur Alam, the committee includes SEC executive directors Farhad Ahmed, Anwarul Kabir Bhuiyan and Mohammad Abdul Hannan Zoarder, former Dhaka Stock Exchange (DSE) senior vice president Ahmad Rashid Lali, managing director of the AIMS, Bangladesh Yawer Sayeed, Chief Executive Officer (CEO) of DSE Salahuddin Ahmed Khan, CEO of Chittagong Stock Exchange (CSE) AB Siddique, CEO of ICB Capital Management Ltd Iftikhar-Uz-Zaman and SEC Deputy Director Kamrul Anam Khan.brCurrently, it takes seven weeks to complete the IPO processing which discourages many companies to go public.brThe unsuccessful applicants of the IPO have to wait long time for getting back refund warrant money under the present system, said a member of the committee adding that the body will try to devise such a mechanism so that both the applicants and issuer get benefited.