Cos' data to become more accessible, with launching of new digital service

Both the bourses have formally launched a smart online information submission system for listed companies to keep investors updated with their financial status.
The service, embedded in the websites of stock exchanges, will help investors know whether a listed company has submitted its quarterly and annual financial statements within the deadline. They will also be promptly notified of auditors' opinions.
On the other hand, the new mechanism to submit financial results will improve market monitoring by the securities regulator and stock exchanges.
Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Khondoker Rashed Maqsood inaugurated the service through a ceremony at his office on Wednesday.
"We are working to increase the free flow of information," said the BSEC chief.
To improve the functioning of the capital market, it should be made paperless. "The journey to become paperless has begun following the launch of the service."
The market will be efficient with a greater accessibility of information, said Mr Maqsood, adding that irregularities would also be curbed.
Companies are required to submit financial statements to the securities regulator and both the bourses.
Until now, the bourses uploaded summary statuses of companies but they have remained scattered. It is quite challenging for general investors to find all the information available on the websites and get a comprehensive idea about a company.
The newly-introduced system will keep all data of a company compiled in one place.
Many listed companies become non-compliant by not submitting financial statements timely. They have specific timeframes to submit quarterly and annual financial reports in line with their financial calendar year.
Investors will easily identify a company if it fails to publish its statements within time.
M. Shaifur Rahman Mazumdar, managing director of the Chittagong Stock Exchange, said the newly-introduced service would support investors and analysts in making investment decisions quickly.
"It will also help reduce irregularities in the submission of financial statements," he said.
The new service will discourage non-compliance with securities rules. Besides, there will be real time information transfer between issuers and investors.
CSE Chairman AKM Habibur Rahman and DSE Managing Director (acting) Sattique Ahmed were present at Wednesday's inaugural ceremony.
Why the new platform is necessary
Most listed companies do not post their quarterly financial reports within 48 hours after securing approval of their boards. They take advantage of the lack of specific regulations in this regard, according to experts.
Some listed companies even take weeks to publish detailed annual financial statements. Hence, general investors do not get key financial data necessary for making a judgement about the financial health of the issuers.
Whenever a company's board approves its financial report, general shareholders have the right to access it, but many firms take a longer time to publish statements on their websites.
As per the listing regulations, the issuers must make detailed financial statements available on its website as well as on the country's bourses.
Although listed companies publish their earnings per share, net asset value and net cash flow per share on the DSE website, this data alone is not enough to assess a company.
Investors can make well-informed decisions when a full picture of a company is available.

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