Regulator now sets Dec 9 deadline

The securities regulator has extended the deadline for sponsor-directors of the listed companies to comply with its directive to hold minimum 30 per cent shares jointly up to December 9.
The extension of time frame came following the requests from many companies whose sponsor-directors have yet to fulfil the condition of holding required amount of shares.
The Bangladesh Securities and Exchange Commission (BSEC) recently sent letters to the companies, giving them 30 more working days to comply with the directive.
On July 29, the securities regulator gave an ultimatum to 44 listed companies to fulfil the condition of holding minimum 30 per cent shares within 60 working days.
The 60-day time frame ended on October 27, but many companies failed to comply. These companies made a plea to extend the time frame.
BSEC chairman Prof. Shibli Rubayat Ul Islam while addressing seminars recently said that the regulator would remain firm on its decision to ensure compliance of its directive.
On December 22 in 2011, the securities regulator issued a directive about minimum shareholding by sponsor-directors of the listed companies. But the previous commission could not bring all sponsor-directors under the compliance of holding a minimum amount of shares.
The incumbent commission has taken strict measures to ensure compliance of the directive.

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