FE Report
The securities regulator has allowed 15 companies, including a foreign one, to submit revised applications for trading licences of the Dhaka Stock Exchange (DSE).
The Bangladesh Securities and Exchange Commission (BSEC) has also extended the deadline for submitting applications for new TREC (trading right entitlement certificate) up to July 31.
The companies which have been allowed to submit revised applications for TREC include Japan Solartech (Bangladesh), SQ Wire & Cable Company, Matrix Securities, FASSET Technology, Capital Alliance Securities, Basic Bank Securities, Sonar Bangla Insurance and Assurance Securities and Management, TA Merchandising, Fariha Knit Tex, Islamic Finance Investment, Gibson Securities, CVC Brokerage, SME Informatics and Bangladesh SME Corporation.
"The applicants for TREC have been allowed more time considering the hearing report of DSE and Covid-19 situation -- up to July 31 -- to address their compliance issues," the BSEC said in a letter sent to the premier bourse.
Contacted, DSE's managing director (current charge) Abdul Matin Patwary said that the applications of 12 companies, out of 15, did not fulfil all the requirements.
"The objective clauses were not maintained in their applications. Following their plea, the securities regulator has extended the timeframe for submitting revised applications," he added.
The three other applicants could not submit their applications for TREC as the formation of their companies were not completed within the stipulated timeframe, said Mr Patwary.
The companies are Basic Bank Securities, Sonar Bangla Insurance and Capital Alliance Securities.
"Now, these three companies can also submit applications for TREC," he said.
The DSE officials said the Capital Alliance Securities is a Sri Lankan company.
Recently, the securities regulator has approved a total of 46 proposals for new TRECs in two phases.
The number of existing brokerage firms under the DSE is 250. The DSE found no claimants of four firms while another eight firms remain inactive.
Following the regulatory approval to 46 proposals, the number of the DSE's brokerage firms stood at 296.
The DSE officials said new TRECs will be issued soon through a programme.
The number of the DSE's brokerage firms will stand at 311 if the latest 15 proposals are approved by the securities regulator.
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