The securities regulator has denied the allegation raised by Insurance Development and Regulatory Authority (IDRA) about the diligence of Initial Public Offering (IPO) proposal of Bangladesh National Insurance Company (BNIC).
"We have approved the IPO proposal of BNIC following its compliance with Public Issue Rules and other rules of Registrar of Joint Stock Companies and Firms (RJSC)", an official of Bangladesh Securities and Exchange Commission (BSEC) said.
The BSEC's reply came following the IDRA's recent letter which sought the attention of the securities regulator stating that the BNIC allegedly changed its share-holding ratio without taking prior approval from its regulatory body.
"The BSEC said in its letter that the regulator approved the BNIC's IPO proposal following its compliance with public issue rules. The regulator also observed whether the company fulfilled the RJSC's requirements," said Mohammad Saifur Rahman, a BSEC executive director.
According to Mr. Rahman, it is also mentioned in BSEC's reply that IDRA can take measure against the BNIC if the company is found guilty of any violation of IPO rules.
The non-life company BNIC will raise Tk 177 million from general public through IPO. The company's public subscription will begin on June 30.
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BSEC dispels IDRA allegation
FE Report | Published: June 28, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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