The securities regulator will implement the proposed process of receiving applications for IPOs (initial public offerings) through BO (beneficiary owner's) accounts after July 15 this year, officials said.
The Bangladesh Securities and Exchange Commission (BSEC) Tuesday approved the proposed public issue application process at a meeting held at the BSEC office.
At Tuesday meeting, the securities regulator has also slapped fines worth Tk 1.00 million on four directors of the GQ Ball Pen Industries for providing false information in their company's financial statement.
As per the regulatory decision, all stock brokers, merchant banks and banks will complete their preparations by July 15 to adopt the new process of receiving applications for the IPOs.
"The regulator will be informed of the stakeholders' preparation by the stock exchanges, Bangladesh Merchant Bankers Association (BMBA) and Association of Bankers, Bangladesh (ABB) by July 15 next. After getting confirmation on stakeholders' preparation, the regulator will start the new process," said BSEC Executive Director Mohammad Saifur Rahman.
The BSEC imposed a penalty worth 1.00 million on five directors of the GQ Ball Pen Industries for providing false information in the audited financial statement for the year ended on December 31, 2012.
The directors who will have to pay a penalty worth 0.25 million each are: Kazi Salemul Haq, Ms Salma Haq, Kazi M Salman Sarwar and Ms Sara Haq.
The regulator has also decided to send its recommendation to the Institute of Chartered Accountants of Bangladesh (ICAB) for taking next course of actions against the Ata Khan & Company due to its failure in qualifying irregularities in his statement.
IPO application process approved
FE Report | Published: May 21, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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