No need for quarterly reports, half-yearly results will suffice: BSEC chief

Listed firms will no longer need to submit quarterly financial statements as the securities regulator will exempt them from such requirement.

The chairman of the Bangladesh Securities and Exchange Commission (BSEC), Masud Khan, said this at a programme arranged by the DSE Brokers Association of Bangladesh (DBA) to greet the newly appointed chairman and three commissioners.

To reduce the cost of unnecessary compliance, Mr Khan said, "I'm declaring openly that we will no longer require three-monthly reporting. We want half-yearly reporting instead."

He explained that the existing exhaustive process of filing reports by listed entities did not add value; rather, it created discrepancies in the context of following international standards.

The BSEC chief stressed the need to follow International Accounting Standard (IAS) guidelines, which will help companies file condensed interim financial reports.

The BSEC will shift to half-yearly reporting and encourage compliance with international benchmarks in the half-yearly reports, he said.

Mr Khan also vowed that his commission would work differently and resolve problems instead of compounding them.

"What makes this commission different? The exception is only one: we are you. We come from your side," said the BSEC chief.

He also emphasised app-based trading by investors to help reduce complexities arising from paper-based trading. Mr Khan also pledged to extend support for reducing the trading cycle to T+1 from T+2 and gradually to T+0, subject to the adoption of proper risk management frameworks.

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