Spl audits of many listed cos being done by regulator, says BSEC chief

The chairman of Bangladesh Securities and Exchange Commission (BSEC) said the regulator conducts special audits of many listed companies along with looking into their operations for the sake of market.

The BSEC chairman Prof. Shibli Rubayat Ul Islam said this on Saturday at a seminar titled 'Role of Capital Market for the Development of SME Sector' arranged by the daily banijjoprotidin.

"While conducting special audits and inquiries, the securities regulator sometimes become afraid of window-dressed balance sheets prepared by many listed companies," the BSEC chairman Prof. Islam said.

At the seminar held at the auditorium of Economic Reporters' Forum (ERF), the chairman said the regulator sits with many companies every day to discuss different issues in a bid to know their mind-set.

"Apart from the money laundering incidents conducted willingly by many ones, many companies' face vulnerability due to real deterioration in businesses."

Such development also comes under our observations," Prof. Islam said while speaking on many sponsor-directors of OTC (over-the-counter) companies who left country.

He said the securities regulator takes due measures against unscrupulous persons for the sake of companies.

Conducting a special audit, the securities regulator earlier revealed the embezzlement of a substantial amount of money by the sponsor-directors of Far East Islami Life Insurance Company.

While speaking on the ups and downs of the market, the BSEC chairman said the stock market can see some corrections after an upward movement.

"But the investors are panicked following such corrections. The market will be stable if investors follow Warren Buffett in case of choosing the time of purchasing and selling stocks."

The BSEC chairman also said the stock market is under the strong monitoring of the securities regulator.

"There is no chance of the repetition of 2010."

The BSEC chairman Prof. Islam also said the regulator is working to facilitate the growth of the companies of the SME sector.

The president of Bangladesh Merchant Bankers Association (BMBA) Md. Sayadur Rahman said the SME companies listed with the exchanges' SME board should be waived from the provision of distributing dividend for two years.

BSEC executive director and spokesperson Mohammad Rezaul Karim, DSE managing director Tarique Amin Bhuiyan and the Capital Market Journalists Forum's president Hasan Imam Rubel were also present at the seminar.

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