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Directors of listed firms must own 2pc, jointly 30pc shares

Published : Monday, 14 February, 2022 at 12:00 AM  Count : 703

Chairman of Bangladesh Securities and Exchange Commission (BSEC) Prof Shibli Rubaiyat-ul-Islam, said directors of listed companies must hold two per cent and jointly 30 per cent shares of their companies in capital market.
He told this while speaking as chief guest at a seminar titled "Obstacles and solutions of good companies to be listed in capital market" in a city hotel on Sunday organized by
The BSEC chairman said, "We are adamant about holding two per cent and 30 per cent shares respectively. It must be kept rightly. You will be director of a company, you will run the company but you will not keep two percent share, how is that?
"So what is your interest? Taking empty salary-allowance, taking advantage? If you are not a part of it, how do you protect the interests of others? Holding two percent share, it has to be done."
He said according to many the rules of holding 2 per cent and 30 per cent shares are not right. It is usual many may not agree.
Shibli Rubaiyat-ul Islam said, "60 years has already passed since DSE's formation. Why has nothing happened in these 60 years? Why haven't we changed people's mindsets in 60 years? So all of a sudden we have to face many problems while trying to change a lot. But we have taken those challenges very easily and are getting good results."
"Employment is our only priority," he said. In trade and commerce, there will be both profit or loss. Whatever the profit and loss, it remains in our country. Someone's profit is someone's loss. But employment is most important.
For this we now have to give utmost importance to CMSME. We did not give importance to our SME sector. If SME sector was given due importance 50 years ago, these companies would have larger than medium today.
The BSEC chairman also spoke about the lending system of the banking sector. He said, why so many non-performing loans in the country? If I did not keep the loan provisioning system in the banking system or if I said loan provisioning could not be done more than once, how many banks would be closed in Bangladesh today?
The BSEC chairman said, "IPO trade and placement trade have been done a lot in the country." Now we bring it to a fairly close position. Someone will trade the IPO and take the money away from the investors but we have managed to stop it.
At the same time, no auditor will now have the courage to report an IPO with erroneous wrong false information. We are taking action against the chartered accountants firms which were involved in these misdeeds.
Among others advisor Akhter Hossain Sannamat and editor Amirul islam Nayan spoke. BSEC former chairman Faruq Ahmed Siddiqui and Bangladesh Merchant Bankers Association president Muhamamd Sayedur Rahman were also present.

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