SEC tightens rules to protect market

The Securities and Exchange Commission has tightened further its
rules and regulations to protect the stock market from unusual
influence of price sensitive information. The SEC issued a
circular recently, restricting holding of board meeting of listed
companies during trading hours. In the circular, the country's
capital market watchdog said, the board of directors of the listed
companies should hold their meetings involving price sensitive
information either after the trading hours of stock exchanges or on a
holiday. The SEC also directed all the listed companies other than
ones of life insurance sector to submit their quarterly financial
statements to the stock exchange authorities within 45 days of the
first quarter and 30 days of the 3rd quarter of the financial year.
The companies also asked to publish the statements in at least two
widely circulated national dailies, one in Bangla and the other in
English. In case of significant deviation in any parameter between
the quarterly periods, the listed companies should provide reasons
behind the changes, the SEC circular said. The commission directed
the life insurance companies to submit their quarterly reports to
the bourses within 90 days of the end of first quarter and 30 days of
the 3rd quarter and publish the statements in the same manner of
other companies.