** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

Govt to empower BSEC to dissolve board on its own

28 March 2023

Business Report :
The Ministry of Finance recently drafted rules to empower the Bangladesh Securities and Exchange Commission (BSEC) for allowing the regulator to dissolve any board of listed companies without plausible hearing if they fail to submit financial reports or non-comply with corporate governance.
The Financial Institutions Division published the draft of the Bangladesh Securities and Exchange Commission Act, 2022 on March 5 and sought feedback from stakeholders.
If the listed issuers fail to submit the annual reports or any other reports or break rules, the commission can restructure the board, the draft act said.
In the case of board restructuring, the commission would consult with the primary regulator of listed companies.
The commission can't restructure the board without holding a logical hearing.
To strengthen and modernize the legal structure of the BSEC, the government has published the draft act, updating the Bangladesh Securities and Exchange Commission Act, 1993 and the Securities and Exchange Ordinance, 1969.
The draft act also proposed some new issues that were not included in the previous act and the ordinance.
To reach the goals under the proposed act, the government would form one or more special tribunals. If anyone breaks rules and regulations, trials would be carried out at the tribunal.
The BSEC will be able to form an advisory committee composed of people who have in- depth knowledge of securities and laws.
If anyone manipulates stocks and the commission files cases with courts, they may face imprisonment for up to 10 years, a fine of at least Tk10 lakh, or both.
Funds earned through manipulation or any other illegal ways will be forfeited and compensated among the victims.
The compensation should at least double the loss, it added.
The proposed act has empowered the commission to carry out intelligence activities to get advance information on stock manipulation.

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