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The securities regulator has come down heavily on the listed firms which do not publish financial data on the websites in line with the securities rules.
“Reliable information is not available on the websites of many listed companies. Even some of the companies are yet to make public the last year’s audited reports. Their annual reports are also not available,” Bangladesh Securities and Exchange Commission (BSEC) Commissioner Shaikh Shamsuddin Ahmed said at an event on Sunday.
“The investment decision was hampered due to non-publishing the financial reports in due time,” he said.
He said that many companies did not respond to the repeated instructions on updating the financial information on their websites.
Sounding the tougher action against the companies that will fail to do so, the BSEC commissioner said, “The BSEC does not want to take any strict actions against anyone for this. However, as a regulatory body, there is an opportunity to take such action, which everyone should keep in mind.”
Delays in regulatory financial reporting and dividend declaration have far-reaching consequences for companies and even for their shareholders, according to analysts. Investors are deprived of timely financial data that helps them make investment decisions, they added.
The event was organised jointly by the Capital Market Journalists Forum (CMJF) and the Dhaka Stock Exchange (DSE) on “Exchange Traded Fund (ETF), at its auditorium. It is mandatory for every listed company to publish their audited financial reports within 120 days after the end of the financial year, according to the listing rules.
Listed companies should inform the investors within 30 days after the final approval of the dividend at the annual general meeting.
There is also a provision for the listed companies to publish their financial statements in the newspapers and websites immediately after the end of the financial year. Many companies do not comply with the rules.
