Floor price withdrawal order cancelled by BSEC after chairman's resignation
Earlier, the stocks of BSRM Limited, Islami Bank Bangladesh Limited and Meghna Petroleum Limited were ordered to be free from the downward price restriction on Tuesday.
The Bangladesh Securities and Exchange Commission (BSEC) has cancelled the order to remove floor prices of Beximco and some other stocks after the resignation of its chairman, who had signed an order to remove the floor prices without any discussion in the commission's regular meetings.
The BSEC Executive Director and Spokesperson Rezaul Karim confirmed the development to The Business Standard today (11 August).
"We've asked the stock exchanges informally not to follow the floor price removal order. The new order is yet to be issued," said Rezaul.
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On Thursday evening, Professor Shibli Rubayat Ul Islam signed the order from outside the office to remove floor prices of Beximco Limited, Khulna Power Company Limites and Shahjibazar Power Company Limited.
Earlier, the stocks of BSRM Limited, Islami Bank Bangladesh Limited and Meghna Petroleum Limited were ordered to be free from the downward price restriction on Tuesday.
The chairman's rush to undo the two-year long restriction before his resignation was criticised as a move to let Salman F Rahman and his followers sell Beximco shares and takeaway funds after the fall of former Prime Minister Sheikh Hasina's government last week.
Neither the removal order nor the cancellation was done through any discussion in the commission's regular meetings.
According to BSEC officials, if the head of a concerned department does not propose a process for commission meeting approval, commission chairman can issue such orders.
