Listed firms asked to update their websites

The Bangladesh Securities and Exchange Commission (BSEC) directed all the listed companies to update their information on their respective websites.

The commission recently sent a letter to managing directors of the bourses, asking them to take necessary steps to update the recent or current annual reports, audited financial reports, and lists of board members on the companies' websites.

The BSEC also asked the stock exchanges to send a report on the development within the next seven days.

The directive came in the wake of allegations from a number of shareholders that there is a lack of information and inaccuracies on the websites of some companies. Besides, some did not even upload their annual reports on their websites.

For instance, in the first week of December last year, there was a lack of information and inaccuracies on the website of SS Steel, a listed company in the engineering sector. The DSE sought an explanation from the company.

The websites of Eastern Cables, Aman Feed, and Kay & Que did not have annual reports for FY21. The companies were asked to explain why they did not have the latest annual reports on their websites.

As of Saturday, all three companies updated their annual reports on their respective websites.

In a workshop on 26 February, BSEC Commissioner Shaikh Shamsuddin Ahmed said some companies' websites are still showing the former managing directors or chairpersons as board members even after they died or exited the board by selling shares.

Besides, their websites were showing old financial reports. If the companies do not update their information within the next seven days, the commission would take action, he added.