The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved drafts of three new rules.
The approval was given at a commission meeting presided over by BSEC Chairman M Khairul Hossain, held at its headquarters.
The drafts will be published soon on daily news paper and official website of BSEC, seeking public opinion.
The rules are Bangladesh Securities and Exchange Commission (Investment Sukuk) Rules, 2019, Bangladesh Securities and Exchange Commission (Exchange Traded Derivatives) Rules, 2019 and Bangladesh Securities and Exchange Commission (Short-sale) Rules, 2019. The Commission meeting turned down a proposal of share purchase agreement (SPA) of United Power Generation and Distribution Company Limited with a foreign company. Following the decision, now the company cannot sell the shares to the foreign company.
The market regulator at the meeting also declined United Power Generation & Distribution Company Limited’s appeal to consider a share purchase agreement between the company and a foreign company regarding sell-off shares of UPGDCL held by United Mymensing Power Limited as the SPA was not signed in line with the securities laws.
The SPA was signed on March 31, 2019 and the commission was informed on April 7.
The commission said that UMPL failed to submit requisite information and documents such as paid up capital of the foreign company and ownership information.
The SPA was not executed in non-judicial stamp, and the current securities laws didn’t support the process of timeframe and setting the value of shares.