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BSEC tightens financial disclosure norms

  • Published at 07:05 pm September 17th, 2016
BSEC tightens financial disclosure norms
The move follows listed companies publishing quarterly financial statements in brief in newspapers without giving details, after which it created a confusion to read the financial statements of the companies. Publishing advertisements with details will be easier to understand them. “In case of significant deviation in any parameter between the quarterly periods, the issuer company must provide reasons in its financial disclosures,” said the BSEC. “The issuer of a listed security will have to make available the detailed quarterly financial statements in their website.” The notification said the issuer must disclose, among others, comparative net asset value per share, earnings per share and net operating cash flow per share in respect of preceding comparable period for these parameters as declared for the current period’s financial statement. The board of directors of the issuer of a listed security will have to hold the board meeting involving price sensitive decision either after trading hour or on a holiday, it added. In its notification, the securities regulator included the provision of publishing financial statement for the second quarter along with other quarterly statements in at least two widely circulated dailies, one in Bangla and the other in English. Besides, the listed companies, other than the insurance ones, will have to submit financial statements within 45 days of the end of the first quarter and one month of the end of second quarter and third quarter to the commission and stock exchanges, it said. Besides, the listed companies, other than the insurance ones, shall submit financial statements within 45 days of the end of the first quarter and one month of the end of second quarter and third quarter to the commission and stock exchanges, according to the notification. It said the insurance companies will have to publish and submit quarterly financial statements (audited or unaudited) to the commission and stock exchanges within 90 days of the end of quarter one and one month of the end of the quarter two and three. At the same time, the companies will include the paragraph ‘The details of the published quarterly financial statements are available in the website of the company. The address of the website is…’ while publishing the quarterly financial statements in the newspapers.
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