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SEC considers doing away with lock-in to ease share crisis

By M Shamsur Rahman
The capital market regulators are considering withdrawal of the much debated Tock-in’ on privately placed shares to ease the scrip crisis In the market.
In its weekly coordination meeting yesterday, the Securities and Exchange Commission (SEC) decided that the lock-in system may be relaxed for issues having large financial base and practising good corporate governance.
Currently there is a restriction on offloading shares bought in bulks through private placement system.
“Withdrawal of such restrictions should encourage more
companies to go public and meet the huge demand tn the secondary and primary markets," one SEC official said.
The meeting also decided to evaluate the performance of the issue managers as some of them have recently been found to have concealed valuable Information regarding some IPOs.
To further increase the number of shares in the market. the SEC will request the government to offload its shares held in different profitable multinational companies. officials said.
“Investors' response to new issues Is noteworthy." one SEC
official said quoting its Chairman Manir Uddin Ahmad in the meeting. "This Is reflected by the fact that new Issues are oversubscribed by three to four times.
He said that entrepreneurs should issue initial public offerings (IPOs) to tap fund from the primary market.
SEC checks Meghna Cement price sensitive information
The SEC yesterday Issued a letter to the Meghna Cement asking it to provide documentary evidences in support of a public statement by the com-
pany on Monday last.
In its public announcement, the company declared that it lias successfully completed an expansion work to Increase its production capacity from the present 300,000 metric tonne to 10,00.000 tonne.
“The new unit will commence commercial operation from July 11, 2000," the announcement said
The SEC has asked the company to provide documents to substantiate the claims.
SEC officials said that such announcements need to be verified as Investors take decisions based in such disclosures.