& çâÌæÚUæð´ ·¤è ¥ôÚU Îð¹Ùæ ÁæÚUè ÚU¹ð´ ¥ÍæüÌ ¥ÂÙð ÜÿØ ÂÚU ŠØæÙ ÚU¹ð´Ð ãæÚU Ù ×æÙð´, €UØô´ç·¤ ·¤æ× ·¤ÚUÙð âð ¥æÂ·¤ô ©gðàØ ·¤è Âýæç# ãôÌè ãñ ¥õÚU ÁèßÙ ·¤æ ¹æÜèÂÙ ÎêÚU ãôÌæ ãñÐ ÖÜð ãè ÁèßÙ ×ð´ ç·¤ÌÙè Öè ·¤çÆÙæ§ü €UØô´ Ù ¥æ°, çÁ™ææâæ ¥õÚU ©ˆâæã ÕÙæ° ÚU¹ð´Ð ŠØæÙ ÚU¹ð´, ÜÿØ ã×ðàææ ¥æÂ·Ô¤ Âæâ ãôÌð ãñ´ çÁ‹ãð´ ÂæÙð ·Ô¤ çÜ° ÂýØæâ ¥æÂ ·¤Öè Öè àæéM¤ ·¤ÚU â·¤Ìð ãñ´Ð

DSE chief backs regulator's directive on shareholding

Star Business Report
The directive on minimum shareholding by sponsors and directors of listed companies was a pragmatic move by the regulator for the sake of the market, DSE chief said yesterday.
“We will place all necessary facts and figures before the court, and we hope the court will understand why the directive was issued,” Dhaka Stock Exchange President Rakibur Rahman told reporters after a meeting withAttorneyGeneralMahbub-e-Alam.
The meeting was held following a petition of Sheikh Abdul Momen, husband of the late Masuda Begum, a sponsor of NCC Bank Ltd, on Sunday challenging the regulator's directive on minimum shareholding.
The High Court on Sunday asked regulators to explain why the directive for directors to hold at least 2 percent stakes in their companies should not be declared illegal.
The court also directed the chairman of the Securities and Exchange Commission, finance secretary, commerce secretary, Bangladesh Bank governor, managing director of NCC Bank, registrar of Joint Stock Companies and Firms, and Dhaka and Chittagong bourses to explain within four weeks as to why the directive will not be declared illegal.A bench of Justice Farid Ahmed and Justice Sheikh Hassan Arif issued the rule after hearing the petition.
The DSE president said, “We expect all investors will understand the matter."
After the meeting with the DSE, the attorney general said the HC did not issue any stay order on the directive of the Securities and Exchange Commission.
The court issued a rule asking the regulators to explain why the directive would not be declared illegal, he said, adding that it means the directive still remains effective.
The SEC on November 22 last year made it compulsory for sponsors, directors and promoters to hold at least 2 percent stakes individually in their own companies.
The stockmarket regulator also made it mandatory for sponsors, directors and promoters of a listed firm to jointly hold a 30 percent stake in the firm.
The SEC set a six-month timeframe till May 22 this year for the sponsors, directors and promoters, who are now jointly holding less than 30 percent and individually 2 percent shares, to acquire the rest of the amount.
The petitioner's lawyer Barrister Riaz Uddin on Sunday said Abdul Momen's wife was a sponsor of NCC Bank and after her death on November 2 last year, Momen intended to become the sponsor of the bank.
Meantime, as the SEC on November 22 last year issued the directive on sponsor shareholding, the bank asked Momen to obtain a no-objection certificate from the regulator. But the SEC refused to give the certificate.
Riaz Uddin said the SEC cannot impose any condition on a company's sponsorship or directorship. Sponsorship or directorship of a bank is a matter of the Companies Act or Banking Companies Act or the central bank.
“We challenged the SEC order regarding 2 per-