BSEC extends timeframe till December 31, 2020

DOT Desk
The securities regulator has extended the timeframe till December 31, 2020 for keeping provision against unrealised losses in margin accounts of stock dealers’ and stock brokers’ clients. The unrealised losses took place due to revaluation of portfolios of the merchant banks and stock dealers and their clients, reports the Financial Express BD. The existing deadline of keeping provision against unrealised losses will be ended on December 31, 2018. In 2017, the BSEC also set December 31, 2018 as the deadline for provisioning the unrealised losses. The latest decision came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) on Wednesday, presided over by BSEC Chairman M Khairul Hossain. The securities regulator has taken the decision following the plea of DSE Brokers Association of Bangladesh (DBA), according to a statement issued by BSEC.
DSE Brokers Association on December 9 urged the commission to extend the timeframe by three more years, mentioning the overall bearish trend in the capital market
The market situation has also been taken into account while taking the decision of extending the deadline of keeping provision, BSEC official said.
At Wednesday’s meeting, the securities regulator approved the Silco Pharmaceutical’s application to raise Tk 300 million from public.