The capital market regulator Bangladesh Securities and Exchange Commission (BSEC) decided to lift the floor price (minimum limit) from the remaining 6 companies. An instruction in this regard was also issued on August 8. However, BSEC suspended the decision before it could take effect on Sunday (11 August).
BSEC Executive Director and Spokesperson Mohammad Rezaul Karim confirmed this information to press on Sunday (August 11) morning. He said, the remaining companies whose decision was taken to lift the floor price have been withdrawn today. However, no written order or instructions have been issued in this regard yet. Instructions in this regard will be issued soon.
Meanwhile, on August 8, BSEC’s outgoing chairman Prof. Shibli Rubaiyat-ul-Islam took the decision to withdraw the floor price. However, he resigned on the night of August 10. After his resignation, the BSEC suspended the directive.
According to the commission’s directive, the floor price was withdrawn from Beximco, Khulna Power and Shahjibazar Power on August 11. And from August 14, the floor price was withdrawn in BSRM Limited, Islami Bank and Meghna Petroleum.
It is to be noted that, unable to stop the decline in the capital market, BSEC has imposed floor price on shares in several rounds in the last four years. The floor price was first imposed in March 2020 but was withdrawn in July 2021. Then BSEC imposed floor price again in July 2022 due to Russia-Ukraine war. At this stage, the regulatory agency BSEC came under criticism if the share trading decreased significantly.
