SEC requests firing of 17 overseers of nine organizations

The Securities and Exchange Commission has requested the firing of 17 chiefs from nine organizations for their inability to fulfill inside the time constraint the conditions on holding least two percent shares.

The controller sent the request to the Registrar of Joint Stock Companies and Firms, the Dhaka and Chattogram stock trades, and the Insurance Development and Regulatory Authority on Sunday, said SEC representative Mohammad Rezaul Karim.

The law directs an overseer of a recorded organization must have least two percent portions of the firm.

The SEC on Jul 2 gave 61 overseers of 22 organizations 45 working days to conform to the law.

Upwards of 25 of them satisfied the condition while 19 others left the sheets of chiefs.

The cutoff time finished on Sep 2, however the controller gave authorities until Sep 15 to investigate the issue.

SEC Chairman Shibli Rubayat-Ul-Islam on Friday told the 17 chiefs who didn’t agree to the standards will be taken out soon.

The majority of the organizations where the 17 held chief’s position are in the protection segment.

They are Asia Insurance, Bangladesh General Insurance, Continental Insurance, Dulamia Cotton, Eastern Insurance, Exim Bank, Imam Button, Intech Limited, Karnaphuli Insurance, K&Q, Meghna Life Insurance, Mercantile Insurance, Prime Islami Life Insurance, Progressive Life Insurance, Probhati Insurance, United Air, Fu-Wang Ceramics, Purabi General Insurance, Standard Insurance, WATA Chemicals, Bangladesh National Insurance and Paramount Insurance.

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