Regulatory Alerts2009-11-08
Added · Updated
BRPD Circular Letter No. 07: Refund of excess IPO money and transfer of cash dividends
Scheduled banks in Bangladesh are advised to cooperate with the Securities and Exchange Commission's notifications requiring issuers to refund excess money from unsuccessful initial public offer applicants directly to their bank accounts and to transfer cash dividends quickly to shareholders' bank accounts. These obligations stem from SEC notifications dated June 1, 2009, and October 1, 2009, which mandate that issuers declare net asset value and dividend recommendations in board meetings and transfer cash dividends within thirty days of declaration. Issuers must also submit a compliance report to the Commission within seven working days of fulfilling these transfer conditions.
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