Clarification for Orders and Notifications including Corporate Governance Code

Bangladesh Securities and Exchange Commission
Securities Commission Bhaban
E-6/C Agargaon
Sher-e-Bangla Nagar Administrative Area
Dhaka-1207, Bangladesh.

NOTIFICATION

5 February 2020

No. BSEC/CMRRCD/2009-193/1/Admin/102.- Whereas, in exercise of the power conferred by section 2CC of the Securities and Exchange Ordinance, 1969 (Ordinance No. XVII of 1969), the Bangladesh Securities and Exchange Commission has made several Orders and Notifications including the Corporate Governance Code vide Notification No. BSEC/CMRRCD/2006-158/207/Admin/80 dated 3 June 2018 (published in the Bangladesh Gazette on 10 June 2018);

And Whereas, the Commission deems it to be proper that, in continuation of the said Orders and Notifications including the Corporate Governance Code, certain clarification is required to be issued in the interest of investors and capital market;

Now, therefore, the Commission hereby issues the following, namely:-

(a) notwithstanding anything mentioned in any of the said Orders or Notifications including the Corporate Governance Code, provisions of the said Orders or Notifications including the Corporate Governance Code shall be subject to mandatory compliance;

(b) refusal or failure or contravention of any of the provisions of the said Orders and Notifications including the Corporate Governance Code are punishable under the penal provision of the Securities and Exchange Ordinance, 1969;

(c) in case of such refusal or failure or contravention, the listed company may be subject to punitive measures including delisting or suspension from trading in the exchange.

By order of the Bangladesh Securities and Exchange Commission

(Signature)
Dr. M. Khairul Hossain
Chairman.