Notification regarding the insurance companies

The Securities and Exchange Commission exempts insurance companies registered before the enactment of the Insurance Act, 2010, from specific conditions of Notification No. SEC/CMRRCD/2009-193/67/Admin/03-55 dated November 14, 2010. The exemption removes the requirement for a minimum paid-up capital of Tk. 30 crore for initial public offerings and the rule that the minimum IPO size must be Tk. 12 crore or at least 10% of total paid-up capital. This exemption applies immediately to the specified entities.

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NOTIFICATION
August 24, 2011
No. SEC/CMRRCD/2009-193/106/Admin/27: Whereas, the Securities and Exchange Commission (hereinafter referred to as “the Commission”) deems it appropriate to exempt certain insurance companies from some conditions of the Notification No. SEC/CMRRCD/2009-193/67/Admin/03- 55 dated November 14, 2010 in the interest of capital market; Now, therefore, in exercise of the power conferred by section 29 of the Securities and Exchange Ordinance, 1969 (XVII of 1969), and in consultation with the Government, the Commission hereby exempts the insurance companies registered before enactment of Insurance Act, 2010 from the following conditions of the Notification No. SEC/CMRRCD/2009-193/67/Admin/03-55 dated November 14, 2010:- (a) Minimum paid up capital (existing + proposed) requirement for initial public offering (IPO) shall be Tk. 30 (Taka thirty) crore; and (b) Minimum size of IPO shall be Tk. 12 (Taka twelve) crore, but that shall not be less than 10% (ten percent) of the total paid up capital (existing + proposed). This shall have immediate effect. By order of the Securities and Exchange Commission

Prof. Dr. M. Khairul Hossain
Chairman.

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Source: Bangladesh Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works