Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996 (Amendment)

Registered No. D.A.-1
Bangladesh Gazette
Extraordinary
Published by Authority
Thursday, January 23, 2020
[ Notification issued in exchange for private individuals and corporations ] Bangladesh Securities and Exchange Commission Securities Commission Building E-6/C Agargaon Sher-e-Bangla Nagar Administrative Area Dhaka-1207, Bangladesh. Notification Date: 10 December 2019 No.-BSEC/CMMRCDI/2001-50/231/Admin/100---The Bangladesh Securities and Exchange Commission, under the powers conferred by Section 24(1) of the Bangladesh Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993), after previous publication, hereby amends the Securities and Exchange Commission (Merchant Banker and Portfolio Manager) Rules, 1996, as follows:--- In the aforementioned Rules,--- Rule 37(2) shall be substituted by the following, namely:--- "(2) A person appointed as Managing Director or CEO shall not be directly or indirectly involved in any transaction other than the purchase or sale of securities on any stock exchange or with any trading member of a stock exchange or any asset management company or any issuer company:
Provided that a merchant banker acting as an issue manager shall not allow the merchant banker or its Managing Director or CEO to purchase or acquire in any other manner any securities of any company for which it is managing the issue:
Further provided that the aforementioned Managing Director or CEO shall not be a shareholder, promoter, or director of any merchant banker." By order of the Bangladesh Securities and Exchange Commission Dr. M. Khairul Hoque Chairman.

Printed by Md. Tarikul Islam Khan, Deputy Director, Bangladesh Government Printing Press, Tejgaon, Dhaka.
Published by Md. Abdul Malek, Deputy Director, Bangladesh Forms and Publications Office, Tejgaon, Dhaka. Ref No: BSEC/CMMRCDI/2001-50/231/Admin/100