News Clippings
11 March 2021
Contents Section 1 : Bangla News, Page-02 Section 2 : English News, Page-21
Circulated to: DSE Readers
Dhaka Stock Exchange Limited News Clippings
Section 01 : Bangla News
2 News Clippings
Daily Bonik Barta 11 March 2021
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Daily Samakal 11 March 2021
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Daily Nayadiganta 11 March 2021
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Daily Bonik Barta 11 March 2021
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Daily Janakantha 11 March 2021
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Daily Kaler Kantha 11 March 2021
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Daily Ittefaq 11 March 2021
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Daily Share Biz 11 March 2021
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Daily Share Biz 11 March 2021
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Jai Jai Din 11 March 2021
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Bhorer Kagoj 11 March 2021
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Bhorer Kagoj 11 March 2021
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Amader Orthoneeti 11 March 2021
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Bangladesher Khabor 11 March 2021
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Daily Inqilab 11 March 2021
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Section 2 : English News
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The Financial Express 11 March 2021
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The Financial Express 11 March 2021
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The Financial Express 11 March 2021
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The Financial Express 11 March 2021
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Daily Star 11 March 2021
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Daily Star 11 March 2021
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Daily New Age 11 March 2021
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Daily New Age 11 March 2021
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Daily New Age 11 March 2021
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Dhaka Tribune 11 March 2021
ICAB, BSEC team up to authenticate financial statements
Tribune Report
March 11th, 2021
The Document Verification Code (DVC) -- a part of the DVS -- is a system-generated alphanumeric unique ID for audit reports and the financial statements endorsed by practicing chartered accountants
The Bangladesh Securities and Exchange Commission (BSEC) and the Institute of Chartered Accountants of Bangladesh (ICAB) have teamed up to authenticate audited financial statements.
BSEC Commissioner Mizanur Rahman signed a letter of intent with ICAB President Mahmudul Hasan Khusru on Wednesday for getting access to the Document Verification System (DVS).
The Document Verification Code (DVC) -- a part of the DVS -- is a system-generated alphanumeric unique ID for audit reports and the financial statements endorsed by practising chartered accountants.
It can be viewed by government agencies and different stakeholders and regulators, such as the Bangladesh Bank, the Financial Reporting Council (FRC), the BSEC and the Insurance Development and Regulatory Authority covered under the letter of intent or any framework with the institute.
The ICAB introduced the DVS on December 1 last year to curb the malpractice of producing multiple financial statements and to establish transparency and accountability in the accounting system of the country.
The commission would verify the authenticity of any financial statement provided through the new DVS of ICAB, said Mohammad Rezaul Karim, spokesperson of the BSEC.
Access to the system will minimise the fraudulent activities involving financial documents, he added.
The DVS has already become quite acceptable to the business community and other regulatory bodies, according to ICAB officials.
The ICAB has such arrangements with the National Board of Revenue and the FRC.
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The DVS will make the accounting system more acceptable and reliable, they added.
According to ICAB, its registered auditors signed 16,000 financial statements in a year while about 46,000 financial statements were submitted to the Registrar of Joint Stock Companies (RJSC).
There is a huge gap between ICAB’s and RJSC’s figures, suggesting malpractice.
But with the DVS functioning, companies will no longer be able to commit audit fraud.
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The Business Standard 11 March 2021
Firms must allow shareholders’ physical, online presence in general meetings
The securities regulator issued a directive in this regard
From now on, the companies listed on the stock market must keep options for shareholders to participate in all general meetings either in person or virtually.
The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday issued a directive making the rules mandatory for the listed firms.
According to the directive, a company must conduct its annual general meetings (AGMs) and extraordinary general meetings (EGMs) using a hybrid system that would combine the physical presence of a percentage of shareholders at the venue and joining by the remaining shareholders over a digital platform to ensure shareholders rights and compliance with regulatory frameworks.
The companies must notify its shareholders about the address of the meeting venues and web-links for joining the meeting with intimation to the commission and stock exchanges.
The companies must set up a facility through which shareholders would exercise their voting rights, either through paper ballots or electronic ballots, on the resolution proposed to be considered at the general meetings.
The voting system will have a pre-registration facility for attendance of shareholders casting votes and have a log platform.
An issuer company will provide a one-way live display of the proceeding of its general meeting.
Independent service providers or any other entity appointed by the company must provide the service on the digital platform for conducting general meetings or e-voting.
The stock exchanges may nominate any of their senior officials as an observer to oversee the voting process adopted at the general meetings.
The election process and detailed information of the voting results must be authenticated by the stock exchanges. Besides, the authenticated report must be submitted to the commission within two days. Earlier, the commission has facilitated the listed companies to hold AGM or EGM online amid the pandemic.
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The Business Standard 11 March 2021
BSEC to use Icab’s document verification system
Icab introduced the DVS on 1 December last year to curb malpractice of preparing fake financial statements
Bangladesh Securities and Exchange Commission (BSEC) signed a memorandum of understanding (MoU) with Institute of Chartered Accountants of Bangladesh (Icab) on Wednesday to access Icab's document verification system (DVS) to check companies' financial reports.
Icab introduced the DVS on 1 December last year to curb malpractice of preparing fake financial statements and to establish transparency and accountability in the accounting system of the country.
BSEC officials told The Business Standard, the commission would verify the authenticity of any financial statement provided to it through the new DVS of Icab and that would minimise fraudulent preparation and submission of financial statements.
BSEC commissioner Dr Mizanur Rahman and Icab President Mahmudul Hasan Khusru signed the MoU at the BSEC office in Dhaka.
Icab Vice President Maria Howlader and immediate past President Muhammad Farooq were also present at the event. BSEC Chairman Professor Shibli Rubayat-Ul-Islam along with many Icab leaders was also present during the MoU signing ceremony.
Icab said in a statement, the DVS has already become quite acceptable to the business community and other regulatory bodies. Icab has such arrangements with the National Board of Revenue (NBR) and the Financial Reporting Council (FRC).
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As the users of financial statements can verify through the DVS whether the submitted ones are audited by a chartered accountant firm or not, the mutual cooperation would make the accounting system more acceptable and reliable.
Icab also said, around 46,000 annual financial statements are submitted to the Registrar of Joint Stock Companies (RJSC) a year, while Icab members sign around 16,000 of them.
There is a huge gap between Icab's and RJSC's figures and that indicates nearly two-thirds of the annual financial statements are not audited at all.
However, the companies would not be able to commit audit fraud now as the DVS is functioning. The DVS will stop the culture of debt defaulters also, as it helps better due diligences.
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