FE Report (January 17, 2011)
The securities regulator Sunday ordered ten companies to trade on the main board of the Dhaka Stock Exchange after they converted their paper scrips into electronic shares, officials said.
Last year the firms were demoted to the over-the-counter (OTC) market, where trading is conducted manually, after they failed to convert their paper shares before a deadline set by the Securities and Exchange Commission.
The promotion will be effective from January 23, the SEC said in a directive.
The companies are: Bangladesh Services, Samata Leather, Anlima Yarn, Alltex Industries, Modern Dyeing and Screen Printing, Zeal Bangla Sugar Mills, Shyampur Sugar Mills, Renwick Jagneswar, Northern Jute Manufacturing and Orion Infusion.
With the promotion, the main DSE board will have 471 listed securities, mutual funds, bonds and debentures.
The SEC is forcing paper shares out of circulation as part of its wide-ranging moves to ensure transparency in trading. Paper shares have been blamed for stock manipulation in 1996.
The securities regulator Sunday ordered ten companies to trade on the main board of the Dhaka Stock Exchange after they converted their paper scrips into electronic shares, officials said.
Last year the firms were demoted to the over-the-counter (OTC) market, where trading is conducted manually, after they failed to convert their paper shares before a deadline set by the Securities and Exchange Commission.
The promotion will be effective from January 23, the SEC said in a directive.
The companies are: Bangladesh Services, Samata Leather, Anlima Yarn, Alltex Industries, Modern Dyeing and Screen Printing, Zeal Bangla Sugar Mills, Shyampur Sugar Mills, Renwick Jagneswar, Northern Jute Manufacturing and Orion Infusion.
With the promotion, the main DSE board will have 471 listed securities, mutual funds, bonds and debentures.
The SEC is forcing paper shares out of circulation as part of its wide-ranging moves to ensure transparency in trading. Paper shares have been blamed for stock manipulation in 1996.
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