DSE seeks shareholding info from listed firms

The Dhaka Stock Exchange yesterday asked all listed companies to inform the premier bourse of their shareholding positions as of May 21, within this month.
The move comes as a follow-through to the expiry on Monday of the six-month timeframe granted by the Securities and Exchange Commission to non-complying firms to bring their shareholding positions in line with the regulatory directive.
The directive requires directors, sponsors and promoters of listed companies to hold a minimum stake of 2 percent individually and 30 percent collectively. About 950 directors fail to meet this term, according to DSE's primary statistics.
As of May 21, some 550 directors bought shares to meet the regulatory requirement on minimum shareholding.
“But the exchange needs to know the exact number of complying sponsors and directors,” said a DSE official.
“After receiving the shareholding status, the management will send it to the Securities and Exchange Commission for the next course of action,” he added.
The SEC directive on minimum shareholding was meant to stop sales of shares by sponsors and directors and to create a buying pressure in the stockmarket for the benefit of general investors.
There were also allegations that many sponsors and directors sold off their shares but still held the controlling power of the company.