The securities' regulator has issued a uniform notification on mandatory requirements, including disclosure of significant deviation in any parameter, of publishing quarterly financial statements (audited or unaudited) by the listed companies.
The officials of the Bangladesh Securities and Exchange Commission (BSEC) have said the quarterly requirements, which earlier were issued through more than one notification, came under a single notification to avoid any conflict with the listing regulations.
"The BSEC's latest notification shall supersede the relevant previous notification and directive issued on requirements of publishing quarterly financial statements," said the BSEC.
The conditions were imposed on the listed companies in the backdrop of publication of quarterly financial statements in newspapers in a very concise form without showing details of some vital components of the financial statements.
The securities' regulator has issued the notification in exercise of power conferred by the Section 2CC of the Securities and Exchange Ordinance, 1969 for the sake of taking knowledgeable investment decisions by the investors.
"In case of significant deviation in any parameter between the quarterly periods, the issuer company shall provide reasons in its financial disclosures," the BSEC notification said.
It also said the issuer shall disclose, among others, comparative net asset value (NAV) per share, earnings per share (EPS) and net operating cash flow per share (NOCFPS) in respect of preceding comparable period for these parameters as declared for the current period's financial statement.
The BSEC notification also said the board of directors of the issuer of a listed security will have to hold the board meeting involving price sensitive decision either after trading hour or on a holiday.
In its notification, the securities regulator included the provision of publishing financial statement for the second quarter (Q2) along with other quarterly statements in at least two widely circulated dailies, one in Bangla and the other in English.
Besides, the listed companies, other than the insurance ones, will have to submit financial statements within 45 days of the end of the first quarter (Q1) and one month of the end of second quarter (Q2) and third quarter (Q3) to the commission and stock exchanges.
Besides, the listed companies, other than the insurance ones, shall submit financial statements within 45 days of the end of the first quarter (Q1) and one month of the end of second quarter (Q2) and third quarter (Q3) to the commission and stock exchanges.
The insurance companies will have to publish and submit quarterly financial statements (audited or unaudited) to the commission and stock exchanges within 90 days of the end of Q1 and one month of the end of the Q2 and Q3.
According to another condition, the issuer of a listed security shall make available the detailed quarterly financial statements in their website.
At the same time, the companies will include the paragraph 'The details of the published quarterly financial statements are available in the website of the company. The address of the website is…' while publishing the quarterly financial statements in the newspapers.
Earlier, the securities' regulator issued one notification on September 27, 2009 and a directive on January 17, 2010 setting the requirements of publishing quarterly financial statements by the listed companies.