Three listed FIs exempted from quarterly reports

Dhaka,  Monday,   2016-09-22
Published : 22 Sep 2016, 21:43:04 | Updated : 22 Sep 2016, 21:43:34

Three listed FIs exempted from quarterly reports

FE Report

The securities regulator has exempted three listed financial institutions (FIs) from submission of quarterly financial statements up to December this year to facilitate them preparing for complying with a provision of uniform income year (January-December) for all the companies, officials said.

The companies - Investment Corporation of Bangladesh (ICB), Delta Brac Housing Finance Corporation and MIDAS Finance - sought the exemption so that they could prepare for complying with the provision of uniform income year in accordance with the Finance Act, 2015 (Act No. 10 of 2015) and Finance Act, 2016 (Act No. 28 of 2016).

The FIs now prepare the financial statements considering July-June period as the financial year while all other banks, financial institutions and insurance companies consider it from January to December period.

Bangladesh Securities and Exchange Commission (BSEC) had earlier asked all the listed banks, insurance companies, FIs and their subsidiaries to comply with the uniform income year.

The subsidiaries of the three FIs having their financial year ending in June also prepare financial statements considering July-June as income year.

"The subsidiaries of all listed banks, financial institutions and insurance companies are also required to prepare financial statements considering January-December as income year. And the parent companies will ensure this requirement set in Finance Act, 2016," said a senior BSEC official.

In early May this year, the BSEC exempted the listed companies - other than banks, insurance companies and FIs - from some provisions of the securities rules to facilitate them to introduce uniform income year from July to June.

Meanwhile on Thursday, the securities regulator approved the prospectus of 7th ICB Growth Fund. The fund is about to complete its conversion from its previous closed-end form.
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