Free Essay

Sec Bangladesh

In: Business and Management

Submitted By amitice
Words 1495
Pages 6
Bangladesh University of Professionals
EMBA , Legal Environment of Business. Dr. Ridwanul Hoque: ridwancu@yahoo.com

Regulation of business

What is regulation?: t o say what to do and what not to do; to draw a periphery of corporate powers.

And, is regulation anti-thesis to financial regulation thought to be generative of economic progression?: It is in no way a hindrance to economic performance by corporate entities.

Absence of regulation leads to non-environment for business and the dilution of shareholders’ interests.
Importance of regulation can be understood with a reference to the benefits of state control in the banking sector. One can take, for example, the case of the recent saga of Oriental Bank Ltd., in the morbid-situation of which the state intervened to protect the public’s money from being further lost. To note one author:

“ Depositors entrust their savings to a bank, based on faith that thus money will be duly safeguarded and returned to them when they need it, The banks, in turn, lend their depositors money to borrowers … based on a trust that he borrowers will return the money ….”.[1]

In order to protect the public interest and the business trust as depicted in the above paragraph, there needs to be legal protection in place. This is where state regulation comes into play in the marker arena.

Two ways of regulating market are: legal regulation and corporate governance regime (which may be based on both private initiates and public regulations).

Securities and Exchange Commission

Laws: Securities and Exchange Ordinance 1969;[2] and the Securities and Exchange Commission Act 1993.

Bangladesh’s securities market dates back to the Pre-Independence era. It has, however, yet to make any remarkable progress. Lack of proper regulatory role of the Securities and Exchange Commission, there are some amount of erosion of confidence amongst the investing people.

The SEO provides for a number of rules relating to the dealing in securities fairly, including rules relating to issue of capital,[3] public issues,[4] and so on, in order to increase the confidence of the public in the market.[5] E.g., the Ordinance provides for the disclosure of certain compulsory information (price sensitive).A bye-law [The SEC (prohibition of Insider Trading) Rules 1995][6] prohibits insider trading: penal[7] and civil consequences are there: see. Article 5 of this Regulation. According to this and others laws, companies need to disclose price-sensitive information to the public,[8] in order that no insider trading takes place.
Yet, insider trading is a major factor ailing the Bangladeshi companies. Citing Sobhan and Werner who wrote in 2003, Kutubi writes:[9]

There are several examples of directors themselves being engaged actively in underhand dealings and insider trading for personals gains in both corporate and banking sectors in Bangladesh.

Also, s. 14 of the Ordinance provides that if a any director or officer of an issuer of a listed equity security [or any person who is directly or indirectly the beneficial owner of not less 10% of such securities] makes any gain by the purchase and sale, or the sale and purchase of securities, s/he must make a report within 6 months and tender the amount of such gain to the issuer.

Prohibition of short-selling: to sell securities which a person does not own at the time of selling. He sells in anticipation that the market price will later fall when s/he will actually own the shares/securities.[10]

Fraudulent activities:
S. 17 of the SEO provides that it is unlawful for anyone to engage in any fraudulent activity cornering the selling and buying of securities. Acts of fraud in this regard are defined to be acts inducing, affecting, dissuading, or influencing the sale or purchase of any securities to the benefits of the offender. The law provides for both civil and criminal consequences: see. S. 24.

Securities and Exchange Commission:[11]

A statutory body of five members with the Chairman as its head, the SEC is the premier capital market watchdog. It can impose penalty, can conduct inspection, and can require any person to supply any documents. It has recently been given the power to regulate some newly introduced companies like the credit rating companies along side its old role of regulating securities, issuers,[12] or companies.

The SEC regulates the companies, among others, by approving prices of shares, initial public offering, and issue of capital.

S. 2A of the SEO provides that every issuer must take previous approval of the SEC before it can make an issue of capital in or outside Bangladesh, or make in Bangladesh any public offer of securities for sale, or renew or postpone the date of maturity or repayment of any security maturing for payment.

While according consent to the issue of capital, the SEC can attach conditions u/s. 2CC of the SEO. The Commission by virtue of an order [No. SEC/CMRRCD/2006-158/Admin/02-08; Dated the 20th February, 2006] has issued corporate governance guidelines to be followed by listed companies on a ‘comply or explain’ basis. These guidelines are indeed ‘conditions’ attached to the issue of capital by the companies listed (or to be listed in future) with any stock exchange in Bangladesh. The Guidelines proclaim that they intend to enhance corporate governance in the interest of investors and the capital market. Non-compliance with these ‘conditions’ (?) is punished only by ‘naming and shaming’ the company, as these are indeed Code of Ethics.

The SEC has a quasi-judicial power, i.e., to hear appeals filed by investors against any corporate unfairness.

Although, it is the function of a Stock Exchange to enlist companies for the puspose of public trading, The SEC may order the compulsory listing of any company with any Stock Exchange in the public interest. S. 10 of the SEO 1969 provides that where the SEC is of the opinion that it is necessary or expedient in the public interest so to do, it may, after consulting a Stock Exchange and giving the issuer of such security an opportunity of being heard, direct the Stock Exchange to list the security.

Stock Exchanges (established under licenses from the SEC).

Dhaka[13] and Chittagong Stock Exchanges: These are private entities but have n important public function of regulating companies by requiring them to observe certain rules and regulations or business standards.[14] The Listing Rules of DSE and CSE provide for both conditions precedent to the enlistment with them and continuing obligation rules that a listed company is to observe as a condition subsequent. For the breach of a continuing obligation, a company may face suspension of trading in the market or even expulsion (delisting).

CSE listing rules[15], e.g., provide rules relating to prospectus, a and allotment, issue and transfer of shares. These regulations apply to all companies and Securities applying for listing and those listed on the Exchange.

Contractual (along with legal-abidingness):
Under regulation no. 5 (1), it is a condition for seeking permission that the Company or the Securities has provided as undertaking to abide by these regulations.

-----------------------
[1] Kutubi, Shawagt S. 2006., as in note 9 below, at p. 2.
[2] Supplemented by the Securities and Exchange Rules 1987.
[3] See Securities and Exchange Commission (Issue of Capital) Rules 2001, as framed by the SEC.
[4] See the Public Issue Rules 2006, as framed by the SEC.
[5] The preamble to the Ordinance proclaims that its objective is to “provide for the protection of investors, regulations of capital markets and issue] and dealings in securities”.
[6] See the website of the SEC:
[7] See rules 2(e) and 3 of the Rules of 1995, and s. 8 (2) of the SEC Act 1993. Insider Trading can also be prosecuted under s. 17 of the SEO 1969. See M. Zahir, at p. 284.
[8] Financial reporting requirement and disclosure obligations are basically provided from the Banking Companies Act 1991, the Companies Act 1994, and the SEC Rules 1987.
[9] Kutubi, Shawagt S. 2006. Bank regulation and corporate governance under financial liberalization: A case study of private commercial banks in Bangladesh. London: School of Oriental and African Studies (Unpublished MSc Dissertation at the Department of Economics), at p. 24.
[10] See s. 13 for short-selling. However, Bangladeshi law does not specifically provide for the prohibition of market manipulation (by buying out securities of a particular company).
[11] See for a impressionistic view, Solaiman, M. /Securities market in Bangladesh: Problems and Suggestions’, 3 (1998) Chittagong University Journal of Law, pp. 41-67.
[12] See, e.g., s. 11 of the SEO 1969: “An issuer of a listed security shall furnish to the Stock Exchange, to the security holders and to the Commission an annual report of its affairs […]”.
[13] Visit: http://www.dsebd.org/
[14] For Corporate Governance Guidelines provided by the DSE see: http://www.dsebd.org
[15] See THE LISTING REGULATIONS OF THE CHITTAGONG STOCK EXCHANGE LIMITED.

Similar Documents

Premium Essay

Sec of Bangladesh

...1. ORIGIN OF THE REPORT This assignment is originated as the course requirement of FIN 335, which is termed to be a major course for the B.B.A program. As this assignment is based on Security Exchange Commission of Bangladesh, so we have to work with limited time. We were assigned the assignment on “Security Exchange Commission” around 30 days ago, and we went around looking for its source of existence and also searched the internet to get enough updated knowledge. 1. OBJECTIVE OF THE STUDY ➢ To present an overview of Security Exchange Commission. ➢ The Function of Security Exchange Commission. ➢ The objective of this report is to make readers know about Security Exchange Commission of Bangladesh. 1.2SCOPES AND METHODOLOGY OF THE REPORT SCOPE: After being assigned the assignment, we found that the scope of the report was confined to various related websites. The report is solely based on terms and concepts related to Security Exchange Commission. METHODS: This assignment has been prepared on the basis of experience gathered during the period of FIN 335 course. For preparing this assignment, we have also got information from various websites and Security Exchange office at Motijheel ‘ Jibon Bima Bhaban ‘which may provide successful results considering this report. 1.3 LIMITATIONS ✓ Some websites had no direct reference. ✓ Unable to collect enough information from due to their official restrictions. ...

Words: 13183 - Pages: 53

Premium Essay

Sec of Bangladesh

...History First incorporated as East Pakistan Stock Exchange Association Ltd in 28 April 1954 and started formal trading in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23 June 1962. Again renamed as Dacca Stock Exchange Ltd in 13 May 1964. After the liberation war in 1971 the trading was discontinued for five years. In 1976 trading restarted in Bangladesh, on 16 September 1986 DSE was started. The formula for calculating DSE all share price index was changed according to IFC on 1 November 1993. The automated trading was initiated in 10 August 1998 and started on 1 January 2001. Central Depository System was initiated in 24 January 2004. As of November 16, 2009, the benchmark index of the Dhaka Stock Exchange (DSE) crossed 4000 points for the first time, setting another new high at 4148 points. In 2010, the index crossed 8500 points and finally crashed in the first quarter of 2011. Millions of investors lost their money and came out onto the street blaming the speculators and regulators for the bubble that finally burst. [edit]Formation Dhaka Stock Exchange (DSE) is a public limited company. It is formed and managed under Company Act 1994, Security and Exchange Commission Act 1993, Security and Exchange Commission Regulation 1994, and Security Exchange (Inside Trading) regulation 1994. The issued capital of this company is Tk. 500,000 which is divided up to 250 shares each pricing Tk. 2000. No individual or firm can buy more than one share. According to......

Words: 548 - Pages: 3

Free Essay

Hrm Assignment

...market is largest and oldest trading organization in Bangladesh, with years of experience. Adaptation of modern technology both in terms of equipment and trading practice ensures efficient service to clients. Capital market serves both clients and country and it strive to be the acknowledged global leader and preferred partner in helping our countries succeed in the worlds rapidly evolving financial market. This report is basically the analysis of capital market’s inner strengths and the inside forces that affect the organization. The organization has full power over these forces and can use them effectively. There are, of course, many different forces that work within an organization, and we have explained a few of them in the following passages to illustrate the condition of capital market. In this report we find out the history of this market. That means what is the background of this market, trading process, present condition, and future opportunity of this organization from the perspective of information. The main purpose of the study is to compare the theoretical knowledge with practical scenario and at the same time get an in-depth knowledge about capital market and its policies. In order to serve this purpose the following Main Discussion History of Bangladesh Capital Market: The first concept capital market was come from USA at Wall Street in 1653. It came to South Asia in 1890. The origin of Stock Market in Bangladesh was 28th April1954 named as East Pakistan Stock......

Words: 777 - Pages: 4

Premium Essay

Bangladesh Capital Market

...Bangladesh Capital Market Brief History of Capital Market: • Concepts started in USA at Wall Street in 1653. • It came to South Asia in 1890. • The origin of Stock Market in Bangladesh goes back to 28th April 1954 named East Pakistan Stock Exchange association at Narayangonj. Later it was s renamed East Pakistan Stock Exchange Ltd and Trading was started in 1956. History of Bangladesh Capital Market: • East Pakistan Stock Exchange transferred in Dhaka in 1958. • In 1964 it was renamed as Dhaka Stock Exchange Ltd. • In 1976 Dhaka Stock Exchange Ltd started its operation with a bit different version. • Securities & Exchange Commission (SEC) was established in 1994 to enhance the efficiency of country’s capital market. • A big wing of Bangladesh capital market, Chittagong Stock Exchange (CSE) incorporated in 1995. Our Capital Market Products: • Shares • Debentures • Mutual Funds • Bonds • Derivates • Future & Options Capital Market Players: • Investors • Private Limited Company • Stock Exchange (DSE & CSE) • Brokers & Dealers • Merchant Banks • Securities and Exchange Commission (SEC) • Central Depository Bangladesh Limited (CDBL) Bangladesh Capital Market: Capital market is the market for securities, where companies and governments can raise long term funds. It is a market where money is lent for periods longer than a year. Capital market includes the stock market &......

Words: 404 - Pages: 2

Free Essay

Itb301

...paint an attractive picture of its financial conditions so that the shares may be quoted at a premium. Finally, a company having its shares listed in the stock exchange may declare and pay high dividends based on inflated profits through overvaluation of assets, undervaluation of liabilities and change in systems of stock valuation that may boost the image of the company at least in the short run. Unethical considerations in creative accounts have developed to such depths that terms like fraud audit and forensic accounting have gained currency and are becoming new professions. Accounting practitioners and auditors are increasingly required to appear in courts for deposition This paper is an outcome of a study of Creative Accounting in Bangladesh and global perspectives. Global scenario is included in the study to illustrate the extent of creative accounting practice. Creative accounting could be a blessing or a curse. It is a blessing where something new is introduced to refine the accounting system and therefore becomes an addition...

Words: 3226 - Pages: 13

Premium Essay

Report on Atn

...that deliver customer value and delight and build strong customer relationships. For this reason need a communicative channel. Significance of the Report: [pic] Marketing is the part and parcel of everyone . It is not only related in the business, it also affects human life as well as social life. The length of human life is short but the length of business is so large. So, we can say that marketing is a relevant tropic right now. As a mandatory part of the BBA program, some of the students of Faculty of Business, Bangladesh University of Business & Technology has to prepare a report on BTV channel. Objective of the Report: [pic] There are two types of objective of this report. These are given below: Broad Objective: ← To know the interrelation between the channel and on air program. Specific Objectives: ← Making the relation suitable among viewers.. ← To know the working process of the channel. ← Bangladesh as a...

Words: 2958 - Pages: 12

Premium Essay

Bsrm Prospectus

...Issuer BSRM Steels Limited Issue Managers ■ ■ ■ Alliance Financial Services Limited South Asia Capital Limited “If you have any query about this document, you may consult issuer, issue mangers and underwriters” PROSPECTUS OF BSRM STEELS LIMITED FOR ISSUE OF 2,000,000 ORDINARY SHARES AT TK.100.00 EACH TOTALING TK.200, 000,000 Opening date for subscription November 09, 2008 Closing date for subscription November 13, 2008 For Non-Resident Bangladeshi Quota subscription closes on November 22, 2008 Managers to the issue ■ ■ ■ Alliance Financial Services Limited South Asia Capital Limited Underwriters South Asia Capital Limited Nascent Tower (2nd floor) 806/A, Agrabad C/A, Chittagong Trust Bank Limited Peoples Insurance Bhaban 36, Dilkusha C/A, Dhaka- 1000 Equity Partners Limited 9/E Motijheel C/A Dhaka- 1000 CREDIT RATING BY CREDIT RATING INFORMATION AND SERVICES LIMITED Long Term A Short Term ST-3 Entity Rating Issue date of the prospectus: October 12, 2008 The issue shall be placed in “N” Category BSRM STEELS LIMITED Corporate Head Office: Ali Mansion, 1173/1207 Sadarghat Road, Chittagong Project Site: 4 Fouzderhat Industrial Estates, Latifpur, Sitakunda, Chittagong “CONSENT OF THE SECURITIES AND EXCHANGE COMMISSION HAS BEEN OBTAINED TO THE ISSUE/OFFER OF THESE SECURITIES UNDER THE SECURITIES AND EXCHANGE ORDINANCE, 1969, AND THE SECURITIES AND EXCHANGE COMMISSION (PUBLIC ISSUE) RULES, 2006. IT MUST BE DISTINCTLY UNDERSTOOD THAT IN GIVING THIS......

Words: 28995 - Pages: 116

Premium Essay

Mobile Bank

...Letter of Transmittal To Shah Redwan Chowdhury Lecture, Department of Management Studies Jagannath University, Dhaka. Subject: accepting the project paper on “The Mobile Banking in Bangladesh: A study of prospects and challenges”. Dear Sir, We would like to take this opportunity to thank you for the guidance and support you have provided us with during the course of this report. Without your help, this report would not have been possible to complete. In response to your report we are submitting our task. We have tried to make it more informative and realistic. We think that we have done it and it will be able to fulfill your requirements. We therefore pray and hope that, you would be kind enough to evaluate our task and give feedback of our assignment and oblige thereby. Sincerely Yours, Tarek Mahmud BBA 2nd batch, sec-B Id- 06671610 Dept. Management Studies Jagannath University, Dhaka. Acknowledgement First of all we would like to show our deepest respect and thanks to Almighty God who blessed us to accomplish the report, which is an essential part of B.B.A. Program. This report is prepared with the best effort with a feeling of great pleasure and satisfaction. The report on “The Mobile Banking in Bangladesh: A study of prospects and challenges” results from considerable intellectual and moral support given by our Honorable teacher Mr. Shah Redwan Chowdhury, Department of Management studies, Jagannth University. He has been our supervisor......

Words: 333 - Pages: 2

Free Essay

Prospectus

...PROSPECTUS [pic] (Logo is blurred. Please provide us with a better soft copy) Contents Contents 1 1. STATUTORY CONDITIONS 6 DISCLOSURE IN RESPECT OF ISSUANCE OF SECURITY IN DEMAT FORM 6 CONSENT TO COMMENCE BIDDING BY THE ELIGIBLE INSTITUTIONAL INVESTORS FOR PRICE DISCOVERY OF ISSUANCE OF 38,600,000 ORDINARY SHARES OF HAMID FABRICS LTD 6 GENERAL INFORMATION 8 2. DECLARATIONS AND DUE DILIGENCE CERTIFICATES 9 DECLARATION ABOUT THE RESPONSIBILITY OF THE DIRECTOR(S), INCLUDING THE MANAGING DIRECTOR OF “HAMID FABRICS LIMITED” IN RESPECT OF THE PROSPECTUS 9 CONSENT OF DIRECTOR(S) TO SERVE AS DIRECTOR(S) 10 DECLARATION ABOUT FILING OF PROSPECTUS WITH REGISTRAR OF JOINT STOCK COMPANIES AND FIRMS 10 DECLARATION BY THE ISSUER ABOUT THE APPROVAL FROM SECURITIES AND EXCHANGE COMMISSION FOR ANY MATERIAL CHANGES REGARDING PROSPECTUS OF HAMID FABRICS LIMITED 10 DECLARATION BY THE ISSUE MANAGER ABOUT THE APPROVAL FROM SECURITIES AND EXCHANGE COMMISSION FOR ANY MATERIAL CHANGES 10 DUE DILIGENCE CERTIFICATE OF THE ISSUE MANAGER 12 DUE DILIGENCE CERTIFICATE OF THE UNDERWRITER(S) 13 3. RISK FACTORS & MANAGEMENT’S PERCEPTION ABOUT RISKS 14 EXTERNAL RISK FACTORS 14 INTERNAL RISK FACTORS 17 4. ISSUE SIZE AND PURPOSE OF PUBLIC OFFERING 19 IPO SIZE AND ISSUE PRICE 19 USE OF IPO PROCEEDS 19 5. INFORMATION ABOUT THE COMPANY 20 PROFILE OF HAMID FABRICS LIMITED 20 NATURE OF BUSINESS 21 PRINCIPAL......

Words: 18157 - Pages: 73

Free Essay

Asasa

...Chapter: 1 Introduction 1. Introduction As mandatory requirement of the Bachelor of the Business Administration (BBA) program under Eastern University, this report entitled – “Business Strategy”, a study on Fareast Islamic Life Insurance Co. Ltd. Insurance is a growing business in Bangladesh and has more and more scope to develop the economy of Bangladesh. In this report, we have tried our best to introduce the company and show their background, company policies, financial condition, performance and various analyses. 1.2 Objectives of the Study The report is the part of the Insurance sector that we are studying in our BBA course. The objective of the report is to present the practical view about the “Insurance Practices in Bangladesh”, that provides facility to the ends of the Individuals and to transform our modern social order. 3. Scope of the Study The scope of this report is limited to overall description of the company, its services and its financial performance analysis. The scope of the study is limited to organizational setup, functions and performance. Since FILIC is still its growth stage in Bangladesh; it has go to long way to achieve its destination. The report will mainly focus on what criteria FILIC maintaining before insuring and their claim settlement process. The will also emphasize on the financial ratios. 1.4 Methodology of the Study Selected Subject Matter We......

Words: 5704 - Pages: 23

Free Essay

Current Forest Mgt Practice of Bd

...forest resource of Bangladesh in a sustainable way. Acknowledgement In performing my assignment, it's a successful one I had to take the help and guideline of some respected persons. First of all I am grateful to Allah who gives me sound mind & sound health to accomplish my assignment. The completion of the report gives me much Pleasure. I would like to thank my gratitude Mr. Md. Jakariya (Jky), Course Instructor of Introduction to Environmental Science, Sec 4, North South University, Bangladesh for giving me a good guideline for assignment. I would like to thank School of Business Studies, North South University for updated education system in Bangladesh. Lastly I would like to deliver my whole hearted thanks to the persons of Forest Department of Bangladesh for their cordial cooperation. Actually it was not possible for me to complete a severe task without such help. So I pray the long life and good health for all the persons who have helped and co-operated me in my assignment research.   Sabrina Alvi 20 December, 2013 Table of content Title | Page | Introduction | | Forest of Bangladesh Table 1:Forest area in Bangladesh Table 2:Forest types of Bangladesh | | Forest Management in Bangladesh | | ......

Words: 4378 - Pages: 18

Premium Essay

Term Paper

...Introduction The Small and Medium scale Enterprise (SME) are recognized worldwide as engines of economic growth. The commonly perceived merits often emphasized for their promotion especially in the developing countries like Bangladesh include their relatively high labor intensity, dependence on indigenous skills and technology, contributions to entrepreneurship development and innovativeness and growth of industrial linkages. The case for fostering SME growth in Bangladesh is irrefutable as these industries offer bright prospects for creating large-scale employment and income earning opportunities at relatively low cost for the unemployed especially in the rural areas strengthening the efforts towards achieving high and sustained economic growth which are critically important prerequisites for triggering an exit from endemic poverty and socio-economic deprivation. These promotional arguments for the SMEs, while universally emphasized are often put forward by their ardent advocates in a small versus large context and thus arouse serious debates concerning their economic viability. Much of such controversies may, however breakdown if the intrinsic virtues specific to SMEs and unavailable to large-scale industries are correctly identified and carefully exploited. A combined interaction of the forces of product-mix, location factors, technological advantages and market advantages create opportunities for SMEs to grow and prosper at all levels of development which are often......

Words: 7518 - Pages: 31

Free Essay

Green Banking

...Bank Limited (TBL) represents its continued commitment to publish information on sustainability matters every year. The Sustainability Report consists of only the GRI technical section to meet the requirements of the Global Reporting Initiative. The scope of the information provided in this report basically covers the activities of Trust Bank Limited in Bangladesh. This report was prepared to make adherence to an application level of the Global Reporting Initiative and is unconfirmed by external assurances. For more information about sustainability at Trust Bank Limited please go to www.trustbanklimited.com. 01. STRATEGY AND ANALYSIS 1.1 CHAIRMAN’S STATEMENT Please see the statement from the Chairman of Trust Bank Limited’s Board of Directors published at the beginning of the Annual Report 2011. 1.2 KEY IMPACTS, RISKS AND OPPORTUNITIES The impacts of the activity of Trust Bank Limited come essentially from three factors:  Its importance as a reference institution in the Bangladesh financial sector;  Its position as a substantial participant in the Bangladesh market;  The importance of the financial sector to balanced economic growth and the contribution that this growth can make to incorporating sustainability more in the economy in general. Therefore, considering the specificity of the financial business, there are a number of positive caused by TBL’s activity, namely:  Sustainable economic......

Words: 12235 - Pages: 49

Premium Essay

Performance Evaluation and Ratio Analysis

...Empowering Bangladesh Summit’s Commitment Annual Report 2010 para Power Pla Ulla nt, Maon aP ow er ur azip t, G an Pl Sir aj nj go vision To provide quality & uninterrupted electricity to the vast majority of rural Bangladesh for their personal, social & economic development. “Empowering Bangladesh” mission To expand the company into a power generation capacity to the tune of 1000 MW which is 20% of the electricity requirement of Bangladesh and maintain that level. objectives • Generate and provide uninterrupted reasonably priced electricity to our customers. • Efficient utilization of capital, machines, material and human resources. • Continuous improvement of customer satisfaction and resource management. iv Table of conTenTs Company Information Corporate Directories Notice of the 14th AGM Chairman’s Speech Introducing the Directors Success Milestones Statement of Corporate Governance Financial Highlights Directors’ Report to the Shareholders Compliance Report on SEC’s Notification Shareholding Information Management Commitee Management Team Senior Executives Introduction of the Senior Executives Memorable Events for 2010 Report of Audit Committee Auditors Report & Financial Statements Proxy form 02 04 06 08 12 18 20 22 24 42 44 45 46 48 50 52 54 57 Annexed 1 Company 2 Information Summit Power Limited (SPL), sponsored by Summit Group, is the first Bangladeshi Independent Power Producer (IPP) in Bangladesh in......

Words: 40084 - Pages: 161

Premium Essay

Remittances

...1.0 Introduction Bangladesh is a labor surplus country and this country contributes in the international labor market through temporary labor migration. People usually migrate internationally for better opportunity and financial wellbeing. But the pattern of migration is different according to socioeconomic status of migrants. Some are temporary and others are permanent migrants. Both categories of migrants send money to their country of origin, to their families, but the temporary migrants, often poor, sends more. Remittances have become the most powerful means to maintain relationship with migrants with their societies of origin. Remittances play a most important role in the accounts of many developing countries and are crucial to the survival of poor individuals and communities around the world. The emphasis of development policy is now firmly on poverty alleviation and the achievement of the Millennium Development Goals (MDGs) and remittances are playing a significant role to achieve some goals of MDGs. According to Bureau of Manpower, Employment and Training (BMET); up to December 2009 total approximately 8 million people migrated from Bangladesh from 1976 to 2009 to different countries. In 2008, total 875055 people migrated to different countries temporarily. Among them 132124 people migrated to Saudi Arabia, 419355 to U.A.E and 131762 to Malaysia (BMET website link: http://www.bmet.org.bd/report.html). Most of these people migrated for short-term employment like for......

Words: 5949 - Pages: 24