BSEC moves to shift ATB-listed bonds to main board, launches single-window IPO review

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday decided to bring bonds trading on the Alternative Trading Board (ATB) into the main board and introduce a "Single Window Review" system for initial public offering (IPO) applications.

The decisions were made at the commission's 1038th meeting, held at its Agargaon office in the capital with Chairman Masud Khan in the chair.

On bonds, the commission noted that some issuers had a Consent Letter condition requiring ATB listing but have not yet been listed there.

These companies have been directed to apply to the main board of the relevant stock exchange by November 30, 2026.

The stock exchanges were also told to take the necessary steps by the same date to transfer or list bonds currently on the ATB to the main board. They must follow the existing Listing Regulations and Listing Requirements when considering the applications.

Under the new Single Window Review system, the commission may pass any observations on an IPO application to the stock exchange.

The exchange will review these along with its own observations and make its recommendation to the commission. IPO applications will be submitted through the stock exchanges.

The commission said the system would make the review process more effective, coordinated and time-efficient, easing the process for companies and speeding it up overall.

The BSEC also relaxed a restriction on dividend accounts. Under the existing directive, an issuer's director who sits on a bank's board cannot operate the company's dividend account at that bank.

The commission decided to lift this condition and will amend its January 14, 2021 directive, and later amendments.

The change will take effect from the date the new directive is issued.

Source: UNB