Bangladesh Securities and Exchange Commission commissioner Md Abdul Halim on Thursday said that some listed companies were reluctant to provide proper information in their financial reporting and disclosure.
He said that many of the companies thought that they might face problems if they painted the true picture of the company in the disclosure.
He expressed these opinions regarding the need of financial reporting and disclosure in a seminar titled 鈥楩inancial Reporting and Disclosures: Regulatory Requirements鈥� organised by the Dhaka Stock Exchange in the capital Dhaka on the day.
Md Abdul Halim said that sometimes negligence regarding the financial reporting could be noticed among the people concerned.
He said that sometimes DSE officials too did not notice if proper information was provided. Some even may be eligible for delisting, he added.
鈥業f the DSE do not provide information of the companies that should be delisted on its website, it is a matter of big fraudulence with the general people,鈥� he added.
鈥楾ake the commission鈥檚 help if you face problems due to a lack of knowledge regarding various regulations,鈥� he said.
DSE managing director ATM Tariquzzaman said that financial reports disclosed some critical information of a company, including financial performance, assets and liabilities.
鈥業f financial reporting was done properly, it could increase the reputation of companies, which in turn will attract capital. It is crucial for all the stakeholders to submit information timely and properly,鈥� he said.
Financial reporting is the process of documenting and communicating financial activities and performance over specific time periods, typically on a quarterly or yearly basis.
DSE chairman Hafiz Muhammad Hasan Babu said that the capital market was facing problems.
He requested all the stakeholders to comply with the financial regulations so the capital market could overcome those problems.
Kamrul Anam Khan, chief accountant and executive director of the BSEC, among others, was present in the programme.
