Dhaka, Bangladesh (BBN) - The Securities and Exchange Commission (SEC) has asked four private commercial banks (PCBs), which have made advertisements to invest in stocks, to submit information on their investments as per advertisements by July 31, official said.
The PCBs are EXIM Bank, Pubali Bank, NCC Bank and Standard Bank.
The securities regulator has sought information from the PCBs by sending letters on July 23, 2012 in a bid to justify the implementation of their investment announcements.
A day after sending letter, the securities regulator has also asked the listed companies, including banks, to refrain from making advertisements on their proposed investment into capital market, as the strategy violates the existing securities laws.
As per SEC's requirement, the four PCBs will have to mention the name securities houses through which their proposed investment will be made.
They will also have to inform the SEC about their timeframe of completing the declared investment, and whether any portion of such investment was deposited in any securities house.
BBN/SSR/AD-26July12-1:10 pm (BST)
