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The securities regulator has cancelled primary approval to 12 applications earlier submitted seeking trading right entitlement certificate (TREC) required to conduct the operations as stock brokers.
The Bangladesh Securities and Exchange Commission (BSEC) has cancelled the approvals due to the firms' non-compliance with the rules regarding trading right.
In a letter sent to the managing directors of both the stock exchanges, the securities regulator delivered its decision regarding cancelation of primary approval to 12 applications.
Of 12 firms whose approvals have been canceled, Bridge Stock and Brokerage applied for TREC from the premier bourse DSE.
The firms which applied for TREC in CSE are Beximco Securities, Shah Mohammad Sagir & Company, Merchant Securities, SBAC Bank Investment, Bridge Stock & Brokerage, Columbia Shares and Securities, Biplob Holdings, Benemoy Securities, B & BSS Trade International, Matrix Securities and DP7.
In September, 2020 the securities regulator approved these firms' applications for TREC subject to fulfillment of necessary procedure and in compliance with the provisions of relevant rules and regulations.