ACHIEVEMENTS OF BAPLC:
- REDUCING DISTURBANCES at PLC AGMs:
In view of the chaotic situation surrounding distribution of food/refreshments in the Annual General Meetings of the PLC’s, BAPLC was able to convince BSEC to issue a circular stating that “No benefit in cash or kind, other than in the form of cash dividend or stock dividend, shall be paid to the holders of equity securities”,which has led to PLCs holding their Annual general Meetings (AGM) in a more congenial and peaceful atmosphere.
BAPLC delegates met with BSEC on June 04, 2012 demanding reducing disturbances in the PLC AGMs
2. PUBLISHING / DISBURSEMENT OF PLC’s ANNUAL REPORT IN DIGITAL FORM:
Since the inception of BAPLC, the Association has been maintaining interaction with the regulators and other stakeholders for protecting the interests of the listed companies. It is also known to all that BAPLC has repeatedly requested the Bangladesh Securities and Exchange Commission (BSEC), since 2012, for allowing placing of Annual Report of the PLCs on their respective websites instead of printing them, which is a complex job entailing huge expenditure and allocation of valuable management time. This is also environment friendly and in line with the Honorable Prime Minister’s vision fora Digital Bangladesh.
Due to continued efforts and follow up by BAPLC, the Bangladesh Securities and Exchange Commission (BSEC)has adopted the provision in the recently gazetted Corporate Governance Code, which is a great achievement for BAPLC as well as the PLCs.
BAPLC delegates met several times with BSEC requesting to digitalize the manual system of dispatching Annual Reports to the shareholders.
3. REDUCING CORPORATE TAX :
A delegation from Bangladesh Association of Publicly Listed Companies (BAPLC) headed by its President Mr. Muhammed Aziz Khan along with Vice President Mr. Anis A. Khan and Executive Committee Member Ms. Farzana Chowdhury met the Finance Minister Mr. Abul Maal Abdul Muhith on August 27, 2017 and placeda request for reducing corporate tax for the PLCs. The Minister assured BAPLC to cut the corporate tax in the coming years.
BAPLC President Mr. Muhammed Aziz Khan, Vice President Mr. Anis A. Khan and Executive Committee Member Ms. Farzana Chowdhury are seen with the Finance Minister at his Bangladesh Secretariat office.
4. SEMINAR ON RAISING AWARENESS ON VARIOUS ASPECTS OF THE CAPITAL MARKET:
On November 08, 2017, BAPLC hosted a seminar to help raise awareness on various aspects of the Capital Market and improve networking of BAPLC with major stakeholders and the business community. Honourable Finance Minister Mr. Abul Maal Abdul Muhith, senior Government officials, regulators, prominent businesspersons of the country and other stakeholders participated in the seminar, which helped disseminate better information and views.
BAPLC Seminar held on November 8, 2017
Panel discussion at the BAPLC Seminar
5. Eradication of Multiple Taxation on Dividends:
Presently, dividends are taxed each time a company pays it to its subsidiary, as well as when it is finally given to the shareholder. Thereby, a multiple taxation phenomenon prevails. This has a negative effect in attracting investors both at home and abroad.BAPLC had proposed to the National Board of Revenue (NBR) to tax dividend only when it is finally given to a natural person and not when dividend flows from company to company.NBR has already taken the point up for implementation.
A team of BAPLC led by its Vice President Mr. Anis A. Khan called on Mr. Md. Mosharraf Hossain Bhuiyan, NDC, Chairman, NBR and placed a request for eliminating double taxation on dividends. Executive Committee member Mr. Ruhul Amin and Acting Secretary General Mr. Md. Amzad Hossain were also present.
BAPLC-DSE Meeting on August 03, 2015 on DSE Listing Regulations 2015
A BAPLC delegation led by its President, Mr. Azam J. Chowdhury met the Chairman, BSEC on Dec 21, 2017 and placed a request for removing unfavorable listing regulations
Courtesy Call on the Governor, Bangladesh Bank on March 30, 2011
Courtesy Call with BSEC on May 24, 2011 for discussions on the Book Building System
The founding President of BAPLC Late Mr. Samson H. Chowdhury (in the middle) is seen
at a meeting at the inception of the Association. Also seen are Mr. Syed Manzur Elahi,
Founding Vice President and Late Mr. K.M Abdul Hai, Secretary General.