Delayed financial reports: BSEC warns 18 companies
Staff Reporter :
The Bangladesh Securities and Exchange Commission (BSEC) has issued a stern warning to 18 listed companies for failing to submit their financial reports within the stipulated deadlines, highlighting the regulator’s strict stance on financial discipline in the capital market.
The companies in question span multiple sectors, including banking, insurance, financial institutions, telecom, IT, and food-related businesses.
According to sources from BSEC’s Corporate Reporting Department under the Chief Accountant Division, the delayed filings are considered a ‘default’ and a clear violation of the Securities Act and Commission rules.
While the reports have been accepted to protect investor interests, the regulator emphasized that acceptance does not absolve the companies of legal responsibility. Any losses incurred by investors due to the delay will be the companies’ liability.
The 18 companies cited include Genex Infosys PLC, Beach Hatchery Limited, Chartered Life Insurance PLC, Robi Axiata PLC, Sunlife Insurance Company Limited, Dhaka Insurance Limited, First Finance Limited, Bangladesh Finance PLC, Meghna Life Insurance PLC, International Leasing and Financial Services Limited, Islamic Finance and Investment PLC, Republic Insurance PLC, Mercantile Bank PLC, AB Bank PLC, Federal Insurance PLC, FarEast Finance and Investment, Southeast Bank PLC, and FAS Finance and Investment Limited.
The BSEC highlighted that delays in submitting financial statements disrupt information flow in the capital market, increase investor risk, and create confusion, signaling that such laxity will not be tolerated in the future.
Specific deadlines were missed by each company. For example, Genex Infosys and Beach Hatchery were required to submit reports for the period ending March 31, 2025, by April 30, 2025, while Chartered Life Insurance’s deadline was June 30, 2025. Robi Axiata missed its May 15, 2025 deadline, and Sunlife Insurance failed to file statements for the year ended December 31, 2024, and the first quarter of 2025 by June 30, 2025.
Similarly, other financial and banking institutions, including AB Bank, Mercantile Bank, Southeast Bank, and FAS Finance, missed their respective filing deadlines ranging from May 14 to June 30, 2025.
BSEC’s letters, sent individually to the managing directors of the concerned companies, stressed that timely submission of financial reports is critical for maintaining transparency and trust in the capital market. The regulator warned that repeated non-compliance could lead to stricter enforcement actions in the future.
Market observers noted that it is unusual for such a large number of banks, insurance firms, financial institutions, and corporate entities to be flagged simultaneously, reflecting the regulator’s growing intolerance for negligence in corporate financial reporting.
This move by BSEC underscores its commitment to ensuring accountability and protecting investor interests, sending a clear message that adherence to reporting timelines is mandatory and any future delays will be treated seriously.