The Bangladesh Securities and Exchange Commission (BSEC) has lifted the floor price for four of the six remaining stocks subject to a downward price restriction with immediate effect.

Shahjibazar Power, Khulna Power, Meghna Petroleum and BSRM Limited will no longer have a reserve price effective today, while shares of Islami Bank and Beximco Limited will not trade below the reserve price until further notice, according to the regulator.

The tightened lower circuit breaker that prevented share prices from falling by more than 3% per day will no longer remain in place from today, the regulator said last night.

For the lower district, the regular rules apply: 10% for shares priced up to 200 taka, 8.75% for shares in the range between 200 and 500 taka, 7.5% for shares valued between 500 and 1,000 taka per piece, 6.25% for shares in the range between 1,000 and 2,000 taka, 5% for shares valued between 2,000 and 5,000 taka and 3.75% for shares valued above 5,000 taka per piece.

The tightened market floor hampered trading as there were no spontaneous orders to buy the stocks due to a lack of breathing room, depriving investors of the necessary opportunity to switch stocks conveniently and frequently, market experts say.

At its 916th commission meeting yesterday, chaired by its new chairman Khondoker Rashed Maqsood, the regulator also decided to deviate from the previous plan to sign a memorandum of understanding (MoU) with the National Telecommunication Monitoring Committee (NTMC) that would have increased surveillance and control over telecommunications by market-related entities.

When the regulator, under its former chairman Professor Shibli Rubayat Ul Islam, was informed of an attempted break-in, it wrote to the Financial Institutions Department of the Ministry of Finance seeking approval of an MoU with the NTMC.

Media reports of this development sparked anger among marketers, as citizens were already upset about the violation of their privacy due to telecommunications surveillance by the overthrown regime.

The regulator also decided to revoke the appointment of national team cricket all-rounder Shakib Al Hasan as the commission’s special ambassador for a nationwide financial literacy programme.

Shakib Al Hasan became a controversial figure due to his involvement in stock market manipulation along with Abul Khayer Hiru.

Shakib Al Hasan was appointed Special Ambassador of the BSEC Financial Education Program in 2017.

At the beginning of the year he became a member of parliament with the support of the Awami League.

The listed companies that have not paid the announced dividends on time will also be held accountable, the BSEC said.

Company representatives told TBS that there could be about two dozen companies on the list.

In addition, the Commission noted that the Memoranda of Understanding on mutual cooperation already signed with the securities regulators of five countries are helpful for the development of the market. It will follow up on the next MoU planned with Kazakhstan.