The Bangladesh Securities and Exchange Commission (BSEC) has lifted the order removing the floor prices of Beximco and some other stocks following the resignation of its chairman, who had signed an order removing the floor prices without discussing it in the regular meetings of the commission.

BSEC Managing Director and Spokesperson Rezaul Karim confirmed the development to The Business Standard today (August 11).

“We have informally asked the exchanges not to comply with the order to lift the minimum price. The new order is yet to be issued,” Rezaul said.

On Thursday evening, Professor Shibli Rubayat Ul Islam signed the order outside his office to lift the minimum price imposed by Beximco Limited, Khulna Power Company Limites and Shahjibazar Power Company Limited.

Earlier, it was ordered that the shares of BSRM Limited, Islami Bank Bangladesh Limited and Meghna Petroleum Limited would be exempted from the downward price restriction on Tuesday.

The chairman’s haste to lift the two-year-old curb before his resignation was criticised as an attempt to allow Salman F Rahman and his supporters to sell Beximco shares and withdraw funds following the fall of former Prime Minister Sheikh Hasina’s government last week.

Neither the removal order nor the annulment were the subject of discussions at the Commission’s regular meetings.

According to BSEC officials, if the head of the department concerned does not propose a procedure for authorizing a commission meeting, the chairman of the commission can issue appropriate orders.