Companies hide information in financial report: DSE Chairman

Listed companies do not publish their financial reports with all the required information which misguides investors, the Dhaka Stock Exchange (DSE) Chairman Dr Hafiz Muhammad Hasan Babu said yesterday (16 May).

Even auditors hide the information in the companies' audit reports, he said while addressing a seminar titled "Financial Reporting and Disclosures: Regulatory Requirements" organised by the DSE on the day in the capital.

The seminar was attended by chairmen, managing directors, chief financial officers and company secretaries of 48 listed companies spanning six sectors.

BSEC Commissioner Md Abdul Halim spoke as the chief guest at the seminar.

Speaking at the event DSE Chairman Babu said, "Currently, the capital market is facing many problems due to lack of transparency in various financial issues. We are requesting the participants to make sure authentic information is included in the financial reports."

He also said due to the lack of study of various regulations, the rules are not being followed properly in financial reporting.

"But company secretaries and CFOs should read the regulations and follow them properly," said the DSE chairman.

DSE Managing Director ATM Tariquzzaman said, "One of the conditions for an efficient capital market is the disclosure of information in a timely manner.

"To establish an efficient capital market, we need to ensure transparency and timely delivery of financial reports."