Floor prices to be lifted from Wednesday

The floor price will be withdrawn from Beximco, Khulna Power and Shahjibazar Power from next Sunday

The minimum fixed price or floor prices on shares in stock markets will be scrapped on Wednesday, the Securities and Exchange Commission or SEC has announced.

But the floor prices for three of the six companies will be lifted on Sunday.

The remaining companies, including Islami Bank, BSRM Steel, and Meghna Petroleum, will continue trading as usual on Wednesday.

SEC spokesperson and Executive Director Rezaul Karim told bdnews24.com that the letters were sent to two stock exchanges on Thursday “to scrap the floor prices in two steps.”

The letter was signed by the SEC Chairman Shibli Rubayat-Ul-Islam, who has been absent from office since Aug 6.

Officials at the SEC did not respond when asked how the order was signed and sent without the chairman coming to the office.

However, Rezaul has said that the letter was signed by the chairman.

The floor prices will be lifted from Beximco, Khulna Power and Shahjibazar Power from next Sunday.

From Aug 14, there will be no floor price for BSRM Limited, Islami Bank, and Meghna Petroleum.