Bangladesh Securities and Exchange Commission has decided to seek an explanation from the Dhaka Stock Exchange over the renewal of stock broker and stock dealer registration certificates for Monarch Holdings, owned by former national cricket captain Shakib Al Hasan. The decision was taken at a commission meeting chaired by BSEC Chairman Masud Khan on July 29, according to a notice signed by BSEC spokesperson Abul Kalam.

The notice said DSE had earlier made a positive recommendation for renewal without properly completing required information in prescribed Form “Cha” under the relevant 2000 regulations. BSEC described this as contrary to the rules and a clear failure in DSE’s regulatory responsibilities. After BSEC sought an explanation, DSE submitted the form and necessary information but did not provide a specific regulatory recommendation either for or against renewal.

BSEC also decided to instruct DSE to send a definite recommendation on Monarch Holdings’ renewal within five working days of receiving the letter, along with necessary information, analysis and regulatory assessment. DSE said the earlier omission resulted from unavailable necessary information. The report says Monarch Holdings began operations on October 20, 2020.