Bdnews24.com

The interim cabinet Sunday approved the Securities and Exchange Amendment Ordinance 2008 that prescribes tougher punishment to companies guilty of violating rules and regulations, a government spokesman said.

According to the new law, any company found guilty will face 45-day trade suspension on the capital market and the regulator can extend the punishment by 45 more days.

The approval came from a meeting of the council of advisers at the Chief Adviser's Office, chaired by CA Fakhruddin Ahmed. CA's press secretary Syed Fahim Munaim briefed reporters on the outcome of the cabinet meeting.

The existing law prescribes 14-day trade suspension for any such company and the punishment can be extended by 14 more days.

On Nov 11 last year, the cabinet approved the ordinance in principle.

According to the new law, victims of the company's faults would receive part of the money the company was fined.

In line with the old law, any company facing an investigation was not bound to disclose information to any investigation committee.

But the new law made it mandatory for companies under investigation to reveal information to investigators.

The cabinet also gave final approval to the Public Servant (marriage with foreign national) Amendment Ordinance 2008.

According to the 1976 Ordinance, all employees of the republic could marry a foreign national on presidential permission, but those serving in foreign affairs had not been privileged to do so.

The new ordinance will allow them to marry foreign nationals on presidential permission.

The new law says all employees of the republic will enjoy the same privileges.

The cabinet approved in principle the Bangla Academy Ordinance 2008.

Foreign affairs adviser Iftekhar Ahmed Chowdhury was not present at the meeting.

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