Stocks-related firms asked to ensure life insurance for employees

Staff Correspondent | Published at 10:45pm on May 17, 2021

The Bangladesh Securities and Exchange Commission has asked stock market-related firms, including market intermediaries, stock exchanges and listed companies, to provide their employees with health and life insurance policy.

The BSEC on May 12 issued a circular in this regard.

In the circular, the BSEC asked all capital market-related entities to complete the health and life insurance policy for their staff and to inform the commission about the progress by June 25.

The Covid outbreak has increased alarmingly in the country, the BSEC circular said, adding that the regulator made the decision to ensure the health and life insurance for all people connected with the capital market.

According to the circular, Dhaka Stock Exchange, Chittagong Stock Exchange, Central Depository Bangladesh and Central Counterparty Bangladesh will take health and life insurance for all of their employees and inform the BSEC about the matter by June 25.

However, listed companies and market intermediaries that include merchant bankers, brokerage houses, asset management companies, credit rating agencies, custodians, trustees and fund managers must provide the health and life insurance as soon as possible.

There are 336 listed companies, 240 stockbrokers on the DSE and 142 on the CSE, 63 merchant banks, eight credit rating agencies and 48 asset management companies in the capital market.

Apart from these companies, there are 11 other firms in the capital market who provide custodian, trustee and fund managing services.

Share prices of insurance companies soared on Monday.