DHAKA: Merchant banks and brokerage firms instead of commercial banks will receive applications for IPO (initial public offering) shares from April 1 this year.

The Bangladesh Securities and Exchange Commission (BSEC) took the decision in its 536th meeting on Tuesday with BSEC chairman Dr M Khairul Hossain in the chair.

The information was revealed through a press release singed by BSEC executive director and spokesperson M Saifur Rahman.

According to the release, the commission has also approved the new IPO system with some changes. No application for IPO through banks will be allowed from April 1. 

Under the new system, application submission and refund process will consume less time then previous period.

BDST: 1255 HRS, JAN 28, 2015