Dhaka, Dec. 17 -- The Dhaka Stock Exchange has backed the private company's bid to use the alternative route to an initial public offering or IPO. But the problem is that the direct listing privilege is afforded to government firms only.

That Best Holdings can raise funds without the expense of an IPO is based on the argument that some state-owned banks have invested in the firm.

But the Securities and Exchange Commission or SEC has cast doubt on the authenticity of a letter sent in the name of Finance Minister AHM Mustafa Kamal.

The market wtachdog has decided to dig deep to avert overseeing a probable shady deal. It has raised several other questions and sought explanations from the premiere bourse. The direct listing of Best Holding...