Dhaka, Sept. 21 -- The securities regulator on Sunday declared the posts of 17 directors of nine separate listed companies vacant as they failed to hold the mandatory minimum of 2.0 per cent shares each despite getting time.

The Bangladesh Securities and Exchange Commission (BSEC) issued an order on Sunday cancelling their directorships.

The majority of the non-compliant directors, who lost their directorships, belong to insurance companies.

"...in exercise of the power conferred by the section 2A of the Securities and Exchange Ordinance, 1969 the commission hereby declares casual vacancy or stand vacant of the their position of directors of issuer companies," said the BSEC order signed by its chairman Prof. Shibli Rubayat Ul Islam.

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