Dhaka, May 3 -- The Bangladesh Securities and Exchange Commission (BSEC) has issued a final ultimatum to 131 listed companies that have failed to appoint female independent directors to their boards within the stipulated time frame.

The regulator warned that strict legal action will be taken against the non-compliant firms if they fail to meet the requirement by June 30.

The announcement was made in a press release signed by BSEC Director and Spokesperson Md. Abul Kalam on Sunday. This follows a meeting held on April 29 at the commission's office in Agargaon, where secretaries of the defaulting companies were briefed on the mandatory directive. BSEC Executive Director Md. Anwarul Islam presided over the session.

According to the Corpor...