• Wednesday, Sep 30, 2020
  • Last Update : 01:32 am

Demutualisation scheme: BSEC calls bourses for hearing on September 24

  • Published at 08:45 pm September 12th, 2013

Securities regulator BSEC has asked the stock exchanges to appear before it for a hearing on September 24 to clarify some issues like asset valuation before finalising the demutualisation scheme expectedly by this month.

Bangladesh Securities and Exchange Commission (BSEC) had separate meetings with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) Thursday to discuss their proposed demutulisation plan.

“Amendments to the plans proposed by the stock exchanges will be brought after the hearing,” said an official of BSEC.

Space allotment issue for DSE members in the under construction building in Nikunja area was discussed at the meeting, but the regulator asked the DSE not to allot space for its members permanently, said another official.

DSE President Ahsanul Islam Titu said demutualisation scheme will be finalised by this month. “We are fully prepared to follow the Demutulisation Act,” he said.

The two stock exchanges submitted their comprehensive demutulisation scheme within the deadline of July, 2013 to prepare the basic documentation which included revaluation of assets and liabilities, preparation of the five year plan, development plan and papers regarding segregation of regulatory and commercial functions.

The Demutualisation Act that was passed in April in parliament is aimed at separating the bourses’ management from ownership with a promise to bring transparency to the stock market.

The law required the stock exchanges to be demutualised within 90 days of its promulgation and the BSEC will approve it within the next 60 days.

According to the proposed scheme, the prime bourse has been valued at around Tk42bn and the port city bourse at Tk6.35bn.

Without premium, the valuation of each broker house of the Dhaka bourse has been set at Tk71.5m, while Chittagong bourse at Tk42m. Valuation by local and international firms also takes into account fixed deposits and other tangible assets.  

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