The board of directors of Dhaka Stock Exchange (DSE) meets today (Tuesday) to finalise the much-talked about demutualisation concept paper to avoid manipulation .
After finalisation, it will be submitted to the finance ministry within Thursday (December 29), officials said.
Earlier on December 21, the Securities and Exchange Commission (SEC) directed the Dhaka and Chittagong stock exchanges to submit their detailed concept papers on demutualisation process to the finance ministry by December 30.
Finance Minister AMA Muhith also earlier said that there was no alternative to demutualisation and it must be completed within the tenure of this government.
Demutualisation is a must to ensure transparency in the bourses' functions, the minister had said.
On Sunday, the DSE management organised a members' meeting in the city to take opinion on the demutualisation concept paper. DSE President Shakil Rizvi presided over the meeting.
Mr Ahsnaul Islam Tito, senior vice president of the DSE, presented the concept paper at the meeting, while Mr Ahmad Rashid Lali, one of the directors of the DSE, moderated it.
The meeting was told that the DSE management was working hard on the issue.
The meeting was also told that to speed up the demutualisation process, the DSE management had abolished all the committees and formed a 15-member committee to expedite the demutualisation process on February 2, 2011.
Md Fayekuzzaman, managing director of the Investment Corporation of Bangladesh (ICB), was made convener of the committee.
The meeting was further told that the committee was working relentlessly to formulate laws, policy and its implementation process.
The advantage and disadvantage of demutualisation were also discussed at the meeting. Taking part in the discussion, the DSE members made some recommendations relating to the demutualisation process.
The DSE members also expressed the opinion that if the recommendations were included in the concept paper, the demutualisation would be more effective.
They further laid emphasis on speedy implementation of demutualisation process.
Meanwhile, a DSE delegation visited the Philippines and Hong Kong stock exchanges to know about the demutualisation.
After finalisation, it will be submitted to the finance ministry within Thursday (December 29), officials said.
Earlier on December 21, the Securities and Exchange Commission (SEC) directed the Dhaka and Chittagong stock exchanges to submit their detailed concept papers on demutualisation process to the finance ministry by December 30.
Finance Minister AMA Muhith also earlier said that there was no alternative to demutualisation and it must be completed within the tenure of this government.
Demutualisation is a must to ensure transparency in the bourses' functions, the minister had said.
On Sunday, the DSE management organised a members' meeting in the city to take opinion on the demutualisation concept paper. DSE President Shakil Rizvi presided over the meeting.
Mr Ahsnaul Islam Tito, senior vice president of the DSE, presented the concept paper at the meeting, while Mr Ahmad Rashid Lali, one of the directors of the DSE, moderated it.
The meeting was told that the DSE management was working hard on the issue.
The meeting was also told that to speed up the demutualisation process, the DSE management had abolished all the committees and formed a 15-member committee to expedite the demutualisation process on February 2, 2011.
Md Fayekuzzaman, managing director of the Investment Corporation of Bangladesh (ICB), was made convener of the committee.
The meeting was further told that the committee was working relentlessly to formulate laws, policy and its implementation process.
The advantage and disadvantage of demutualisation were also discussed at the meeting. Taking part in the discussion, the DSE members made some recommendations relating to the demutualisation process.
The DSE members also expressed the opinion that if the recommendations were included in the concept paper, the demutualisation would be more effective.
They further laid emphasis on speedy implementation of demutualisation process.
Meanwhile, a DSE delegation visited the Philippines and Hong Kong stock exchanges to know about the demutualisation.
