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SEC persuading DSE to diversify its council
The Securities and Exchange Commission (SEC) ispersuadim die Dhaka Stock Exchange to diversify its council with equal representation from all interest groups in the capital market, reports UNB.
This was disclosed by SEC Chairman Dr Mohammad Harun-ur-Rashid during a meeting with the members of the Foreign Investors Chambers of Commerce and Industry (FICCI) at a city hotel yesterday.
Dr Rashid said all the three interest groups in the market — the brokers, the investors and the listed companies — should have equal representation in
the council, now dominated by the brokers.
"We are pursuing the stock exchange authority to diversify the council.' he said while giving an outline of the steps being taken by the market watchdog to streamline and develop the capital market.
Dr Rashid said the SEC is trying to correct the shortcomings that affected the market recently and is taking measures to diversify the market itself with introduction of new instruments.
The country is likely to have over the counter (OTC) exchange and bond market while the central depository system (CDS) would be introduced in about two years time for scrip-less transactions, he said.
The SEC chief said the merchant banks are coming within a couple of months and the Commission is going to launch a public awareness campaign to inform the investors of the inherent risk in the share business.
FICCI president Mahbub Jamil told the meeting that they were disturbed by the erratic liehaviour in the capital market and the sudden emergence of the kerb market outside the floors of the stock exchanges.
It could be avoided had the watchdog, the SEC. been more vigilant, he said. He. however, appreciated the SEC's corrective steps towards stabilisation of the market, though belated.
JatpiJ placed aomfi ^fipip-mendations for improvement of the capital market and to help the SEC to be a supervisory organisation by allowing the stock exchange to play its own role.
He said permission on new issues takes enormous time resulting in delay in floating shares in the market and suggested specific time limit, not more than four to six weeks, for the permission of the issue.
He also suggested that the SEC should make proper guidelines or qualifications for new issues categorically mentioning what papers and documents are needed for the green field companies to submit application to the Commission.
Jamil recommended that the present SEC Board be expanded by two more members — one private sector representative and a commercial lawyer. One of the present two members should be a chartered accountant.
Noting that circuit breaker makes a negative impact on all shares, he said it cannot be a permanent feature.
However, he said, like other countries, circuit breaker may be imposed on some particular shares which are erratic in the market, but it is for a temporary period till they are settled properly.