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SEC, bourses, CDBL, listed companies meet this week

More cos to be allowed to operate under CDS

STAR BUSINESS REPORT
The Securities and Exchange Commission (SEC) is likely to allow more listed companies to operate under central depository system (CDS) to consolidate investors' confidence in the scripless trading system.
The capital market regulators, bourses, Central Depository Bangladesh Ltd (CDBL) -- the service provider of the electronic trading settlement system-- and listed companies concerned will meet this week to evaluate the market repercussion on the launching of the CDS which started operation on January 24 with shares of Square Pharmaceuticals Ltd.
At the meeting, the CDBL will place performance report of the company and review market reaction to the CDS. It is likely to submit names of listed companies, which are ready to go for electronic settlement of share trading.
Dhaka Bank has already signed an agreement with the CDBL and it now needs SEC nod to convert paper share certificates into electronic ones, the first stage for elec-
tronic book entry for CDS.
The CDBL sources said most private commercial banks and insurance companies are interested to embrace CDS. SEC sources said it is unlikely that more than five companies would be allowed for CDS in the next phase.
Well performing companies placed in A category will get the first priority for CDS, the sources said.
But the SEC is wary about allowing more companies in the system as investors are showing lukewarm response to the system, which will eliminate risk of fake, soiled or lost shares.
The settlement of share trading under CDS started with only 2,851 electronic shares of Square Pharma. On the first day, only 106 shares of the company were transacted in two bourses.
Out of 7.58 lakh shares belonging to IPO (initial public offering) participants only 18,000 have been converted so far. Seven lakh
shares belonging to sponsor
shareholders have been made
paperless.
The meeting will also decide the fate of 12 listed companies whose trading remained suspended since December 3 last year.
Dhaka Stock Exchange (DSE) CEO Salahuddin Ahmed Khan said there should be intensified awareness campaign about the new system, which would help grow interest among investors to make their certificates paperless.
People should know the benefits of the CDS and integrated campaign is needed for that, he said.
The DSE and the CDBL were at odds at launch of the system. DSE alleged that the service provider did not carry out required awareness campaign to familiarise the system with market players.
The DSE was also of the opinion that more than five companies from varied sectors should have been allowed to go into the CDS in the first phase. But the SEC said it gave permission to only one company to scrutinise the system on debut.