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DSE to set up branches in major cities this year

Bourse's new president tells The Daily Star

M ABDUR RAHIM
Dhaka Stock Exchange (DSE) will start setting up its branches in major cities this year to offer doorstep services to investors across the country, the exchange's new president said yesterday.
As the nation's premier bourse is readying itself to undergo massive infrastructure overhaul in May this year, it also plans to bank on the increased system capacity to expand the services to cover more investors in other cities.
As part of the expansion, DSE wants to reach all greater districts by three years, Shahiq Khan told The Daily Star in an interview.
"Investors need not come to us, rather the stock exchange will go to the investors. DSE will not be limited to Motijheel area. Investors in major cities will get the same service that the Dhaka office is now offering," said Khan, who took over as president of DSE on February 17.
DSE will install an upgraded version of the existing automated trading system in May this year which will enhance trade capacity from existing 15,000 deals a day to 50,000 deals per day, enabling it to expand services to more investors.
The service expansion will bring in new investors to capital market, he hoped. "Through the expansion across the country, we hope to take the existing three-lakh investor base
to six lakh at the end of 2005," he said.
DSE will also take up biggest ever infrastructure project in history this year. The bourse will construct its permanent complex in Dhaka's Nikunja area. "The complex on a four-bigha land will be an intellectual building having all facilities of a modern stock exchange," said Khan, who has been associated with DSE since 1980.
DSE facilities will be shifted to Nikunja office when the permanent complex is completed in three years. However, the brokerage houses, to be connected with sophisticated wire and radio link to new office, will offer services from existing place.
Khan, who is in his second stint in the position, wants to use his previous experience to boost the capital market. "We will work with regulators to find ways to woo companies with strong fundamentals to stock market," he said.
Asked about reasons of some big companies' reluctance to listing, he said the existing tax incentive may not appear sufficient to them.
He said DSE will work closely with Securities and Exchange Commission to introduce diversified securities in stock market. Products such as bond, asset backed securities, derivatives and future contracts can offer wider choice for investors.
He said DSE will take vigorous efforts to develop a secondary bond market and lobby the government to offload shares of state-owned enterprises through bourse.
Khan forecast a healthy growth of the capital market in coming years as positive regulatory measures have started producing results. Adoption of central depository system is a milestone in capital market, he said.
“Encouraging thing is that investors' confidence in capital market seems to be staging a strong and lasting comeback. Distance between SEC and DSE is narrowing. The two organisations are working together to develop the capital market which is a positive sign," he added.