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SEC gives nod to draft demutualisation law

Bourses to turn into public companies

Star Business Report
The Securities and Exchange Commission yesterday approved a draft of the Demutualisation Act, which will separate the bourses' management from ownership to ensure transparency and accountability in the market.
The stockmarket regulator prepared the draft as part of assisting the government to enact a law in parliament on the demutualisation of the country's twin bourses.
The SEC will now forward the draft of the Demutualisation Act to the ministry concerned for the next course of action, the regulator said in a statement after a meeting.
After the demutualisation of the stock exchanges, majority of the board directors will be selected from independent directors.
The bourses will also be able to raise funds from the market through initial public offering. The stock exchanges can also sell shares to strategic investors.
The bourses will have to submit their demutualisation scheme within 90 days from the enactment of the act and the SEC will give consent to the demutualisation process within the next 60 days.
Demutualisation transforms a stock exchange from an entity owned by stockbrokers into a public company owned by shareholders
The process is conducive to sound corporate governance and operational
efficiency.
Bangladesh's stock exchanges are now non-profit co-operative organisations, owned by exchange members who are predominantly stockbrokers.
After the stockmarket debacle in January last year, market experts were advocating demutualisation of the stock exchanges for greater transparency and accountability.
Also a probe committee, led by Khandker Ibrahim Khaled, in its report on the stockmarket debacle had recommended demutualisation of the bourses.
Conflict of interest occurs if businessmen take the role of regulators, which results in shirking of regulatory duties, the probe report had said.
“It is necessary to demutualise the stock exchanges. Market players and regulators should be separated,” it had said.
The Dhaka and Chittagong stock exchanges submitted their plan on demutualisation of their bourses to the finance ministry and the SEC in the first week of July this year.
Following an instruction from the finance ministry, the SEC later formed a three-member panel to look into demutualisation and prepare a draft on the demutualisation act.
The committee, headed by SEC Executive Director Farhad Ahmed, submitted the draft on demutualisation act to the commission recently.