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Regulator seeks info on DSE's fixed assets

Star Business Report
The stockmarket regulator has sought documentary evidence from the Dhaka Stock Exchange on its fixed assets, part of which were allotted to the bourse members recently despite regulatory restrictions.
The regulator also asked the DSE to submit copies of money receipts, allotment letters and lease or rent agreements between the bourse members and other parties in connection with all land and buildings and other fixed assets of the bourse.
Although Bangladesh Securities and Exchange Commission (BSEC) instructed the bourse through a letter last week to provide the information within today, the exchange authorities yesterday sought two more days.
The Dhaka bourse on August 5 sent confirmation letters to its members on the allotment of office space at the DSE Tower in the capital's Nikunja area.
But the BSEC on June 6 asked the stock exchanges not to purchase, sell or transfer any of their fixed assets before the completion of demutualisation, a process that would transform the DSE into a publicly traded company from being owned by its members.
"In case of emergency, a prior approval of the commission will be needed for such activities," the BSEC said.
But the DSE allotted the office space to its 250 members without seeking any approval from the regulator, just a few days after it submitted its valuation report to the regulator on July 29 for approval.
The 13-storey building was valued at Tk 672 crore and the total assets of the DSE atTk 4,200 crore.
It means, the net asset value (NAV) shown in the demutualisation scheme included the price of the DSE building in Nikunja. But after the allotment of the space, the members will be the owners and the value should be excluded from the NAV.
Kazi Firoz Rashid, convener of the DSE's Nikunja building allotment committee, on Saturday said: "This is our property. We distributed these to our members."
Asked about the restriction on sale, purchase or transfer of the fixed assets of the DSE, he said: "This is a civil matter -it is not a matter of the regulator." A BSEC official said they would decide on the issue after receiving an explanation and the documentary evidences from the DSE.
In the last week's letter, the BSEC also asked the Dhaka bourse to justify its position on the proposed changes in its Memorandum and Articles of Association.
The DSE will also have to explain the reasons for capitalisation of development fund, fair value reserve, revaluation reserve and building construction fund, and the plan for investors' protection fund and investors' education fund.