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Regulator seeks clarity on DSE software purchase

Sarwar A Chowdhury
The stockmarket regulator sought documents from Dhaka Stock Exchange on Tuesday on the purchase of new trading software to replace the existing one.
In response, the premier bourse sent the documents to Bangladesh Securities and Exchange Commission yesterday.
In another letter, the regulator asked DSE to submit an explanation by Sunday on allegations by a Swedish company that sent an email to the regulator, claiming an opaque process in purchasingthe software.
When asked, DSE President Ahsanul Islam said: There is nothing to hide. We have already sent all the documents on the purchase of software to the regulator."
He may also make a detailed
presentation on the new software before the media next week.
DSE introduced an online trading system MSA Plus in June 2013. Xchanging, a UK-based software vendor, had provided the software.
However, the brokerage houses were facing problems whenever a new company made a trade debut on the market.
Following the incidents, BSEC launched an investigation and found that the glitches were a result of negligence on the part of the software vendor aswell asDSE.
Since then, DSE took the initiative to replace its trading system.
However, DSE did not float any tender for the purchase; it officially contacted the software providers and invited them to make technical presentations and price quotations.
The DSE selected four companies,
but is yet to give any work order.
A BSEC official said the regulator sought an explanation as there are allegations against the purchase process.
"Earlier, the commission found several irregularities while the onlinebased trading software MSA Plus was installed. So, the commission would not allow them to do the same in the future," the official added.
It is also necessary that DSE complies with a regulatory directive on buying selling or transferring any fixed asset before completion of the demutualisation process.
In July last year, BSEC issued a directive putting a bar on the stock exchanges from trading any fixed assets until the completion of demutualisation.
In case of any emergency, prior approval of the commission will be needed for such activities, the direc-