BSEC to count bourses’ accounts till March 31 for revaluation

May 31, 2013

The Bangladesh Securities and Exchange Commission has asked the Dhaka and Chittagong stock exchanges to complete revaluation of the burses for demutualisation
on the basis of the accounts ended on March 31.
The BSEC in a meeting on Sunday asked top officials of the bourses to comply with this order.
DSE chief executive officer Swapan Kumar Bala, chief financial officer Shuvra Kanti Choudhury and CSE chief executive officer Syed Sajid Husain, among others, were present at the meeting held at the BSEC office.
The regulator officially informed the bourses about the decision in a letter on Tuesday.
The BSEC in the letter also gave its consent to DSE regarding the appointment of KPMG, a Netherlands-based audit firm, for revaluation of the bourse.
The bourses, however, started the process of demutualisation after the gazette notification of the Demutualisation Act that was passed in the parliament on April 29.
As per the Demutualisation Act, the bourses will have to submit the scheme and business plan to the regulator within 90 days after gazette notification of the act.
After receiving the demutualisation scheme from the bourses, BSEC, the stock market regulator, will approve it within 60 days.
The Demutualisation Act says independent experts will hold the posts of chairmen of the Dhaka and Chittagong stock exchanges, not the owners-cum-directors of the bourses.
The BSEC will formulate the rules for appointing independent experts as bourse directors while capital market experts will apply to the commission for appointment as members of the boards of directors of the stock exchanges.
The management of a stock exchange must hold elections to its board of directors within 90 days from the date of its demutualisation.

-With New Age input

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