DSE stockbrokers launch platform to boost market

The stockbrokers of Dhaka Stock Exchange have formed a new platform that will work to bring stability and vibrancy to the ailing market and create awareness among investors.

The announcement came at a press briefing on the DSE premises yesterday after the platform -- DSE Brokers Association of Bangladesh -- got its registration from the Office of the Registrar of Joint Stock Companies and Firms on August 16.

“One of our purposes is to create awareness among the investors through various programmes across the country, as a lack of awareness is a major problem,” said Ahsanul Islam, president of the platform.

Many people invest in the market without adequate knowledge and then lose their money, he said. “It's not our responsibility to protect their investment, but it's our duty to make them aware.”

The association, which will have a research wing, will prepare recommendations on how to further improve the market and put those forward to the bourse's board, said Islam, also a former president of the DSE.

The Dhaka bourse has 250 stockbrokers or trading right entitlement certificate (TREC) holders who have around 1,000 branches across the country.

Md Zahirul Islam, a director of the association, said they will negotiate with the government, Bangladesh Securities and Exchange Commission, the central bank and other regulatory authorities on market related issues.

He also urged the stockmarket regulator to engage the stockbrokers in the process of initial public offerings to help develop the primary market.