DSE submits market-revamp proposals to SEC

The country's premier bourse yesterday submitted an eight-point proposal to the Securities and Exchange Commission, urging it to implement them quickly to stabilise the market.
“The proposals are meant to bring normalcy back to the market,” said Ahasanul Islam, senior vice-president of Dhaka Stock Exchange.
One of the proposals is, sponsors of all listed companies will have to hold at least a combined 30 percent stake in the companies all the time. The SEC issued a notification on the same issue yesterday.
On Monday, a DSE board meeting unanimously abolished all the committees except its audit committee and demutualisation committee to expedite demutualisation process. The board will form an executive committee soon.
“A total of 80 percent demutualisation process has already been completed as we have dismissed a number of committees,” Islam said.
From now, the members will have no power to dominate the management.
The DSE board also called for an acceptable solution within next three months to the investment of those who have raised capital through placement under approval from the regulator.
The DSE also proposed to relax some rules for banks that have exposure to the stockmarket.