final dse 1

8/8/2019 final dse 1

1/37

1

DHAKA STOCK EXCHANGE


2/37


3/37

3

mode of trading was abolished and was replaced by a fully automated computerized Stock

Exchange. The trading session occurs in five parts- the pre-opening session, opening session,

continuous or regular trading session, closing session or post-closing session.

DSE as an Organization

The Dhaka Stock Exchange (DSE) is incorporated as a Public Limited Company. It is a Self-Regulatory Organization and its activities are regulated by:

y Articles of Associationy Rules and regulations and bye-laws of the exchangey Companies Act 1994y Securities and Exchange Ordinance 1969y Securities and Exchange Rules 1987

Policy Making Body: The Board of Directors

Through continuous reforms, Dhaka Stock Exchange has emerged into a modern Exchange.

The day to day affairs of the DSE is run by a highly qualified and trained executive team

who works independently under policies set by the Board of Directors.

The DSE Board comprises of 25 members of whom 12 are elected through direct election

from the 230 shareholders of DSE. The remaining 13 Board Members are Ex-Officio. They

include 12 members representing a distinguished personality from different key economic

and social arena of the country. The CEO of the Exchange is also a Director of the Board.

y One Executive Director of Bangladesh Bank and Managing Director of InvestmentCorporation of Bangladesh.

y One member representing investors in listed securities.y One member representing listed issuer companies; andy The remaining 10 (ten) members selected from the elite and other distinguished

persons who are not associated either with the Exchange or with any of its

members of the exchange.

DSE Management

A highly qualified and trained team of Executives reporting to the CEO runs the day-to-day

affairs of DSE. The management team runs independently under policies set by the Board of

Directors. A Head of IT, Secretary and Deputy Finance Controller assist the CEO in

managing day-to-day affairs of the bourse.

The management and operation of Dhaka Stock Exchange is entrusted on a 25 members

Board of Director. Among them 12 are elected from DSE members, another 12 are selected


4/37

4

from different trade bodies and relevant organizations. The CEO is the 25th ex-officio

member of the board. The following organizations are currently holding positions in DSE

Board:

y Bangladesh Banky ICBy President of Institute of Chartered Accountants of Bangladeshy President of Federation of Bangladesh Chambers of Commerce and Industriesy President of Metropolitan Chambers of Commerce and Industriesy Professor of Finance Department of Dhaka Universityy President of DCCI (Dhaka Chamber of Commerce and Industry)

MajorFunctions of DSE

The following are the functions of the Dhaka Stock Exchange:

y Listing of Companiesy Providing screen based automated trading of securities.y Settlement of trading following the Settlement of Transactions Regulation.y Market Administration and Controly Market Surveillancey Publication of monthly reviewy Monitoring the activities of the listed companies following the Listing Regulations.y Formation of the Investors' Grievance Celly Formation of the Investors' Protection Fundy Online Notification of price sensitive and other information about the listed

companies.

y Updating existing Regulation and promulgating new rules and regulation.

Other Activities

DSE Publishes Monthly Review to keep investors community informed on the overall

development in securities market. DSE has an arbitration system to resolve disputes or claims


5/37

5

against members through a panel of judges comprising 5 retired district judges. Investors

Protection Fund which is contributed by the Brokers of the Exchange for the benefit of

investors and managed by a board of trusty who are independent body from outside the

Exchange.

Membership

The DSE has 238 (members) who are also the shareholders of the Exchange. The members

are licensed by the Securities and Exchange Commission (SEC) for conducting trading as

Stock Dealer or Broker. All Brokerage houses have been corporatized in 2006.

Disclosure Requirements of the listed Companies

The listed companies are required to submit

y Yearly Audited Financial Statement within four months from the year end.y Half-yearly un-audited financial statement within one month from the date of half

year ends.y Disseminating Price Sensitive information within 30 minutes of making any price

sensitive decision or Occurrence of price sensitive event.

yy It is mandatory to follow the following standards in preparation of the accounts

- International Accounting Standards (IAS)

- International Standards for Auditing (ISA).

Listed Securities

The Listed Securities Including Mutual Funds, Debentures and Bonds in the DSE number

298 as on December, 2006. Apart from 310 listed companies including 137-A Category, 32-B

Category, 1-G Category 94-Z Category and 4-N Category Companies, there are 13-Mutual

Funds, 8-Debentures and 34-Bonds in the Stock Exchange. The Listed Companies are

divided into 18 sectors. Of them 1-Bank, 2-Investment, 3-Engineering, 4-Food & Allied

Products, 5-Fuel & Power, 6-Jute, 7-Textile, 8-Pharmaceuticals & Chemicals, 9-Paper &

Printing, 10-Services & Real Estate, 11-Cement, 12-Information Technology, 13-Tannery,

14-Ceramics, 15-Insurance, 16-Debenture, 17-Miscellaneous and 18-Bonds.

Share Categorization: A, B, G, Z & N

The prime bourse of the country introduced "Group A" and "Group B" from July 2, 2000

based on its financial strength and performance to give clear information to investors for

taking informed decision. DSE has further categorized the securities by introducing "Group

Z" which came into effect from September 26, 2000. The Stock Exchange introduced another

company category "Group G" on June 30, 2002. The categorization helps a lot the investors

in choosing companies before making investment decision. N Category- the newest one was

launched through an order of SEC on July 3,2006.


6/37

6

Criteria of the Share Categoryis as follows

A Category Companies: Companies which are regular in holding the Annual General

Meetings and have declared dividend at the rate of 10 percent or more in a calendar year.

(Mutual Funds, Debentures & Bond are being traded in this Category)

B Category Companies : Companies which are regular in holding the Annual GeneralMeetings but have failed to declare dividend at least at the rate of 10 percent in a calendar

year.

Z Category Companies : Companies which have failed to hold the Annual General

Meetings or failed to declare any dividend or which are not in operation continuously for

more than six months or whose accumulated loss after adjustment of revenue reserve, if any,

is negative and exceeded its paid up capital.

G Category Companies: Greenfield Companies.

N Category Companies : All newly listed companies except Greenfield companies willbe placed in this category and their settlement system would be like B-category companies.

Clearing and Settlement

a. For A,B, G and N Group Instruments Trade for Trade System (for

scrip only)

Settlement &

Settlement

Period

Market Name:

1) Public2) Spot3) Odd + Block

Trade for Trade

Trade for Trade

Trade for Trade

T+1 &T+3

T+1

T+1 &T+3

b. For Z Group Instruments:

1) Public2) Odd + Block Spot (Before Book-

Closer)

3) Foreign delivery Vs payment(DVP) transaction are settled in

Trade for Trade

Trade for Trade

Trade for Trade

T+3 & T+7

T+3 & T+7

T+1


7/37

7

Index Calculation Algorithm (according to IOSCO Index Methodology):

Yesterday's Closing Index X Current M.Cap

Current Index = -------------------------------------------------------------------

Opening M.Cap

Yesterday's Closing Index X Closing M.Cap

Closing Index = --------------------------------------------------------------

Opening M.Cap

Where,

M.Cap Market Capitalization

DSE - Dhaka Stock Exchange

IOSCO - International Organization of Securities Exchange Commissions (IOSCO)

LTP - Last Traded Price

CP - Closing Price

Current M.Cap = ( LTP X Total no. of indexed shares )

Closing M.Cap = ( CP X Total no. of indexed shares )

Key Market Segments

Public Market For General Trading of Securities

Spot Market For pre-book closer trading

Trading Lots Market lots varies from 1 share to 500 share

depends at par value.

Block Market Block Market transaction involved trading of

Tk. 0.5 million or above.

Odd Lot Market Any transaction for odd lot.

Foreign Transaction May be exerted using custodial banks

(Standard Chartered Bank, HSBC & City

Bank NA) through DVP process (delivery vs.

payment)


8/37

8

There are three indicesin the DSE as follows:

Sl.No Index Name Base Index Remarks

1 DSI (all shares) 350 (as on 01-11-1993)

2 DGEN(A, B, G & N)

817.63704 (as on 24-11-2001) SEC directive regardingindex was on 17-11-2001

3 DS20 1000 (as on 01-01-2001)

DSE Indices DSE All Share (DST), DSE General & DSE 20

The all Share Price Index (DSI) comprises all listed securities of the exchange which has

been calculated since November 01, 1993 calculated on the basis of price movement of

individual stocks using IFC method. Earlier a price average index was in practice which was

not perfect.

Trading Session

Trading at DSE, is performed through a Non-Stop Platform in following sessions :

Continuous Trading Hours : 10.00 am to 2.00 pm

Trading Day : Sunday to Thursday.

All SharesPrice Index (DSI)

Year Year End Index High Low

1998 540.22 778.68 522.60

1999 533.76 540.00 480.55

2000 484.44 494.15 484.44

2005 1275.05 1330.56 1099.07

2006 1321.40 1323.89 1280.01

DSE general index with a base-index of 817.62 points started on November 27, 2001. Theindex excludes companies of Z-category and is calculated on the basis of price movement of

individual stocks. The entire market capitalization excluding the Z-category is taken into

consideration in deriving the general index.

DSE General Index (DGEN)

Year Year End Index High Low


9/37

9

2002

2003

2004

2005

2006

2007

848.41

967.88

1971.31

1677.35

1609.51

3017.21

885.17

1015.97

1994.08

1999.71

1611.42

742.98

742.23

934.95

1434.65

1544.17

DSE-20 index was introduced on January 01, 2001. The Index comprises leading 20 shares

with a base index of 1000. The criteria taken into account in formulating the index were

market capitalization, free float shares in public hands, minimum payment of 10 percent

dividend for the last three consecutive years and 95 percent trading days liquidity in terms of

trading during the last six months. Subjective criteria such as good corporate governance,regular holding of annual general meeting and sectoral representation were the other key

factors for becoming eligible for inclusion in the Index.

DSE - 20 Index (DS20)

Year

2002

2003

2004

2005

2006

Year End Index

848.41

967.88

1971.31

1677.35

1609.51

High

1145.30

1334.55

2180.21

2214.17

1406.35

Low

797.04

923.22

1182.67

1312.93

1328.46

Listing Requirements of DSE asperListing Regulation 1999 (as amended up to 2OO5)

A public limited company may apply for listing if it has minimum paid-up capital of Taka 20(twenty) million and shall make a public issue which is subscribed by not less than 400

applicants. The applicant company among others shall furnish the following documents to the

exchange:

y Application for listing as per Form I;y Memorandum & Articles of Association;


10/37

10

y Copy of the Certificate of incorporation;y Copies of all material contracts and agreements entered into or exchanged with

foreign participants, machinery suppliers and any other financial institutions;

y Copy of Consent order issued by the Commission;y Names of Directors along with directorship of other companies listed on the

Exchange;y Statement of audited accounts for the last 5 years or for a shorter number;y A undertaking regarding full compliance of Exchange's Listing Regulations and other

securities laws.

General process of listing with DSE through IPO

The unlisted companies are required to complete certain procedures to get listing. The

present process/way of listing, in brief, may describe as follows:

y Every company intending to enlist its securities to DSE by issuing itssecurities through IPO is required to appoint Issue Manager to proceed withthe listing process of the company in the Exchange;

y The Issue Manager prepares the draft prospectus of the company as perPublic Issue Rules of SEC and submit the same to the SEC and the

Exchange (s) for necessary approval;

y The Issuer is also required to make agreement with the Underwriter (s) andBankers to the Issue for IPO purpose; After receiving the draft prospectus,

the Exchange examine and evaluate overall performance as well as financial

features of the company which may have short term and long term impact on

the market;y The Exchange send its opinion to SEC within 15 days of receipt of draft

prospectus for SEC's consideration;

y After proper scrutiny, SEC gives it consent for floating IPO as per PublicIssue Rule;

y Having consent from SEC, the Issuer is required to file application to theExchange for listing its securities within 5 days of issuance of its prospectus;

y On successful subscription, the company is required to complete distributionof allotment/refund warrants within 42 days of closing of subscription;

y After 100% distribution of shares/refund warrants and compliance of otherrequirements, the application for listing of the Issuer is placed to theExchange's meeting for necessary decision of the Board of DSE;

y The Board of DSE takes the decision regarding listing/non-listing of thecompany which must be completed within 75 days from the closure of the

subscription.


11/37

11

DSE Direct Listing Regulations 2OO6 : Mature companies are allowed direct listing

through plea of sale.

The following key conditionsmust be fulfilled to be eligible for direct listing

y shall have minimum paid up capital of Tk. 100 (one hundred) million;y shall have no accumulated loss;y shall be in commercial operation for at least immediate last five years;y shall have profit in three years out of the immediate last five completed accounting /

financial years with steady growth pattern;

y is regular in holding Annual General Meeting (AGM);y have a credit-rating of BBB or above.

Procedure for Making Portfolio Investment byForeign Investors

Foreign investors and the Non Resident Bangladeshis (NRBs) may invest in securities. To

exercise the investment as NRBs/foreigners, one must enter into an agreement with a

brokerage house of their choice along with anyone of the following institutions:

y Authorized Dealer of Foreign Exchangey Custodial Banky Merchant Bank (Portfolio Manager)

All NRBs/foreigners for the purpose of making investment must have a Beneficiary Owners

(BO) account and a client account opened with any of the brokerage house as well as entering

into agreement with the Authorized Dealer or Custodial Bank or Portfolio Manager and thus

maintain the investment activities from abroad. List of Brokers together with regular market

scenario, fundamental status of the companies listed on the Exchanges and many other

relevant necessary information is available on the website of DSE (www.dsebd.org). List of

Brokers of the Exchanges, Merchant Bankers or Custodial Banks is available on the web

page of SEC.

Incentives for Capital Market

y Corporate tax rate (except banks, insurance & other financial companies) is 30% forlisted companies, while is 40% for non-listed companies.

y Tax rebate @ 10% of tax payable is allowed if a listed company declares 20% ormore dividend.


12/37

12

Investment guarantee

y Foreign Private Investment (Promotion & Protection) Act 1980 ensures legal protection to foreign investment in Bangladesh against nationalization and

expropriation.

y It also guarantees repatriation of capital and dividend and equitable treatmentwith local investors.

y Adequate protection is available for intellectual property rights, such aspatents, designs & trademarks and copyrights.

Other facilities and Incentives

y Tax holiday for 5 to 10 years depending on location or sector of Industries.y Special 15 years tax holiday for private power generation companies.y Facilities for repatriation of invested capital, profit & dividend.y Exemption of tax on interest on foreign loan.y Tax exemption on royalties, technical know- how & technical assistance fees.y Avoidance of double taxation on the basis of bilateral agreements.y Six month multiple visa etc.

Opportunity for foreign Investors

Bangladesh has a liberal industrial policy in order to attract foreign investment. There is

limitations on equity participation i.e. up to 100 percent foreign private investment is

permitted. All industries are open to private investment. Industries earmarked only for public

sector investment are :

y arms, ammunition and other defense equipment and machineryy Production of nuclear energy,y Forest plantation and mechanized extraction within the bounds of

reserved forests,

y Security printing (currency notes ) & minting andy Railways & air transportation (except certain domestic routes and air

cargo)

For obtaining industries facilities like procurement of land, electricity, gas and sewerage

connection, importation of capital machinery and raw materials tax rebate, duty drawback

facilities etc. are requested to be registered with the Board of Investment (BOI).

Facilities for Non-Resident Bangladeshis

y Non-Resident Bangladesh investors enjoy facilities similar to foreign investors


13/37

13

y 10 percent reserved quota for non-resident Bangladeshis in primary shares(IPO)

y Foreign currency deposits in the Non-resident Foreign Currency (NFCD)account.

Visions forFuture

The stock exchange has a clear and specific vision for the future. Strengthening the bond

market and making it vibrant through encouraging trades in 5 and 10 years government

already listed with the exchange. It is also trying to encourage financial institutions to issue

bonds to supplement share issue and municipal bonds beside the corporate bonds. Bringing

all major infrastructural companies specially those in power, telecommunication and energy

companies and thus broading the market depth to US$ 15 billion by 2010 and daily average

turnover from current average of 10 to 15 million to a level of 70 to 100 million dollar by

2010.

yBringing all the securities under CDS within 2008.

y Bringing all the corners of the country under trading network through the ongoingexpansion and up gradation projects of DSE.

y Bringinginternet based tradingy Creating provisions for investment and settlement from any where in the worldy Ensure greater degree of transparency in financial disclosure for better corporate

governance

y Makingthe market competitive in terms of regional securities markety Ensuring market friendly rules and regulatory framework.y Initiatingthe process of creating derivative and future market by 2010.

Thus the Dhaka Stock Exchange is relentlessly trying to make the securities market an

efficient reliable transparent organization that will be capable of meeting the challenges of

economic reality of the country. The proposed DSE Tower is a strong testimony of the

commitment and strength of the exchange which has a vision to make the capital market as

the centre for economic development of the nation.

Overview of DSE Tower

DSE has undertaken the construction work for its Second 14-storied building at Nikunjo with

all the state of the art commercial facilities; it is expected to be a landmark building. It will bea modern building with all modern amenities. It would not be out of place to mention here

that this piece of land was specially allotted by the then Hon'ble Prime Minister in 1998.

Dhaka Stock Exchange took over possession of the four bigah land on 25th November, 98

from RAJUK. Construction of DSE Tower is expected to be completed in three years.


14/37

14

The need for construction of DSE Tower at Nikunja was felt necessary to meet the growing

demand of facilities from all the parties involved with this market, which by the existing one

mat not be fulfilled. As the activities of the prime bourse is expanding rapidly in the last

decade, this existing premise cannot accommodate all the facilities in its present

establishment at Motijheel for which DSE appealed to the then Government for a big plot

showing the justification. The Government was pleased and allocated the 4 bigah land in thename of Dhaka Stock Exchange Ltd.

Dhaka Stock Exchange on 30th April, 2006 signed an agreement with Development Design

Consultants Ltd. for architectural and engineering consulting services for construction of

multistoried DSE Tower. To mention, DSE Tower will be set up at 1.33 acres (58,064 sfts) of

land. The projected building area will be 7,56,000 square feet.

The Tower will have its own Water supply with 4-inch deep tube well. Main power supply

will be from DESCO with provisions of 5 Generators of different capacities to meet up the

demand during power outage. The Tower will facilitate with 13 Lifts with different capacity

at different location. The Tower will have cooling facilities with split and ducted split typeAC. The entrance of the DSE Tower will be from south through 40 feet wide road. The left

side entrance will be used by the DSE Officials, middle entrance by the members and the

right entrance will be entrance will be reserved for the VIP's with VIP car parking facilities at

the ground level.

All the three basements will be used for car parking. The first two floors provide room for

banks and other financial institutions, substations, lobby and basic amenities. There will be a

mock trading hall and a media centre at the first floor. Second floor shall exclusively for the

use of DSE office. Third to eleventh floors in full will be allocated for the members on

trading purpose and part of twelfth & thirteenth floor (19,800 square feet) will be for the

Auditorium. 17,478 square feet of the thirteenth floor will be allocated for Members' Club

with facilities of TV lounge, Indoor Games, Health Club, Locker, Prayer, Kitchen and

Dining.


15/37

15

Deep nto DSE


16/37

16

Birth and growing up of DSE

The need to develop a new stock exchange in Bangladesh was realized by the government of

Bangladesh ever since Calcutta Stock Exchanges had stopped the transactions in Pakistani

shares and securities. The Dhaka Stock Exchange basically started with the formation of the

Provincial Industrial Advisory Council. The Provincial Industrial Advisory Council soon set

up an organizing committee for the formation of a stock exchange in East Pakistan. A

decisive step was taken. The second meeting of the organizing committee held on the 13th

March,1953. In the Cabinet Room, Eden Building, under the chairmanship of Mr. A.

Khaleeli, Secretary Government of East Bengal, Commerce, Labor And Industries

Department. In this meeting various aspects of the issue were discussed in detail. The

proposal of the then central government was to open a branch of The Karachi Stock

Exchange at Dhaka. But, this proposal did not get much favor. The meeting felt that East

Pakistan should have an independent stock exchange. It was suggested that Dhaka

Narayanganj Chamber Of Commerce & Industry should approach its members for purchase

of membership cards at RS.2000 each for the proposed stock exchange. The location of the

exchange it was thought should be either Dhaka Narayanganj or Chittagong. An organizing

committee was appointed consisting of leading commercial and industrial personalities of the

province with Mr. Mehdi Ispahani as the convener in order to organize the exchange.

The chamber informed its members and members of its affiliated associations of the

proceedings of the above meeting, requesting them to intimate whether they were interested

in joining the proposed stock exchange. This was followed by a meeting, at the chamber of

about 100 persons interested in the formation of the exchange on 07.07.1953. The meeting

invited 8 gentlemen to become promoters of the exchange with Mr. M Mehdi Ispahani as the

convener and authorized them to draw up the Memorandum and Article of Association of the

exchange and proceed to obtain register under the Companies Act.1913. The other 7

promoters of the exchange were Mr. J M Addision-Scott, Mr. Mhodammed Hanif, Mr. A C

Jain, Mr. A K Khan , Mr M Shabbir Ahmed and Mr. Sakhawat Hossin.

It was also decided that membership fee was to be Rs.2000 and subscription rate at 15 per

month. The exchange was to consist of not more than 150 members. A meeting of the

promoters was held at the chamber on 03.09.1953 when it was decided to appoint Orr

Dignam & Co., solicitors to draw up the Memorandum and Articles of Association of the

stock exchange based on the rules of stock exchange existing in other countries and taking

into account local conditions.

The 8 promoters incorporated the formation as the East Pakistan Stock Exchange AssociationLtd. on 28.04.1954. as public company. On 23.06.1962 the name was revised to East Pakistan

Stock Exchange Ltd. Again on 14.05.1964 the name of East Pakistan Stock Exchange

Limited was changed to "Dhaka Stock Exchange Ltd."

At the time of incorporation the authorized capital of the exchange was Rs. 300000 divided

into 150 shares. Of Rs. 2000 each and by an extra ordinary general meeting adopted at the

extra ordinary general meeting held on 22.02.1964 the authorized capital of the exchange was


17/37

17

increased to Tk. 500000 divided into 250 shares of Tk. 2000 each. The paid up capital of the

exchange now stood at Tk.460000 dividend into 230 shares of Tk. 2000 each. However 35

shares out of 230 shares were issued at TK. 80,00,000 only per share of TK. 2000 with a

premium of TK. 79,98,000 .

Although incorporated in 1954, the formal trading was started in 1956 at Narayanganj after

obtaining the certificates of commencement of business. But in 1958 it was shifted to Dhaka

and started functioning at the Narayangonj chamber building in Motijheel C/A. On 1.10.1957

the stock exchange purchase a land measuring 8.75 Kattah at 9F Motijheel C/A from the

Government and shifted the stock Exchange to its own location in 1959.

Procedure of being enlisted:

The unlisted companies are required to complete certain procedures to get listing at DSE

(Exchange). The present process/way of listing, in short, may describe as follows:

1. Every company intending to enlist its securities to DSE by issuing its securitiesthrough IPO is required to appoint Issue Manager to proceed with the listing processof the company in the Exchange;

2. The Issue Manager prepares the draft prospectus of the company as per Public IssueRules of SEC and submit the same to the SEC and the Exchange(s) for necessary

approval;

3. The Issuer is also required to make agreement with the Underwriter(s) and Bankers tothe Issue for IPO purpose;

4. After receiving the draft prospectus, the Exchange examine and evaluate overallperformance as well as financial features of the company which may have short termand long term impact on the market;

5. The Exchange send its opinion to SEC within 15 days of receipt of draft prospectusfor SEC's consideration;

6. After proper scrutiny, SEC gives it consent for floating IPO as per Public Issue Rule;7. Having consent from SEC, the Issuer is required to file application to the Exchange

for listing its securities within 5 days of issuance of its prospectus;

8. On successful subscription, the company is required to complete distribution ofallotment/refund warrants within 42 days of closing of subscription;

9. After 100% distribution of shares/refund warrants and compliance of otherrequirements, the application for listing of the Issuer is placed to the Exchange's

meeting for necessary decision of the Board of DSE;

10.The Board of DSE takes the decision regarding listing/non-listing of the companywhich must be completed within 75 days from the closure of the subscription.


18/37

18

Corporate Governance Guidelines

The Securities and Exchange C issi n is conferred the power to direct DSE by section

2CC of the Securities and Exchange Ordinance, 1969 (XVII of 1969). n exercise of the

power, the Commission supersedes its earlier Order No. SEC/CMRRCD/2006-

158/ dmin/02-06 dated the 9th January, 2006 and imposes the following conditions to theissue of capital by the companies listed with any stock exchange in Bangladesh:

These conditions are imposed on 'comply or explain' basis. The companies listed with any

stock exchange in Bangladesh should comply with these conditions or shall explain the

reasons for non-compliance in accordance with the condition No.5.

The Conditions:

1.00 BOARD OF DIRECTORS:

1.1. Board's Si e

The number ofthe board members ofthe company shouldnot be less than 5 (fi e) and more

than 20 (twenty):

In the case of banks and non-bank financial institutions, insurance companies and statutory

bodies for which separate primary regulators like Bangladesh Bank, Department of Insurance

etc. exist, the Board of those companies should be constituted as may be prescribed by such

primary regulators in so far as those prescriptions are not inconsistent with the aforesaid

condition.

1.2. Independent Directors

All companies should encourage effecti e representation of independent directors on their

Board of Directors so that the Board, as a group, includes core competencies considered

relevantin the context of each company. Forthis purpose, the companies should comply with

the following:-

a. At least one tenth (1/10) ofthe total number of the company's board of directors,subjectto a minimum of one, should be independent directors.

a. (Explanation: For the purpose of this clause "independent director" means adirector who does not hold any share in the company or who holds less than one

percent (1%) shares of the total paid-up shares of the company, who is not

connected with the company's promoters or directors or shareholder who holds onepercent (1%) or more than one percent (1%) shares of the total paid-up shares of

the company on the basis of family relationship; who does not have any other

relationshi p, whether pecuniary or otherwise, with the company or its

subsidiary/associated companies, who is not a member, director or officer of any

stock exchange, and who is not a shareholder, director or officer of any member of

stock exchange or an intermediary ofthe capital market.)

b. The independent director(s) should be appointed by the elected directors.


19/37


20/37

20

(Explanation: For the purpose of this clause, the expression "executive" means top five

salaried employees of the company, other than the Directors, Chief Executive Officer,

Company Secretary, Chief Financial Officer and Head of Internal Audit.)

2.00 CHIEF FINANCIAL OFFICER (CFO), HEAD OF INTERNAL AUDIT, AND

COMPANY SECRETARY

2.1 Appointment

The company should appoint a Chief Financial Officer (CFO), a Head of Internal Audit and a

Company Secretary. The Board of Directors should clearly define respective roles,

responsibilities and duties of the CFO, the Head of Internal Audit and the Company

Secretary.

2.2 Requirement to Attend Board Meetings

The CFO and the Company Secretary of the companies should attend meetings of the Board

of Directors, provided that the CFO and/or the Company Secretary should not attend suchpart of a meeting of the Board of Directors which involves consideration of an agenda item

relating to the CFO and/or the Company Secretary.

3.00 AUDIT COMMITTEE:

The company should have an Audit Committee as a sub-committee of the Board of Directors.

The Audit Committee should assist the Board of Directors in ensuring that the financial

statements reflect true and fair view of the state of affairs of the company and in ensuring a

good monitoring system within the business.

The Audit Committee shall be responsible to the Board of Directors. The duties of the AuditCommittee should be clearly set forth in writing.

3.1 Constitution of Audit Committee

a. The Audit Committee should be composed of at least 3 (three) members.b. The Board of Directors should appoint members of the Audit Committee who

should be directors of the company and should include at least one independent

director.

c. When the term of service of the Committee members expires or there is anycircumstance causing any Committee member to be unable to hold office until

expiration of the term of service, thus making the number of the Committeemembers to be lower than the prescribed number of 3 (three) persons, the Board of

Directors should appoint the new Committee member(s) to fill up the vacancy(ies)

immediately or not later than 1 (one) month from the date of vacancy(ies) in the

Committee to ensure continuity of the performance of work of the Audit

Committee.


21/37

21

3.2 Chairman of the Audit Committee

a. The Board of Directors should select 1 (one) member of the Audit Committee to beChairman of the Audit Committee.

b. The Chairman of the audit committee should have a professional qualification orknowledge, understanding and experience in accounting or finance.

3.3 Reporting of the Audit Committee

3.3.1 Reporting to the Board of Directors

a. The Audit Committee should report on its activities to the Board ofDirectors.

b. The Audit Committee should immediately report to the Board ofDirectors on the following findings, if any:-

(i) Report on conflicts of interests;

(ii) Suspected or presumed fraud or irregularity or material defect in the internal

control system;

(iii) Suspected infringement of laws, including securities related laws, rules and

regulations; and

(iv) Any other matter which should be disclosed to the Board of Directors

immediately.

3.3.2 Reporting to the Authorities

If the Audit Committee has reported to

the Board of Directors about anything which has material impact on the financial

condition and results of operation and has discussed with the Board of Directors and

the management that any rectification is necessary and if the Audit Committee finds

that such rectification has been unreasonably ignored, the Audit Committee should

report such finding to the Commission, upon reporting of such matters to the Board

of Directors for three times or completion of a period of 9 (nine) months from the

date of first reporting to the Board of Directors, whichever is earlier.

3.4 Reporting to the Shareholders and General Investors

Report on activities carried out by the Audit Committee, including any report made to the

Board of Directors under condition 3.3.1 (ii) above during the year, should be signed by the

Chairman of the Audit Committee and disclosed in the annual report of the issuer company.

4.00 EXTERNAL / STATUTORY AUDITORS

The issuer company should not engage its external/statutory auditors to perform the following

services of the company; namely:-


22/37


23/37

23

d. This order shall replace the earlier order of the Commission bearing No. SEC/CFD-

71/2001/Admin/02/05 dated 3rd

January, 2002.

All of these conditions are to be satisfied by the company which wants to be enlisted with the

Dhaka Stock Exchange. The company needs to fill up the following form to mention which

of the above conditions it fulfills.

Transaction regulation

(24th May, 1998)

Settlement of Stock Exchange Transactions Regulations, 1998

No. DSE-343/97/910 - In exercise of the powers conferred by section 34(1) of the Securities

and Exchange Ordinance, 1969 (XVII of 1969), Dhaka Stock Exchange makes, with the prior

approval of the Securities and Exchange Commission, the following regulations, namely :-

1. Short title. - These regulations may be called the Settlement of Stock Exchange

Transactions Regulations, 1998.

2. Definitions.- In these regulations, unless the context otherwise requires,-

(a) DSE means Dhaka Stock Exchange Ltd.

(b) Clearing house means the facilities provided by DSE for completion of

transactions through receipts and deliveries of securities and/or cheque/pay

order/demand drafts.

(c) Contract means a contract of transaction executed between the Buying Member

and Selling Member in the trading system of DSE.

(d) Trading day means the specific day on which transactions are carried out by the

Members in DSE (i.e. T+0).

(e) Regulation 2(e) has been substituted as follows since 13-9-2001 :-

Settlement day means the day on which transactions that were carried out by the Members

on a trading day are settled by them through delivery of securities and/or cheque/pay

order/demand draft to the clearing house of DSE, and which shall be the first day subsequent

to the trading day, i.e. T+1 for A and B category companies, and the fourth day subsequent to

the trading day, i.e. T+4 for Z category companies.

(f) If any settlement or clearance day falls on any holiday, the next day subsequent to the

holiday shall be the settlement or clearance day.

(Explanation.- In this regulation, holiday means a day which is so declared by DSE.)

(g) Member means member of DSE who are registered as the stock broker/dealer by the

Securities and Exchange Commission under the Securities and Exchange Commission

(Stock-Broker, Stock-Dealer and Authorized Representative) Regulations, 1994.


24/37

24

3. Previous regulation 3 has been substituted as follows since 13-9-2001:-

Contract note.- All transactions carried out in DSE shall be evidenced by a computerized

contract note having a contract number with date of execution of trade as prepared

automatically through the DSE automated trading system immediately upon completion of

trade in DSE. Subject to the provisions of regulation 12 all transactions evidenced by such

contract note shall be settled through the clearing house.

4. Previous regulation 4 has been changed as follows since 15-4-2001: -

Position for settlement. - (1) The clearing house shall work out the due position of every

member in every scrip of the following category of companies, which shall be described as

A-category companies, in which the member has dealt in on a trading day by adjusting the

total buy with the total sell of that scrip; and shall also ascertain the net balance receivable

from or payable to every member for the trading day; and shall notify every member the due

position and the net balance as aforesaid of the trading day within the subsequent day of the

concerned trading day for settlement .

(As per SEC Directive # SEC/LSD/Directive/SE/200/01 dated 1/ March 2003 SEC has

directs as under)

Adjusted due position mechanism for settlement of script only as provided by Regulation

4(1) of Settlement of Transaction Regulations, 1998 of Dhaka Stock Exchange Ltd. shall

remain suspended from 19th March 2003 until further order.

If, however, a company fails to recommend/announce a total dividend at least 60% (sixty

percent) of the rate of dividend paid for the last time shall be outside the netted settlement

system from the date of such declaration of dividend till the date of holding the next annual

general meeting.

A-category companies

Companies which are regular in holding the current annual general meetings and have

declared dividend at the rate of ten percent or more in the last English calendar year :

Provided that transaction for odd lot (other than market lots or multiple of market lots) and

big lot (single or more certificates containing multiple of market lots in each certificate) may

be kept outside the adjusted due position mechanism for settlement.

(2) Transaction of shares (other than those of Mutual Funds) of the following category of

companies, which shall be described as B-category companies, shall be kept outside the

adjusted due position mechanism for settlement -

B-category companies

Companies which are regular in holding the annual general meetings but have failed to

declare dividend at least at the rate of ten percent in the last English calendar year.


25/37


26/37

26

cheque/pay order/demand draft issued in favor of Dhaka Stock Exchange Ltd. and drawn on a

scheduled bank in Dhaka city to the Clearing house on the settlementday.

Provided however that such settlement by member may also be made through the Regional

Clearing house of DSE, if so declared by DSE, as opted before-hand by the member and

agreed by DSE.

7. Automatic buying in and selling out :

For regulation 7, the following new regulation has been substituted, as follows,

since 10-5-1999 :-

(i) If a member fails to deliver securities and/or make payment by cheque/pay order/demand

draft within the settlement day, DSE shall automatically square up the unsettled transaction

by buying-in or selling-out, as the case may be, in DSE after the day subsequent to the

settlement day on the risk and account of the defaulting member, without any further

reference. DSE shall inform the defaulting member as to the difference money, if any, forpayment immediately after buying in or selling out by DSE.

(ii) If a cheque issued by a member is dishonored by his/its bank, DSE shall automatically

square up the unsettled transaction by selling out his securities in DSE after dishonor of the

cheque on the risk and account of the defaulting member without any further reference to

him. Dishonor of cheque shall be treated as non-payment for that purpose. DSE shall inform

the defaulting member as to the difference money, if any, for payment immediately after

selling out by DSE.

(iii) If required quantity of security cannot be bought-in as per sub-regulation (i) because of

suspension of the trade or de-listing of a security or for any reason whatsoever, thedefaulting member shall make payment of the amount equal to the buying price plus the

contract charge and commission for the unsettled security by pay order/demand draft to the

clearing house on the next day of the settlement day (i.e. T+2), and the buying member shall

receive the payment from the clearing house on the second day subsequent to the settlement

day (i.e. T+3) instead of the security in respect of the transaction carried out on trading day.;

(iv) The defaulting member shall not be allowed to carry on trading in DSE from the day

subsequent to the settlement day until payment of the difference or compensation money and

fine as prescribed under regulation 9 are made to DSE. Excess difference money, if any, shall

be forfeited by DSE.

Provided that if any member fails to make payment and/or deliver securities within the

settlement day more than once in any calendar month of English era, DSE shall inform SEC

in writing details of such default cases immediately after closure of the settlement time

determined by DSE for the settlement day. Such member shall not be allowed by DSE to

carry on trading in DSE from the day subsequent to the settlement day in respect of the

second failure until written clearance to this effect is issued from SEC to DSE.


27/37


28/37

28

Provided further that no complaint will be entertained by DSE unless it is lodged within one

month from the end of the book closure date of concerned company or six months from the

date of purchase, whichever is earlier: Provided further that if DSE receives a complaint as

aforesaid it shall issue the notice of demand as mentioned above within three days from the

date of receipt of the complaint.

11. Continuous failure of a Member to pay any amount, difference money, interest and/or

fine or replace any defective securities.- If any member fails continuously to pay any amount,

difference money, interest and/or fine in terms of regulations 7 and 9; and replace any

defective securities along with the attributable benefits, if any, in terms of regulation 10, DSE

shall have the right to adjust the security deposit of the defaulting member; and in case of

shortfall, to sell the membership of the defaulting member to meet the shortfall.

12. Direct settlement between the members: Previous provision of the regulation 12 has been

replaced by the following new provisions from 7-2-1999: - The existing section 12(a) shall be

renumbered as 12(a) (i) and the following new rules 12(a) (ii), 12(a) (iii), 12(a) (iv), 12(a) (v)

and 12(a) vi) shall be inserted: - (a) (i) Members shall be allowed to carry out spottransaction in DSE arising out of the closure of book or closure of the renunciation period of

listed companies as decided by DSE, to be settled directly between the members within the

trading day (i.e. T+0) for dematted shares and within the next trading day (i.e. T+1) for non-

dematted shares with information to the clearing house. The members concerned shall submit

details of the settlements along with the documentary evidence thereof, as prescribed by DSE

in this behalf, to the clearing house within 10:00 A.M. of the next second trading day (i.e.

T+2). 12(a) (ii) In case of demated shares/bonds settlement will take place to the member

clearing A/c just normal transactions. The selling broker shall deposit the pay in transfer form

with DP at T+0 while the buying broker shall deposit cash or pay order or demand draft or

make direct transfer of funds to DSE Clearing A/c on T+0 day within banking hour & report

the same to Clearing department of DSE.

12(a) (iii) In case of default by either party, the party concerned shall be subjected to default

members as per regulation 7 and 12 of the Settlement of Stock Exchange Transaction

Regulation, 1998 as amended up to date and the relevant.

12(a) (iv) In case of default on the part of selling broker the client of buying broker shall be

entitled to enjoy all benefit accruing to spot transaction from the selling broker through the

Stock Exchange. The relevant transaction of defaulting seller shall be removed from payout

data file while for the defaulting buying brokers relevant transaction will be replaced by

DSEs Clearing Account.

12(a) (v) If trading of the Exchange is Closed for any unavoidable circumstances the

settlement date shall automatically be deferred and to the next working day.

(b) Transaction of foreign buyer and/or seller.- Members shall be allowed to carry out

transaction of foreign buyer and/or seller involving a custodian bank to be settled directly

between the member through the custodian bank within the fifth day subsequent to the

trading day, i.e. T+5, in respect of the transactions carried out on each trading day with


29/37

29

intimation to the clearing house. The members concerned shall submit details of the

settlements along with the documentary evidence thereof, as prescribed by DSE in this

behalf, which shall include a confirmation certificate issued by the custodian bank concerned

to DSE in respect of settlement of transaction, to the clearing house within 10:00 A.M. of the

sixth trading day subsequent to the concerned trading day (i.e. T+6). The defaulting

members, as decided by DSE, in respect of (a) or (b) above shall not be allowed to carry outtrade in DSE from the day of default (i.e. T+2 and T+6 respectively) until the concerned trade

is settled to the satisfaction of DSE and a fine of Tk. 5,000 per day in case of spot transaction

and Tk. 10,000 per day in case of transaction of foreign buyer and/or seller, as the case may

be, for each default is paid to DSE. DSE shall simultaneously furnish details of such default

to the Securities and Exchange Commission (SEC).

13. Prohibition of carry forward or short selling.- No member shall be allowed to short sell

any securities or carry forward any transaction. The defaulting member shall be barred from

carrying out trading in DSE immediately upon detecting the default by DSE through spot

verification of the members books & records. DSE shall simultaneously furnish details of

such default to the Securities and Exchange Commission.

Explanation Short selling in relation to a security, means the sale of the security which a

member does not either own in his own account or possess for the account of his client at the

time of sale.

Provided that the defaulting member shall not be allowed to carry out trade until a fine

equivalent to the short-sell amount is paid to DSE:

Provided further that if the defaulting member infringes this provision for more than once in a

month of the English era, the suspension of his trade shall continue, without prejudice to the

provision of regulation 16, until a written clearance is issued by the Commission in thisrespect.

14. Settlement to client by delivery of securities and payment by cheque by a member.- A

member shall make settlement to his/its client by delivery of good securities and/or payment

by cheque good for payment within one day of his/its receipt of securities and/or cheque

from the Clearing house. Any default shall attract a fine of Tk. 500 for each day for each

default. Interest shall also be payable to a client for delayed payment at 1.5% per month.

15. Reporting to the Securities and Exchange Commission.- DSE shall furnish a weekly

report to SEC in the form determined by SEC on clearance and settlement of transactions

within two days of the end of the week.

16. Violations to attract penal provisions.- Violations of these regulations shall attract penal

provisions of the Securities and Exchange Commission (Stock- Broker, Stock-Dealer and

Authorized Representative) Regulations, 1994; the Securities and Exchange Commission

Act, 1993; and/or the Securities and Exchange Ordinance, 1969.

17. Supersession of existing Regulations.- These regulations supersede any other Regulations

relating to clearance and settlement of transactions in force in DSE


30/37


31/37

31

7) Fault Tolerance: The most systems Fault Tolerance has been created at theapplication level.

8) Data Integrity: Data integrity is an integral feature of the architecture used. TESAemploys standard HP tools to achieve exceptional data integrity.

9) Scalability: The ability of an exchange to accommodate extraordinary increases intransaction volumes without loss of its Capital investment in automation has made

possible in the system. The HP NonStop Server is massively scalable due to

Parallel processors.

Initial and present condition of the system:

DSE introduced Automated Trading System on 10th August 1998 to ensure transparency,

timeliness and satisfaction in customer service. After this step, the trading floor moved right

into the member's office premises where an investor started to place buy/sell orders. The

Automated Trading System was upgraded two times. The recently Upgraded Trading System,

started from 21st December, 2008 is capable to handle 1,50,000 trades per day as well as3000 Trading work stations. Previously DSE established the TANDEM NonStop K204

System on September 1998 and on August 2005 it was replaced with highly scaleable HP

NonStop S7802. DSE upgraded the Trading System again on 21st December, 2008. At

present DSE Automated Trading System (HP NonStop S7804) is running on fault tolerant,

high available, scalable and maintainable Mainframe Server. The existing server is highly

fault tolerant to the fact that no single component failure will halt the system. Its constituent

parts are hot swappable and upward compatible; components can be added or removed while

the system is running and any compatible new upgraded will work with the system.

All disk drives are mirrored so, if any of the disk crashes, the exact copy of the data is

available at online. Moreover the connecting path for every disk whether it is primary or

mirror is also redundant. In every case, minimum two peripheral devices exist. All the

components are working active - active load balancing procedure. To ensure better power

quality they have ensured high end UPS's with long durable backup capability, two instant

backup generations and other electrical devices.

NETWORK (LAN / WAN)

All the Member (230 members) Server Applications (MSA) are connected with NonStop

HPS-Series Server through either DSE LAN or WAN connectivity. Each member has one or

more Trader Work Station (TWS). The TWSs are being connected to the Trading Server via

respective MSA through LAN and WAN connection. Besides, DSE outsourced MetroNet

Ltd., DNS Ltd. , X-Net Ltd., Dhaka Com Ltd., Ranks ITT, Link-3, Royal Green Online Ltd.

etc Network Service Providers (NSP) under WAN Expansion Project.

Two DSE branch offices located at Chittagong and Sylhet is connected via BTTB's DDN

link. It also use another connections for redundancy for the DDN link. They have a plan to

reach the DSE branches in same way.


32/37

32

In case of trade interruption due to serious hardware, software, network failure or

telecommunication disruption at the Brokerage houses, there is a provision to allow traders to

trade at DSE Contingency Trading floor.

SYSTEM SOFTWARE

The system software that DSE uses is HP Proprietary NonStop KERNEL and includes the

database as part of the operating system thereby eliminating the layer typically found in most

Database Management Systems (DBMS). The Database functionalities are handled by

NONSTOP SQL, which is simply a different operational session for the operating system.

The proprietary nature of the system software arguably enhances system security.

The operating system that is used in DSE is HP's proprietary NonStop Kernel. DBMS is

handled by NonStop SQL. The system software treats all its hardware resources as objects

and is thus entirely message driven. This then allows application software to be deployed

using client / server architecture providing shared data processing between the central serverand the user workstation. The central trading system resides in the Stock Exchange premises,

which is running 24 hrs in a day & 365 days in a year.

APPLICATION SOFTWARE

The application, which runs in DSE for trading, is called TESA (The Electronic Securities

Architecture). TESA software is built for the global securities markets. It uses fault tolerant

computers, intelligent workstations and client / server design techniques. This provides co-

operative processing, high message integrity, continuous operation and fully automatic

recovery. This co-operative mechanism enables very high speed processing which is essential

for today's electronic markets.

TESA has two parts: MSA (Member's Server Application) & TWS (Trader workstation).

MSA is the "Gateway" between the traders and the Stock Exchange, which manages all the

transactions and database operations between the traders and the Trading Engine. TWS is the

Front-end Application closer to investors, where they can submit Buy/Sell orders for their

desired securities.

TESA is based on HP proprietary O/S & DBMS. It has developed in view of Distributed

Database system. In the client site it is being using SQL as local Database. Trading Software

is MSA & TWS. In STSD (Signal trader Single Database) system both MSA & TWS are

running on a Windows 2k Professional /XP Professional workstation and for MTSD(Multiple trader Single Database) MSA install in a Windows 2k Server & the TWSs are in

different Windows 2k Professional /XP Professional workstation-using members in house

LAN.

TRADING SESSIONS

TESA conducts trading in-5-phases.


33/37


34/37

34

Generating Market Statistics: The system generates market indices on a realtime basis. It generates other statistical information such as Price.

Surveillance at DSE

As the DSE is a trading site, all of the members are trading and money is flowing from here

to there in the site. It is very necessary to find out whether there is any abnormal move. Thatis why DSE conducts continuous investigations about the traders and their trading. In-depth

investigation based on preliminary enquiries/analysis is made into trading of the scrip. In case

of irregularities observed, necessary actions are initiated or investigation case forwarded to

SEC, if necessary through the CEO.

The main objective of the Surveillance function of the Exchange is to promote market

integrity in two ways -

1) By monitoring price and volume movements (volatility) as well as bydetecting potential market abuses at a nascent stage, with a view to

minimizing the ability of the market participants to influence the price of thescrip/scrips in the absence of any meaningful information.

2) By managing default risk taking necessary actions timely.All the instruments traded in the market come under the Surveillance umbrella of DSE. These

activities at the Exchange are divided broadly into two major segments -

a. Monitoring the priceb. Monitoring the position

These two are being described shortly here,

a. Price Monitoring:Price monitoring is mainly related to the price movement/ abnormal fluctuation in prices or

volume etc. The functioning of the Price Monitoring is broadly divided into following

activities

o On line Surveillance:-One of the most important tools of the Surveillance is the On-line Real Time Surveillance

system with main objectives of detecting potential market abuses at a nascent stage to reduce

the ability of the market participants to unduly influence the price and volumes of the scrips

traded at the Exchange, improve the risk management system and strengthen the self

regulatory mechanism at the Exchange. The system provides facility to access trades and

orders of members.


35/37


36/37

36

o Concentrated B/S: It is considered a risky issue. In case, such a situation isnoticed, fundamentals of the scrips, their daily turnover, their nature of

transactions are ascertained. Thereafter, based on the market risk perception

appropriate surveillance actions are taken.

o B/S of scrips having thin trading: It is closely scrutinized as comparativelyhigh market risk is involved in trading in such scrips. Details of trades in such

scrips, if necessary, are called from members to assess the market risk

involved & decide on the appropriate surveillance action.

o Verification of Institutional Trade: The institutional trades executed by thetrading members are verified to ascertain the genuineness of trades.

o Verification of Foreign Trade: The foreign trades executed by the tradingmembers are verified to ascertain the genuineness of trades.

o Verification of Cross Reporting Trade: The report crossing trades executed bythe trading members are verified to ascertain the genuineness of trades.

o Verification of Dealers own trades: Trades executed by the trading members(Dealers) are verified to ascertain the genuineness of trades.

o Verification of Sponsor's Trade: The Sponsors trades executed by the tradingmembers are verified to ascertain the genuineness of trades.

o Snap Investigation: To carry out, wherever considered necessary, preliminaryinvestigation of certain dealings is done to verify irregularities. Further actions

are- referring the case for detailed investigation, referring the case to the Sec,

depending on the findings of preliminary investigation.

o Market Intelligence: The rumors floating in the market are verified with thedata available with DSE, Newspapers, Television news channels & Reuters to

ascertain the national & global factors affecting the market sentiments. This

enables the Exchange to avert market problems before it causes a serious

damage.

o Review Block Trades: To determine whether the block was executed at aprice, even if at a discount or premium which was in line with other trading of

the stock, a review of block traders is held. DSE also investigates whether

there was any news on the company which caused the price increase or

decrease subsequent to the block transaction.

o Review List of Settlement Failures: To identify broker/s with frequent failuresand a particular stock with a pattern, there is the list of settlement failure

which can be reviewed anytime.


37/37

37

o Verify Company Accounts: To scrutinize company announcements, companyreports, auditors qualifications & other notes of special interests in the

published accounts of such company.

o Review Media Information: To scrutinize press articles or other media on thedaily basis, the news relevant to the share prices of companies.

o Monitoring on Newly Listed Stock: To review all activities of a newly listedstock for the first 1 / 2 weeks to identify any abnormal deal.

o Develop Good Liaison: To develop & maintain good liaison with staffmembers of SEC & listed companies & member firms as well.

o Develop market contacts & to pick up Intelligence.

So, DSE is an well-organized platform of business. This organization isleading our economy with great skill. It has very significant impact on our

country. It makes a nice image of our country to a certain extant to the world.

Date post:	10-Apr-2018
Category:	Documents
Upload:	raju-ahmed
View:	219 times
Download:	0 times

final dse 1

Documents