Dhaka, Bangladesh (BBN) - The Dhaka Stock Exchange (DSE) has planned to set up an Information and Communications Technology (ICT) company, as a subsidiary of DSE within the next three months.
“We will set up an ICT company as a subsidiary of the DSE within next three months for generating revenue as a demutualised stock exchange,” Prof. Swapan Kumar Bala, managing director of the DSE, said at a press briefing on Wednesday.
Mr Bala also disclosed the last one year’s performance of DSE and work plan in 2015. “Demutualisation of stock exchanges and launching of new automated trading system in DSE are major developments of the outgoing calendar year,” he said.
Mr Bala said that the DSE will work for bringing fundamentally strong and big company shares in stock market in 2015.
The demutualization means turning a non-profit organization into a profit-oriented organization. As a profit making entity after demutualization, DSE's revenue come from major two sectors - interest on fixed deposit and brokerage commission while some came from data sale, he said.
“Despite drastic fall in FDR interest rate in recent months and declined brokerage commission, our revenue growth remained high following our cost minimise strategy,” Mr Bala, replied to a query.
He said that they also decided to reduce commission charge on daily share transaction in line with the demand of TREC (trading right entitlement certificate) holders.
“We have already sent a proposal to the board of directors of DSE for reducing commission charge on daily share transaction and it is now under consideration,” he informed.
The port city bourse -- Chittagong Stock Exchange (CSE) has reduced commission charge on daily share transaction recently.
He said that the DSE has also worked for bringing new products in the DSE like Islamic Bond, to set up a central depository system for over the counter market and DSE is also working for a digitalized data archive for research.
“We are also searching for strategic partner for demutualised stock exchange,” Mr Bala added.
BBN/SSR/AD-01Jan14-12:30 pm (BST)