The ICT Department of the Dhaka Stock Exchange (DSE) will be modernised and automated, said Professor Hafiz Mohammad Hasan Babu, the newly-elected chairman of the country’s premier bourse.
“The new board will adopt an action plan on this and a committee will also be formed to implement the action plan,” he said at a meeting between the DSE’s new board of directors and the DSE Brokers Association of Bangladesh on Tuesday.
The DSE has failed several times to provide flawless transaction services to investors. If the transaction is a little high, the ICT department cannot provide uninterrupted support.
Following such a failure in October of last year, the Bangladesh Securities and Exchange Commission (BSEC) formed a committee to investigate flaws in the DSE’s trading operations, trading system, and IT department performance.
Later, recommendations and strong urges were also given by the commission for the improvement of this department.
The newly-elected DSE chairman said that the negative perception of the common people about the stock market should be changed.
“For this, the stock market needs to be branded through planning, and everyone should work together accordingly,” he further said.
He said that to bring good investment to this market, good instruments should be brought. To do that, everyone should work equally.
In the meeting, DSE Brokers Association President Richard De Rosario expected that under the leadership of the new board, the stock market will go to a better position and become more dynamic.
The directors of the association said that the business of the stock market is basically the main business of the brokers. Brokers always want to see the stock market in a good position for their own interests.
Currently, the transaction volume is not as high as expected. Various initiatives have to be taken to increase the volume. The market needs to find out what kind of model will work in the business environment, they added.
They suggested that the DSE contact the National Board of Revenue and the Bangladesh Bank.