DSE seeks more operational power
It also sought to regain the power to recommend in initial public offerings
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The Dhaka Stock Exchange (DSE) has requested the securities regulator to provide it with more operational power for the development of the capital market.
In a letter to the Bangladesh Securities and Exchange Commission (BSEC) last week, the premier bourse sought the authority to suspend the trading of any shares if suspicious activities are observed.
It also sought to regain the power to make recommendations in initial public offerings (IPOs).
BSEC, earlier this year, has reduced the power of the bourse to mere sharing its observations on IPOs.
Currently, the oldest bourse of the country cannot visit the sites of listed companies without the regulator's prior approval.
However, DSE is now seeking to get the power back so that it can make surprise visits to the listed companies and learn the business realities.
"Stock exchange deserves the power for its recommendation on the incumbent companies," said DSE Director Md Rakibur Rahman. "Also, it is the responsibility of the exchange."
"We want to resume our recommendations on proposed IPOs, and the regulator may consider or reject it," he added.
Besides, the stock exchange wants to quarantine poorly performing businesses in the over the counter market (OTC).
The bourse also wants companies with less than 10% floating shares to float more shares among the public so that they cannot manipulate.
Otherwise, DSE wants to send the companies to its alternative trading board.