DSE moves to end manual data filing hassles for listed firms

The Dhaka Stock Exchange (DSE) is all set to introduce an automated data input system for the listed firms from Monday in a bid to lower hassles of manual filing process and curb misleading information.

Currently, the companies submit their information at the DSE manually, which is uploaded by the bourse after scrutiny. 

The new system, to be introduced under a separate web portal, will lower the possibility of mistakes and data errors resulting from manual input method, according to DSE officials. 

ATM Tariquzzaman, managing director of the DSE, told the Business Standard, "The bourse is going to introduce a smart system for the first time in the country." 

"The possibility of making mistakes will decrease after introduction of the new system, as it will require no manual information submission. Data will only be published on the website after verification," he added. 

Earlier in 2022, the DSE introduced an online data submission and dissemination platform on experimental basis, but the manual input system led to data errors. 

Now, the companies have to submit their basic information, publication and dissemination of Price Sensitive Information (PSI) and other data to their respective business modules digitally.

As a result, the firms will be able to share their company information to the DSE easily as they will not need to send hardcopies. It will not only lower their hassle but also enhance their efficiency. 

DSE officials hope that the chances for disseminating misleading information will decline as the bourse will get the information from a separate web portal in a written form.  

At present, the companies sent their company information to the DSE via email and fax. Submission of hardcopies is also mandatory for them. 

In the new web portal, the companies will be able to directly upload queries, files and information regarding shareholders and corporate actions alongside free-float reports.

Additionally, information with regard to declaration and confirmation of sponsors and directors, placement holders, quarterly and annual financial statements, annual reports, audio-visual recordings, dividend compliance reports and corporate governance reports will also be available there. 

M Mazedul Islam, company secretary of Bashundhara Paper Mills, said, "The new method will help us a lot. It will be a good initiative, if we're able to file the information online."

Md Sharif Hasan, company secretary of Unique Hotel and Resorts, also hailed the new move, saying that it will help them to send information to DSE on time. 

In November last year, Tariquzzaman unveiled a DSE plan to establish a sophisticated platform to ensure accurate disclosures by the listed companies, aiming to prevent the dissemination of misleading information due to current manual process. 

According to the DSE annual report for 2022-23 fiscal, a total 651 securities listed at the main board, of which 354 are companies and 242 are government treasury bonds, and the rest are mutual funds, debentures, and corporate bonds. 

Besides the main board, another two separate platform — SME board, and the Alternative Trading board (ATB) also operate at the DSE. 

In the SME board, where small and medium cap companies stocks are traded, a total of 17 companies got enlisted after raising capital under the qualified investors offer (QIO).