BSEC asks stock exchanges to develop ‘Digital Platform’

The Bangladesh Securities and Exchange Commission (BSEC) has urged the stock exchanges to develop an integrated online platform for data collection, filing, and dissemination immediately.

The stock market regulator issued an order on Sunday in this regard.

The BSEC asked both stock exchanges-Dhaka and Chittagong stock exchanges to submit a report regarding the commencement of digital submission and dissemination platform to the commission within 15 days.

The stock exchanges will use the platform for meeting compliance in regard to listing and continuous listing requirements, including applications, shareholders' reports, declarations, corporate actions, financial disclosures, publication and dissemination of price-sensitive information (PSI) and material information, complaint settlement and other compliance and submissions by the issuer companies, according to the order.

In the order, the commission stated that stock exchanges must report on shareholding on a monthly basis and identify any non-compliances.

According to the commission, any digital platform must keep records of all submissions and information in such a way that subsequent use or verification can be undertaken.

The regulator on Sunday asked the stock exchanges to provide information regarding the readiness to go-live of the integrated-on line data-gathering information submission and dissemination platform in compliance with the commission's order.

It is asked to be informed by the regulator within seven days about the readiness.

The BSEC also said that if the stock exchange is ready to launch a Digital Submission and Dissemination Platform, the commission will take the necessary steps to revise the Stock Exchanges (listing) Regulations.