Demutualisation
DSE to seek registration from RJSC today
The Dhaka Stock Exchange will submit an application to the Registrar of Joint Stock Companies and Firms today to get registered as a demutualised bourse.
The bourse has to pay Tk 1.12 crore for getting registered with the RJSC as a company with paid-up capital of Tk 2,500 crore, DSE officials said.As approved by the bourse’s EGM on Saturday the application will include alteration of memorandum of association and article of association, and increase of authorised capital.
The members of the bourse approved the authorised capital of the DSE at Tk 2,500 crore as per the demutualisation scheme approved by the Bangladesh Securities and Exchange Commission on September 26.
The bourse in the EGM also approved the present 24-member board to continue as ‘interim board’ until the next elections.
But, the demutualisation scheme of the bourse prepared in light of the demutualisation act said that the board size of the demutualised bourse will be of 13 members headed by an independent director.
‘The DSE will file an application with the RJSC on Wednesday for alteration of
the bourse’s memorandum of association which will turn the bourse as a profit-oriented company from a non-profit-oriented company,’ a DSE official said.
‘The bourse will be demutualised after getting alteration certificate from the RJSC within 14 days of filing of the application,’ he said.
The demutualisation act was enacted on April 29 this year to separate the bourse’s management from its ownership and bring more transparency in its function.
-With New Age input
