Bangladesh Jute and Commodity Exchange Ltd, a private company, on Tuesday proposed that the Bangladesh Securities and Exchange Commission should approve ‘Bangladesh Jute Exchange Limited’ as its new name. The company’s appeal came after the BSEC directed the company to drop ‘commodity exchange’ from its name. BJCE recently undertook a project to run a commodity exchange service, but it did not take permission from the stock market regulator.
The BSEC on Sunday asked BJCE to scrap ‘commodity exchange’ from its name as it has similarity with the commodity exchange service.
BJCE officials said that they would be able to conduct their business if the BSEC approves the proposed name.
A senior official of the Dhaka Stock Exchange said, ‘Whatever the name the organisation uses, the regulator should consider its business pattern.’
‘As the organisation is going to create a platform for jute trading, it will conduct the commodity exchange services. That’s why the regulator should consider the business pattern of the organisation,’ he said.
BJCE on November 3 had announced that it was going to launch a commodity exchange service soon.
After the BJCE’s announcement, the BSEC on November 7 had issued a
show-cause notice on the BJCE to explain why the latter had initiated a move to run a commodity exchange service without the approval of the commission.
The proposed commodity exchange in its reply to the BSEC said that BJCE had started the process to run a pilot project after getting approval from the jute ministry on August 8.
-With New Age input
