The Dhaka Stock Exchange has decided to appoint KPMG, a Netherlands-based international audit
firm, for revaluation of the bourse before its demutualisation.
The DSE took the decision at a board meeting on Wednesday.
Khaled Rahim, a senior consultant of KPMG, was also appointed as consultant for the demutualisation of the bourse.
The demutualisation act, which was passed in
parliament on April 29, has paved the way for separating the bourses’ management from ownership to
ensure transparency and accountability in the stock market.
‘The DSE board has taken initiative to start the demutualisation process as it has already appointed KPMG for the revaluation of the bourse,’ DSE president Rakibur Rahman told New Age on Thursday.
‘We will strictly maintain the timeframe for the bourse’s demutualisation,’ he said.
On Monday, the DSE board formed a six-member committee to implement the demutualisation act.
As per the demutualisation act, the DSE will
have to submit the scheme and business plan to the regulator within 90 days after a gazette notification of the act.
After receiving the demutualisation scheme from the bourses, Bangladesh Securities and Exchange Commission, the stock market regulator, will approve it within 60 days.
The demutualisation act says independent experts will hold the posts of chairmen of the Dhaka and Chittagong stock exchanges, not the owners-cum-directors of the bourses.
The BSEC will formulate the rules for appointing independent experts as bourse directors while capital market experts will apply to the commission for appointment as members of the boards of directors of the stock exchanges.
The management of a stock exchange must hold elections to its board of directors within 90 days from the date of its demutualisation.
-With New Age input