No tech transfer from consortium yet
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Almost one year has elapsed since a Chinese consortium bought 25 percent stake of the Dhaka Stock Exchange but the strategic partnership is yet to bear fruit.
The consortium of the Shenzhen Stock Exchange and the Shanghai Stock Exchange, which forked out Tk 947 crore for the stake, had promised sweeping technological upgrades.
It gave hopes to stock investors of an electronic information disclosure platform, where the listed companies’ corporate information, simple analytical tools, interactive question and answer facility, and online complaint portal could be found.
The consortium had also agreed to provide matching engine, surveillance software, and extensive business reporting language.
But nothing has come thus far.
Subsequently, the DSE has now decided to form a committee to work out how it can extract benefits from the consortium. Another committee has been formed by the Chinese consortium.
“How the Chinese consortium can provide the technologies and how we can receive them will be analysed by the committees,” said Abdul Matin Patwary, acting managing director of the DSE.
So far, the Chinese consortium has just changed the language of their software.
“But, we are yet to use the software because we need more time to analyse whether we need the technology. If the technology is found to be suitable we will have to train all stakeholders.”
Patwary, who is also the chief financial officer of the DSE, said the bourse has a shortage of efficient workforce.
On this ground, the DSE has recruited some officials recently and is trying to appoint a chief operating officer.
“There is a dearth of experienced people who can work at a higher position of a stock exchange,” he added.
A top official of a leading merchant bank said the DSE should take initiative to materialise the promises of technological advancement so that general investors get a boost in confidence.
“We have to act fast. The onus is on us as it is us who need the technology, not them.” If technological advancement happens foreign investors will become interested to invest on the DSE.
“So, it should be a priority,” he added.
One of the leaders of the DSE Brokers’ Association said the information disclosure platform would be very helpful for general investors.
Source: https://www.thedailystar.net
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