Dhaka Stock Exchange Limited, Bangladesh’s leading bourse, achieved a landmark moment in the nation’s capital market history as it conferred certificates of enlistment upon six Back-Office Software Vendors. The Certification Ceremony, hosted at the DSE Tower in Nikunja, featured key executives, including Managing Director Dr. ATM Tariquzzaman, CPA, Chief Operating Officer M. Shaifur Rahman Mazumdar, FCA, FCMA, and Chief Regulatory Officer Khairul Bashar Abu Taher Mohammed.
In his address to the assembly, Managing Director Dr. ATM Tariquzzaman, CPA, underscored the imperative need for Good Governance in the capital market. Recognizing Back-Office software as a reliable repository of records, he affirmed the commitment to upholding accuracy and transparency in their operations.
Chief Operating Officer M. Shaifur Rahman Mazumdar further stressed the paramount importance of cultivating trust among capital market stakeholders. The vendor enlistment process, he elucidated, acts as a catalyst for augmenting transparency and precision in reports, instilling confidence in the market.
Expressing concern over the transparency and accuracy of records maintained through Back-Office Software, Khairul Bashar Abu Taher Mohammed, the Chief Regulatory Officer of DSE, highlighted the relentless and rigorous review process these applications underwent, resulting in the issuance of well-deserved certificates.
The six companies honored with certificates are United Corporate Advisory Services Limited for their software UBROKER, Orange Solutions Limited for ZAB-ERP, Cygnus Innovation Limited for XBROKER, LeadSoft Bangladesh Limited for CAPITA, LankaBangla Information System Limited for Next Generation Back Office (NGBO), and DataSoft Systems Bangladesh Limited for Smart DS Trading Platform.
Preceding this historic development, Back-Office Software vendors operated without accountability or regulation. In response, the Bangladesh Securities and Exchange Commission (BSEC), in a letter dated 27th February 2022, mandated exchanges to take necessary actions for vendor enlistment. The Directive requires vendors to obtain permission from the exchange before supplying software to any TREC Holder Company, with subsequent notification to the Commission.
Before the BSEC instruction, DSE had already integrated a rule into the Dhaka Stock Exchange (Administration of Trading Rights Entitlement Certificate) Regulations, 2020, necessitating vendors to seek permission before supplying Back-Office Software to TREC Holders. Subsequently, DSE introduced the “Guidelines on Permission of Back-Office Software Vendors of TREC Holder Companies of DSE” on 6th February 2022. Following a thorough review, these guidelines received approval from the BSEC on 2nd October 2023, incorporating specific inclusions and changes to enhance the overall regulatory framework.
The enlistment of these esteemed Back-Office Software Vendors signifies a pivotal step towards bolstered accountability, transparency, and governance within brokerage firms in the capital market. The exchange remains steadfast in its commitment to fostering a secure and trustworthy environment for all market participants.
