FEAS Yearbook FEAS Yearbook 2003 | Page 45

DHAKA STOCK EXCHANGE Salahuddin Ahmed Khan Chief Executive Officer The Dhaka Stock Exchange plans to enable nationwide connections through remote access. HISTORY AND DEVELOPMENT • Incorporated as the East Pakistan Stock Exchange Association Ltd. 28 April 1954 • Formal trading begun 1956 By December 2003, there were 267 securities listed, including 11 mutual funds and 8 debentures with a total market capitalization of approximately US$ 1.67 billion. • Renamed as the East Pakistan Stock Exchange Ltd. 23 June 1962 During 2003, the DSE embarked on a radical reform program: • Renamed as the Dhaka Stock Exchange Ltd. (DSE) 13 May 1964 • Four new councilors were elected. • All share price index calculation begun 16 September 1986 • Automated trading begun 10 August 1998 • DSE-20 index calculation initiated 1 January 2001 • Weighted average index calculation as per SEC directive begun 24 November 2001 • DSE general index calculation started 27 November 2001 • Weighted average index calculation as per SEC directive dropped 9 December 2003 • The SEC suspended the netting system to introduce the rolling system in share trading. • The DSE introduced a 5-digit code and identified four new sectors. • An extraordinary general meeting of the DSE was held on 28 December 2003. The members present unanimously approved change of words: council, councilors and chairman with the words: board of directors, directors and president. • Several foreign delegations visited the DSE, including the US Ambassador on 1 December 2003, the World Bank country director on 21 December 2003, the ADB team in October, and the Australian High Commissioner on 26 October 2003. FUTURE OUTLOOK The DSE’s plans for 2004 are to: • create a government bond market; • start an automated clearing and settlement system in January 2004; • enhance the existing automated trading system with an upgraded version; • enable nationwide connections through remote access; and • improve and tighten information disclosure in the securities market. FEDERATION OF EURO-ASIAN STOCK EXCHANGES YEARBOOK 2003/2004 PAGE 43