Overview of Operational Activities Followed by Dhaka Stock Exchange Ltd

Executive Summary:

Stock exchanges are absolutely important for the proper functioning of capitalistic economy. Capital markets serve to transfer capital form the surplus units to the deficit units. That plays an important role by mobilizing the funds to these who can make a proper and productive use of the sale. They also help the surplus units to be capable of earning returns by serving the economy to utilize their idle funds in accelerating the economic emancipation through employment generation. In such a manner the financial institutions especially the organized stock exchanges contribute to the industrialization to the country. Financial market include primary markets, floating initial public offering and secondary market were existing security of listed companies are being traded

Two stock exchanges are in operation in our country – Dhaka stock exchange and Dhaka Stock Exchange. The establishment of Dhaka Stock Exchange introduced a new horizon in capital market of Bangladesh. The remarkable progress of the last 10 years of Dhaka Stock exchange has been made possible by the co-operation and assistance of its very skilled personnel, members, SEC, the listed companies and other associated participants in the stock market. DSE is a nonprofit making organization. I am incorporated on 1954 as a limited co. by guarantee on 1956; floor trading was made with open cry- out auction system .Now DSE is a completely automated exchange with screen based trading facility on countrywide communication network. The automated trading system of Dhaka Stock Exchange has removed all the limitations of the traditional ‘Cry-Out’ system. After launching the automatic trading system, Dhaka Stock Exchange’s major problem has almost been solved. At present, there are no such major problems as was available during the Cry-out system.  Two types of Stock market.  First one is primary market and second one is secondary market. Primary market issued shares first time, then the shares coming secondary market. Both primary and secondary market is dependable to one another. In primary market shares are issued by IPO to the public. In secondary market the shares, which are issued in the primary market, are traded through the brokers.

There are four types of secondary market such as first market, second market, third market and forth market. There are five categories of companies are enlisted in CSAE. They are A, B, G, N & Z categories. Five categories companies are traded by three systems such as –

• Call over trading system
• Automated trading system and
• Internet trading system

Now trading has become automated, lead by DSE through central depository .The central depository Bangladesh limited (CDBL) was create in august 2000 to operate and maintained central depository system (CDS) of electronic book entry, recording & maintaining, securities accounts and reregistering transfer of securities. The objectives of establishing CDBL is provide CDS to at momentum to the growth and acceleration of our capital market. Under such circumstances, the depository act 1999 enabled and motivated the companies in private sector with join collaboration from the government to set up a security depository companies.

DSE practices a daily netting system for its settlement. Members receive a net off statement on every trading day in the post closing session. Settlement system is the process in transferring money & shares of executed trade of buying & selling broker in a stock exchange. IT is an intermediary act as common agent. Stock exchange fixed the settlement period by which & executed trade must be settled.

From the forgoing discussion it can be said present automated trading environment, bids /offers, depth, required broker particulars are all recorded and can be retrieved for future reference. Nouvelle Securities Ltd is one of the Member of DSE. Nouvelle Securities Ltd started its journey in 1984 as a trading company. Gradually the company expanded itself in the manufacturing sector and also began to provide other services. Has Nouvelle Securities Ltd grown with time and also ventured into new arenas. The company’s motto is to be the best of the best of the few of the best.

 Introduction   :

The capital market is the engine of growth for an economy, and performs a crucial role in acting as an intermediary between savers and companies seeking additional financing for business expansion. Stock market is part & parcel of capital market. Contribution of any stock exchange generally leads to economic growth by increasing the funds to finance industry and other enterprise.

Stock Exchange is an autonomous body formed by shareholders/members. It can take various decisions independently. The objective of Stock Exchange is to provide a market place along with facilities for bringing together the buyers and sellers of securities, promote just and equitable principles of trade, protect the interest of the investors.

Importance of the study

Trading system is one of the most important functions of stock market operation. This report tries to find out the trading system of Dhaka stock exchange. Stock market is an essential part of capital market. Trading has now become automated, led by the Dhaka Stock Exchange through the central depository. In the present automated trading environment, bids/offers, depth, and required broker particulars are all recorded and can be retrieved for future reference. 

Objectives of the study:

The prime objective of the study is to study and evaluate the trading system of DSE. In this regard the specific relevant objectives of study are as follows:

• To examine the trading system of DSE.
• To know growth, development, organization and management of DSE.
• To examine current issues of DSE.
• To evaluate trading order and settlement system of DSE.
• To identify the problems and prospects of DSE.

Methodology of the study

In this study data was collected and information were tabulated, processed and analyzed crucially in order to make the paper fruitful, informative and purposeful. The report has been prepared on the basis of the experience gained during the period of the internship on Nouvelle Securities Ltd. To prepare the report, I have collected all kinds of related data from the primary and secondary sources.

 Primary data:

There are several ways to collect primary data. Among others important one is interview.   For collecting primary data I did follow interview method.

There are several types of interview method. I used only personal interview method.

  Personal interview:

1        The primary data were collected through face-to-face interview with the DSE officials.

2        The primary data we collected through participation and discussion during the trading session.

3        I had also collected information through interview with the DSE members.

4        I had collected information through interview with the investors by visiting various brokerage firms.

 Secondary data:

The study also used secondary data. For this purpose we collect information from various sources such as various publications of DSE.

1        Various publications of Dhaka stock exchange.

2        Trade journal.

3        Research reports connected with the stock exchange.

4        Internet.

 Scope of the Study:

 The study was limited to DSE to be acquainted with the stock trading procedure .We gathered information about various areas of the stock exchange, its managing procedures, working systems and environments which are very helpful to know & to increase our knowledge & to get more information and data regarding my topic “The trading system of DSE”. The information section of Dhaka stock exchange is very rich that’s why I was able to collect the required books, magazines, periodicals, journals, brochures, portfolio and the Internet facilities.

Limitations of the study:

 Despite my sincerest endeavor, the study suffers from some limitations due to various reasons, such as:

1. Due to short time, I could not collect enough necessary data about the study to prepare the report.
2. Some of key peoples of DSE were very much busy with their duties that they could seldom manage time to answer the questions.
3. Investors are not fluently giving opinion due to some restriction.
4. Researcher could not find sufficient data because of DSE great secrecy.

Though the above limitations, I had tried with all of my efforts to know and find out the response pattern of the subjects and consultation of relevant record and document. Data have reached a fairly acceptable degree of accuracy.

Chapter-2

DSE-Growth, Development, Organization & Management.

Historical Background

 The Necessity Of Establishing A Stock Exchange In The Then East Pakistan Was First Decided By The Government When, Early In 1952.It Was Learnt That The Calcutta Stock Exchange Had Prohibited The Transactions In Pakistani Shares And Securities. The Provincial Industrial Advisory Council Soon Thereafter Set Up An Organizing Committee For The Formation Of A Stock Exchange In East Pakistan. A Decisive Step Was Taken The Second Meeting Of The Organizing Committee Held On The 13th March 1953. In The Cabinet Room, Eden Building, Under The Chairmanship Of Mr. A. Khaleeli, Secretary Government Of East Bengal, Commerce, Labor And Industries Department At Which Various Aspects Of The Issue Were Discussed In Detail. The Then Central Governments Proposal Regarding the Karachi Stock Exchange Opening a Branch At Dhaka. , Did Not Find Favor With The Meeting Who Felt That East Pakistan Should Have An Independent Stock Exchange. It Was Suggested That Dhaka Narayanganj Chamber of Commerce & Industry Should Approach Its Members For Parchase Of Membership Cards At RS.2000 Each For The Proposed Stock Exchange. The Location of the Exchange It Was Thought Should Be either Dhaka Narayanganj or Dhaka. An Organizing Committee Was Appointed Consisting Of Leading Commercial And Industrial Personalities Of The Province With Mr. Mehdi Ispahani As The Convener In Order To Organize The Exchange.

The Chamber Informed Its Members And Members Of Its Affiliated Associations Of The Proceedings Of The Above Meeting, Requesting Them To Intimate Whether They Were Interested In Joining The Proposed Stock Exchange. This Was Followed By A Meeting, At The Chamber Of About 100 Persons Interested In The Formation Of The Exchange On 07.07.1953. The Meeting Invited 8 Gentleman To Become Promoters Of The Exchange With Mr. M Mehdi Ispahani As The Convener And Authorized Them To Draw Up The Memorandum And Article Of Association Of The Exchange And Proceed To Obtain Register Under The Companies Act.1913. The Other 7 Promoters Of The Exchange Were Mr. J M Addision-Scott, Mr. Mhodammed Hanif, Mr. A C Jain, Mr. A K Khan, Mr M Shabbir Ahmed And Mr. Sakhawat Hossin.

It Was Also Decided That Membership Fee Was To Be Rs.2000 And Subscription Rate At 15 Per Month. The Exchange Was To Consist Of Not More Than 150 Members. A Meeting Of The Promoters Was Held At The Chamber On 03.09.1953 When It Was Decided To Appoint Orr Dignam & Co., Solicitors To Draw Up The Memorandum And Articles Of Association Of The Stock Exchange Based On The Rules Of Stock Exchange Existing In Other Countries And Taking Into Account Local Conditions.

The 8 Promoters Incorporated The Formation As The East Pakistan Stock Exchange Association Ltd. On 28.04.1954. As Public Company.On 23.06.1962 The Name Aws Revised To East Pakistan Stock Exchange Ltd. Again On 14.05.1964 The Name Of East Pakistan Stock Exchange Limited Was Changed To “Dhaka Stock Exchange Ltd.”

At The Time Of Incorporation The Authorized Capital Of The Exchange Was Rs. 300000 Divided Into 150 Shares. Of Rs. 2000 each and by an extra ordinary general meeting adopted at the extra ordinary general meeting held on 22.02.1964 the authorized capital of the exchange was increased to Tk. 500000 divided into 250 shares of Tk. 2000 each. The paid up capital of the exchange now stood at Tk.460000 dividend into 230 shares of Tk. 2000 each. However 35 shares out of 230 shares were issued at TK. 80, 00,000 only per share of TK. 2000 with a premium of TK. 79, 98,000.

Although incorporated in 1954, the formal trading was started in 1956 at Narayanganj after obtaining the certificates of commencement of business. But in 1958 it was shifted to Dhaka and started functioning at the Narayangonj chamber building in Motijheel C/A.

On 1.10.1957 the stock exchange purchase a land measuring 8.75 Kattah at 9F Motijheel C/A from the Government and shifted the stock Exchange to its own location in 1959.

Mission

 The Dhaka stock exchange will create a successful well-organized and transparent market of international standard to save and invest in Bangladesh in order to facilitate the competent entrepreneurs to raise capital and speed up industrial growth for overall benefit of the economy.

Visions for Future

The stock has a clear and specific vision for the future.

• Enhancing bond market through bringing in government and municipal bonds beside the corporate bonds.
• Bringing all securities under CDS in 2 years.
• Bringing all the corners of the country under trading network through the on going expansion and up gradation projects of DSE
• Bringing internet based traded trading creating provisions for investment and settlement from any where in the world
• Ensure greater degree of transparency in financial disclosure for better corporate governance
• Making the market competitive in terms of regional securities market perspective   through ensuring market friendly rules and regulatory framework.
• Initiate the process of creating derivative and future market.

Objectives

The prime objective of the DSE is to create a nation-wide stock market also beyond the national boundary, which will simultaneously act as a platform for industrial entrepreneurs and general investors. Explicitly the objectives of DSE are

Following:

1        To develop a strong platform for the entrepreneurs for raising capital.

2        To provide an investment opportunities for small and large-scale investors.

3        To develop a transparent market ensuring investors interest.

4        To provide a fully automated trading, Clearing and settlement system to ensure   quick, easy, accurate and easily accessible to all transactions.

5        To attract non-resident Bangladeshis to invest in Bangladesh Stock market.

6        To attract foreign institutional investors to invest in Bangladesh stock market.

7        To collect, preserve and disseminate data and information on stock market.

8        To develop a corporate culture through mandatory corporate membership.

9        To develop a research cell for analyzing status of the market and economy.

Board of Directors and Management

Main task of the board of director is making policy. DSE has a policy making body of 24 members, 12 are elected and 12 selected councilors. The board members at present are as follows:

 DSE Management

  Rules and Regulations

The Dhaka Stock Exchange’s activities are regulated by the following Acts & Regulations:

• Companies Act, 1994.
• Securities and Exchange Commission Act, 1993
• Securities & Exchange Commission Act, 1993 (Act repelling controller brokers)

     Regulations, 1994.

• Dhaka Stock Exchange

a) By laws, b) Listing rules, c) Memorandum of Association, d) Articles of

Association and e) Settlement of Transaction & Regulation.

• DSE had many new rules and regulation as well as amendments in the rules & regulation of Stock Exchange, Issues in the overall capital market. Some major ones are as follows:
  • § The National Parliament passed “The Depository Act, 1999” on the 5th of April 1999.
  • § SEC adopted “ Public Issue Rules 1998” which was gazette on the 25th January 1999 and subsequently brought some amendments in this rule on the 28th April 1999.
  • § SEC has approved the “Margin Rules 1999” to facilitate proper administration of credit facilities extended by the brokers to their clients and to enhance liquidity in the Exchange.
  • § The cabinet on June 7th, 1999 approved the amended to the “Trust Act 1882” to facilitate the investment of 25% of pension and insurance funds in the capital market.
  • § SEC has extended the time limit for brokers/dealers to continue underwriting business from 30 to December 31, 1999.
  • § SEC amended the “Securities & Exchange Rules 1987” with a view to removing the “Counter Party Identification” facility from the trading of the Stock Exchange.
  • § SEC amended the “Settlement of Stock Exchange Transactions Regulations 1998” envisaging stern measures against defaulters for failing to deliver securities or make payment within stipulated time.
  • § DSE has a policymaking Body of 24 members, of whom 12 are elected and 12 are selected councilors.

Dhaka Stock Exchange (Member’s Margin) Regulations, 2000

In exercise of the powers conferred by section 34(1) of the Securities and Exchange Ordinance,

1969 (Ordinance No. XVII of 1969), the Dhaka Stock Exchange Limited makes, with the

Approval of the Securities and Exchange Commission, the following regulations, namely:-

1. Short title. – These regulations may be called the Dhaka Stock Exchange (Member’s

Margin) Regulations, 2000.

2. Definitions. – (a) in these regulations, unless the context otherwise requires,-

• “Additional trade exposure” means the amount of the aggregate (gross) trade
• exposure exceeding the free limit for each member;
• “aggregate (gross) trade exposure” means total buys and total sales position
• of a member at any point of time during a trading day;
• “clearing house” means the clearing house set up by the Exchange;
• “direct settlement” means direct settlement between the members under the
• Settlement of Stock Exchange Transactions Regulations, 1998;
• “Exchange” or DSE means the Dhaka Stock Exchange Limited;
• “free limit” means the amount of the aggregate (gross) trade exposure for
• each member on which no member’s margin shall be applicable;
• “instruments” means the papers and documents including cash for the
• purpose of members’ margin;
• “member” means a member of the Exchange who is registered as the stock-
• dealer or stock-broker by the Securities and Exchange Commission under the
• Securities and Exchange Commission (Stock-dealer, Stock-broker and
• Authorised Representative) Regulations, 1994;
• “member’s margin” means the margin deposited by a member with the
• clearing house under these regulations;
• “security deposit” means the amount compulsorily deposited by each
• Member with the clearing house as prescribed by the Exchange.

(b) Words and expressions used herein but not defined shall have the same meanings

Respectively assigned to them in the Securities and Exchange Ordinance, 1969 (XVII

Of 1969), Securities and Exchange Commission Act, 1993 (XV of 1993), and the

Rules and regulations made thereunder.

3. Free limit. – The free limit shall be taka one crore per trading day.

4. Member’s margin. –

 (1) Every member shall, in addition to the security deposit, deposit

with the clearing house, free of interest, as member’s margin an amount at the rate

specified in sub-regulation (3) on his additional trade exposure within one hour of his

exceeding the free limit failing which his trade shall remain suspended.

(2) Transaction for direct settlement between members shall be excluded from

calculation of the aggregate (gross) trade exposure.

(3) Every member shall deposit the member’s margin with the clearing house on the

Additional trade exposure at the following rates:-

Additional trade exposure Member’s margin rate

(a) Up to taka two crore @ 5%

(b) Above taka two crore but not exceeding taka five crore @ 7.5%

(c) Above taka five crore but not exceeding taka seven crore and fifty lac @ 15%

(d) Above taka seven crore and fifty lac but not exceeding taka ten crore @ 25%

(e) Above taka ten crore but not exceeding taka fifteen crore @ 50%

(f) Above taka fifteen crore but not exceeding taka twenty crore @ 75%

(g) Above taka twenty crore @ 100%

5. Instruments for member’s margin.- (1) The following instruments shall be the

instruments for the member’s margin :-

(a) Irrevocable and Without Recourse to the Drawer Bank or Insurance

Guarantee;

(b) Government securities;

(c) Fixed Deposit Receipt issued by any scheduled bank;

(d) Sanchay Patra and Defense Saving Certificate issued by the Government of

Bangladesh;

(e) Life Insurance Policy at surrender value;

(f) Demand Draft or Payment Order issued by any scheduled bank;

(g) Securities listed with the Exchange (valued at seventy percent of the lowest

market price prevailed in the Exchange in the previous week); and

(h) cash.

(2) The instruments mentioned in clause (a), (b), (c), (d), (e), (f) or (g) under sub-

regulation (1) shall be endorsed in favor of the Exchange.

(3) 90% of the value of the instruments mentioned in sub-regulation (2) shall be

considered as the value of the member’s margin deposited under these

regulations.

6. Adjustment or refund of member’s margin. – (1) The Exchange, in addition to other

available recourses, shall, without giving any prior intimation to the member concerned,

immediately realize the value of the instruments deposited by a member as member’s

margin and adjust the amount so realised against the dues of the member concerned, if he

fails to settle his trade with the clearing house on the settlement day.

(2) The member shall be liable to pay the shortfall, if any, to the clearing house

which remains after making the adjustment as per sub-regulation (1),

including the costs, interest, charges and expenses involved in the realization

process, within three days of the written notice of demand issued to him by the

Exchange.

(3) The Exchange shall issue the notice of demand within twenty-four hours of

realization of member’s margin as per sub-regulation (1).

(4) The notice of demand shall contain, among others, details of the dues, the

amount realized against member’s margin, the costs, interests, charges and

expenses involved in the realization process, and the amount that remains

outstanding for payment by the member to the clearing house.

(5) The Exchange may either retain the unutilized member’s margin or refund the

same to the member concerned within twenty-four hours of receipt of the

member’s request in writing in this respect.

(6) Trade of the concerned member shall remain suspended until full realization

from him the amount mentioned in the notice of demand as per sub-regulation(4).

7. Maintenance of books and records.- (1) The clearing house and every member shall

maintain proper books and records in respect of the member’s margin in such Form as the

Exchange, with the prior approval of the Commission, prescribes from time to time.

(2) The books and records maintained under sub-regulation (1) shall always be

kept

updated and ready for inspection by the Exchange or by the Commission.

8. Power to grant exemption. – The Commission may, from time to time, exempt any

Order or trade of any member from all or any of the provisions of these regulations.

Order

Whereas, the Securities and Exchange Commission deems it to be expedient that, in the interest of the investors and the capital market, certain further amendments should be made in the Dhaka

Stock Exchange (Member’s Margin) Regulations, 2000 and Chittagong Stock Exchange

(Member’s Margin) Regulations, 2000.

Now, therefore, the Securities and Exchange Commission, in exercise of its power conferred by

section 34, sub-section 4 of the Securities and Exchange Ordinance, 1969 (XV11 of 1969),

Hereby directs the Dhaka Stock Exchange Ltd. and the Chittagong Stock Exchange Ltd. to amend

Their respective Member’s Margin Regulations, 2000 in the following manner which shall have

Immediate effect.

Regulation 3 shall be substituted by the following:

“3. Free limit-The free limit shall be taka one crore per trading day.”

Regulation 4(3) will be substituted by the following: –

“4. (3) Every member shall deposit the member’s margin with the clearing house on the additional trade exposure at the following rates:-

Additional Trade Exposure Member’s Margin Rate

(a) above taka one crore but not exceeding taka two crore @20%

(b) above taka two crore but not exceeding taka three crore @ 30%

(c) above taka three crore but not exceeding taka five crore @ 50%

(d) above taka five crore @ 100%

Regulation 5 (1) (a) shall be substituted by the following:

“5 (1)(a) Irrevocable and Without Resource to the Drawer Bank or Insurance Guarantee or

Guarantee issued by the non-banking financial institution (NBFI) registered with the Bangladesh

Bank provided such NBFI is lawfully authorised in this behalf.”

By order of the Commission

The Organ gram of DSE

Committees of DSE:

 DSE has the following committees are working in DSE for smooth running of the organization.

• Ø Administrative Committee.
• Ø Trading Committee.
• Ø Finance Committee.
• Ø Listing Committee.
• Ø Surveillance Committee.
• Ø Arbitration Committee.
• Ø Human Resource Committee.
• Ø Automation Committee
• Ø Land and Building Committee.

Activities of various Departments

The Various department of Dhaka stock exchange are as follows:

 Compliance Section:

  Listing and Membership Department

 Surveillance Department

 Inspection and Auditing

 Other Sections:

                         Systems Department (I.T)

                         Clearing and Settlement Department

                         Accounts & Finance Department

                         Research & Development and Public Relation Department

The functions of various departments are discussed in respective heads below:

Listing and Membership department:

Every company must be listed in the Stock market for working thereon and they have to fulfill various formalities. The Listing and Membership department deals with the various formalities of listing and membership with DSE. Formalities related with the enlistment of a company and membership and discussed in below.

Listing Section

If the companies willing to expand their market may apply for listing with the DSE, according to the manner prescribed in the Listing Regulations. ‘Listing Company’ means a Company or a body corporate or corporation, which has been listed in accordance with the regulations, and whose securities are listed and include provisionally listed companies. Unless the company or the securities have been listed and permission for such dealing has been granted, no dealings in securities of a company shall be allowed.

 Eligibility for Listing

The Company has to be a Registered Public Ltd. that must be incorporated in Bangladesh under the Companies Act.1994 with the office of the Registered of Joint Stock Companies and Firms. Shares to a listed company can be issued through primary market or secondary market.

Application of listing

Application for listing in the stock exchange should be made as per Form 1, under Section (9) of the Securities and Exchange Ordinance -1969 Section 140 of the Companies Act. 1994, within 10 days from the date of publish of the Company’s prospers. The stock exchange shall grant permission within a maximum period of 3 months from the date of receipt of listing application. In case, the permission is refused, the reason thereof will be communicated to the applicant and also to the Securities & Exchange Commission within 2 weeks of the decision. If reused, the applicant may move a fresh application after six months from the date of such refusal unless the Board otherwise decides.

Documents to be submitted

At the time of applying for the listing, the following documents to be submitted:

1. In case of Participatory capital, a copy of the trust deed.
2. Copies of audited accounts for the last 5 completed years or a shorted
3. 3.  A Memorandum and Articles of Association.
4.  Brief history of the company since incorporation giving details of its
5. Copy of Agreements of other documents relating to arrangements with
6. 9.   Certified copies of agreement with Managing Agent, Selling Agent,
7.   A statement containing Particulars of material contracts.
8.   Certified copies of Agreement with BSB, BSRS, ICB and any other
9.  Form 2 as printed in the listing regulations.
10.  A deed of Unconditional Undertaking to abide by the listing regulations of the DSE.

1. Number of years if the company has been in existence only for such
2. Shorted period.

5. Activities including any re-organization, changes in its capital structure
6. And borrowings.

8. Or between Vendors, Promoters, Underwriters, Brokers.

10. Managing Director and Technical Director.

13. Financial institutions.

Membership Section

            Nobody can participate in the stock trading without being a member of stock exchange. There are two types of member-

            a) Dealer: They can act as principal any buy for their own accounts and sell securities from their own inventories.

            b) Broker: They act as agents of others and receive a commission from their clients. They have no rights to buy or sell from their own inventories.

 The same firm or individual member may act as either a broker or a dealer at different times and in different transactions in the secondary market.

Application for Membership

As per company resolution, to get the membership in DSE, it is necessary to form a limited company and one director will have to be selected as the representative for dealing with the stock exchange. An application to be submitted as per “Form-Ka’ along with the following documents:-

            Memorandum of Association, Articles of Association of the company.

             Tax clearance certificate.

             Letter regarding permission for on-line trading.

 Deed of Declaration as per clause 5 (b) of General Rules and regulations of DSE.

             Two copies stamp size recent photograph.

Surveillance Department:

Dhaka stock exchange has its own surveillance system to control and monitor the market activities particularly regarding the scrip traded. Surveillance Department keeps a close watch on price-movement of scrip; detect market manipulation and monitor abnormal prices and volumes, which are not consistent with the normal trading system. The activities of this department are mentioned here in below-

Circuit Breaker Control

Circuit breaker is a common and widely used system across the Stock Exchange world wide to control the abnormal fluctuations of share prices. The limit of Circuit Breaker at Dhaka stock Exchange is mentioned in this report while discussion the activities of market Operation Department. Presently, the following rules govern the Circuit Breaker percentage value or absolute circuit breaker value:

Ø In case of disclosure of news in any scrip, the circuit breaker percentage will be changed to a Market Operations specified value and will persist at this value for a specified number of days.

Ø For new scrip, for specified number of days after the first trading day, the percentage is a Market Operations specified value. Till the first trading day for that scrip, there will be no circuit breaker percentage.

Ø In case of book closure, the Exchange will provide an absolute value of circuit breaker, which will be used for a Market Operation specified number of days, following which it will revert back to the old value of the circuit breaker.

Suspension of Scrip:

 When price rigging can’t be controlled even after applying the existing surveillance measures or if any serious irregularities such as large quantity of bad deliveries, circulation of fake share certificates in the market etc. is noticed in the market Exchange can suspend trading of those scrip for a period depending on the situation.

High Turnover:

 Surveillance Department of the Exchange on a day-to-day basis carries out a thorough study of the trading pattern of the top 10 scripts by turnover. Such analysis covers the price, turnover volume and value activity by various members in each of the scripts and also the fundamentals of the Company.

Monitoring newly listed shares

As per the instruction of SEC circuit breaker is not applied to the newly listed shares for the first five market days. Trading pattern in this five days of the newly listed shares are analyzed by this department to detect whether the members have entered into any manipulation or circular trades to artificially prop-up or prop-down the prices. If any certain irregularities are observed, the Disciplinary Committee takes action against such member.

Suspension of Traders/Brokers

            Depending on seriousness of irregularity noticed in a member’s trading, his/her trading terminal is suspended until such time the issue is resolved.

The other activities of this department are:

            ☼ Watching net high-low position.

            ☼ Taking Disciplinary Action.

            ☼ Investigation into specific deals of Broker/Dealers.

      The surveillance functions are conducted through the surveillance module of the computer system. This system usually runs manually. The surveillance department through its wide information source carries out this function.

 Inspection and Auditing Department :

There are two types of inspection likely –

1        Regular Inspection – In a regular inspection, the inspectors check whether the brokers are maintaining all the books of accounts.

2        Spot or Special Inspection – In this sort of inspection the inspectors make a surprise visit or it is done on a particular item.

We can write down the functions of this department as follows –

1. Checking whether the brokers are maintaining rules and regulations under SEC, company act, and income tax law.

2. Making physical visit to the broker houses as per the command of SEC or Surveillance department of DSE.

3. Scrutinizing the draft prospectus of IPO, and commenting over that. The SEC decides whether to allow the IPO on the basis of the comment made. Hereby the following points are considered for assessing the draft prospectus of IPO –

I.    Familiarity of the directors.

ii.   Who are holding the shares (Foreign or local or corporate investors.)?

iii.  List of top executives.

iv.  Factory size, product type etc.

v.   Credit rating of the company as per various credit rating agencies (for example–CRISL).

            4.   Preparing internal report and forwarding to SEC if needed.

System Department:

System department is very important department of DSE. This department is also known as Information Technology (I.T) department. Following are the functions of this department:

1        To maintain technical soundness for the entire DSE.

2        To develop Software

3        Data Entry.

4        Data Analysis.

5        Hardware Maintenance.

6        To store and Print out all data.

7        Information providing to various departments.

8        To advise the brokers about their technical difficulties.

System followed by the department

   Hardware

   Software

   Network

Hardware

1        Access Server.

2        Central Server/Status C400 series.

      3    PA-RISC Processor.

4    Fault tolerant continuously available.

5   16 GB Hard disk.

6   512 MB RAM.

7   512 KB Cache Memory.

8   Speed 96 MHz.

9   Modems.

10 OLTE (Optical Terminating Equipment).

11 U.P.S (Urgent Power Supply)

12 Data Storage………….. DAT (Digital Audio Type).

Software

            a) Application Software

                        DSE Version of the VECTOR (Versatile Engine for Centralized Trading & On-line Reporting) has three Modules:

BWS (Brokers Workstation)

Market Operations.

Surveillance.

b) System Software

   Opening system-Unix (HP UX)

   RDBMS (Relation Data Base Management System): Sybase.

Network

Regional Network:

            Dhaka members can connect their own office through WAN. Dhaka members can connect from their won office through WAN. Sylhet members can connect though LAN.

Country wide WAN

1)      Network covers Dhaka, Dhaka and Sylhet.

2)      Dhaka-Dhaka is connected through VSAT and Bangladesh T&T leased line as Back-up.

3)                  Dhaka-Sylhet is connected via Dhaka, through BT&T leased line & dial-in as back up.

4)      E1 line, High Speed Optical fiber is used in the Network.

Clearing and Settlement Department:

This is the busiest department in the Dhaka stock exchange. The Functions of this department are conducted by the ‘Settlement of Stock Exchange Transactions Regulations, of DSE Ltd.” The main functions of this department are:

            a) Collecting Security deposit

            b) Preparation of contract note

            c) Informing the Position of Settlement

            d) To clear and settle the transactions.

            e) Automatic buying in and selling out.

            f) Charge fine/interest from the defaulting members

            g) Deal with the defective share

            h) Spot transaction

            i) Sending report to the DSE

Accounts and Finance Department:

Dhaka stock exchange has a department for working with the accounting and financial aspects. This department consists of expert personnel including F.C.M.A. etc. The main function of this department is to maintain the proper books of account as required by law. The accounts are being prepared according to historical cost convention following generally accepted accounting principles. At the end of financial period, this department prepares Income and Expenditure account, Cash flow statement and also a Balance Sheet for the projected year.

R&D Library and P.R. Department:

Research & Development are essential pre-requisites for effective functioning and development of any Stock Exchange. Dhaka Stock Exchange has R&D, Library and Public Relations department. This section deals with the functioning of this department.

Research & Development

Research is a foremost necessity for any stock exchange. In order to fulfill the need DSE has established a ResearchCenter and are keeping close contacts with the UN bodies, international research organization, etc. This department has been publishing a monthly bulletin “PORTFOLIO” It was earlier published in the name of “market update” This monthly magazine is being distributed to the concerned persons and agencies including Bangladesh Missions abroad, Foreign Missions in Bangladesh, Stock Exchange-World wide etc. in addition to the transaction data analysis, Portfolio carries in depth analysis, interpretative write-ups on the share markets, investments, capital flow and formation and the state of the economy in general. DSE also envisages publishing fact book, booklets on trading rules, clearing & settlement rules etc.

Library

Dhaka stock exchange has also established a specialized library for the use of the operators of the money market. The country Director of the World Bank Resident Mission in Bangladesh, Mr. Pierre Landell-Mills, officially inaugurated the DSE library. At this library, international newspaper, journals, stock market book & publications, information of listed companies, CD ROM, videocassettes for learning on various management tools and on foreign stock markets etc. is available.

The objectives of setting this library are:

☼ To enrich the knowledge of investors and brokers,

☼ To encourage the post-graduate students and teachers to acquire

     Knowledge

☼ About capital market etc.

At present 1000 books are available at this library. These books include Finance, Management, Accounting, Stock Market, Economics, and Statistics etc. Beside these books, half-yearly and annual report of various listed company; World Bank’s publications relating to the economic survey of Bangladesh are also available here. DSE has already opened a Home Page on the Internet (www.DSEbd.com) for releasing updated market information. At this Home page Organizational History of DSE, Rules & Regulations of DSE, Foreign Investor’s incentives, Members’ list, listed company’s information, Daily market Statistics (be updated in every one hour) are available.

Public Relation

 The main function of this section is to increase the public awareness by providing various information to the general public through Press News, T.V. coverage, Newspaper etc. Another function is to arrange Seminar and Workshops. DSE has been organizing seminars and workshops at home and abroad for the benefits of the investors. Approximately sixty Seminars and Workshops have been held in the country and twelve seminars and workshops have been held abroad organized for the non-resident Bangladesh in Washington, New York, Mecca, Medina, Jeddah, Dubai, Tehran, and London etc.

Chapter-4

Trading System of DSE

 Introduction:

The stock market is one kind of capital market where the stocks are of the different companies are traded. DSE, floor trading was started with open cry-out auction system. Now trading has become automated, led by the DSE through the central depository. In the present automated trading environment, bids/offers, depth, and required broker particulars are all recorded and can be retrieved for future reference.

 Types of stock market:

There are two types of stock markets such as,

• Primary market
• Secondary market

Primary market of trading system

In primary market the following elements are observed:

        –    Initial public Offer (IPO)

• B/O Account
• How to apply for IPO
• IPO distribution system
• Refund warrant / allotment of IPO
• Sell / hold
• How an NRB apply for IPO
• What to know before applying for IPO

 All of these are discussed below:

Initial public Offer (IPO): Initial public Offer (IPO) means first offering of security by an issuer to the general public.

 Opening process of B/O Account:

• Collect B/O Account opening form from a depository participant.
• Fill it up, sign it, enclose to recent color pp size photograph and photocopy of nationality certificate / passport and a certificate from the manager of the bank account.
• Submit it to the concerned DP along with charges.
• The DP will input your data into the online server of CDBL.
• CDBL server will automatically produce a 16 digit account number like 1525685464653145

 How to apply for IPO

 We will get information from newspaper, stock exchanges, broker offices, web sites of SEC, DSE and the issuers, also from DSE publications.

How to apply

• Collect IPO application form from DSE or its broker offices Bankers to the issue.
• Fill it up, sign it.
• Submit the form along with the subscription money to the selected bank.
• Collect the banker’s acknowledgement.
• Wait for lottery.

IPO distribution system

Any of the three situations may arise

• Over- subscribed
• Under- subscribed
• Subscribed fully

 Refund Warrant /Allotment of IPO:

If your application is successful in the lottery, the issuer shall deposit your shares in your concerned B/O account.

If not successful in the lottery the issuer shall refund your subscription money by account payee Cheque or warrant payable to applicant.

Then you have to deposit the refund warrant to your bank for clearance. Thus your money will be returned. So there is no loss in the IPO.

Sell / Hold:

Check the B/O account and take a statement of holdings.

Now one can sell the shares or hold it.

If you sell it, get capital Gain, if you hold its price may rise and may get dividend or stocks.

The particulars need to know before applying for IPO:

• Profitability, cash flow and financial solvency, if available
• Estimated profit and cash flow.
• Company’s product is technical one
• Company’s sponsors have good financial track record and are not loan or tax defaulters.
• Share issue price is as per net asset value and present income based value.
• Has the company long-term loan from BSB and BSRS?
• Any foreign investor’s portfolio in the company.

Secondary market Trading system:

This is well known as stock exchange, is a secondary market – a trading market. It is structured to provide liquidity and marketability to the security industry.

It is a market where you can buy and sell stocks.

We shall discuss here:

•  How can I start?
• What to know before investing?
• Places to the complaints
• How DSE helps you?

Procedure of secondary market trading:

• Contact with a stock broker
• Open a client account and a B/O account
• Observe first and study the market.
• Place your buy / sell order.
• Get buy / sell confirmation.
• You can hold it or sell it if price increases.
• If you hold it you may get cash dividend or stock dividend.

Before starting secondary business we should observed-

• Fundamental analysis
• Technical analysis

Fundamental analysis:

Fundamental analysis is the process of looking at a business at the basic or fundamental financial level. This type of analysis examines key ratios of a business to determine its financial health and gives you an idea of the value of its stock.

Many investors use fundamental analysis alone or in combination with other tools to evaluate stock for investment purposes. The goal is to determine the current worth and more importantly, how the market values the stock.

Technical analysis:

Technical analysis is a method of evaluating stocks by analyzing statistics generated by market activity, past prices and volume. Technical analysis do not attend to major a security’s intrinsic value, instead they look at stock charge for patterns and indicators that will determine a stock’s future performance. Technical analysis has become increasingly popular over the past several years, as more and more people believe that the historical performance of a stock is a strong indication of future performance

 Eligibility of a member for trading:

a)      Becoming the member of DSE Clearing House;

b)      Obtaining Dealership /Brokerage License from SEC;

c)      Not otherwise barred by DSE of SEC.

 Categories of Trading Companies in DSE:

 There are some categories of Company’s in DSE:

A-    Category Companies

B-    Category Companies

     G- Category Companies

     N- Category Companies

     Z- Category Companies

A- Category Companies

Companies, which are regular in holding the current annual general meetings and have declared dividend at the rate of ten percent of more in the last English calendar year

 B- Category Companies

Companies, which are regular in holding the annual general meetings but have failed to declared dividend at least at the rate of tem percent in the last English calendar year.

Z– Category companies

Companies which failed to hold the current annual general meetings or have failed to declare any dividend or which are not in operation for more than six months or whose accumulated loss after adjustment of revenue reserve, if any, is negative and exceeded its paid-up capital.

G- Category Companies

 G- Category Companies are basically Greenfield companies. The companies, which are not, started its operation but call subscribers to invest to their Company. They basically call for capital in primary market.

N- Category Companies

 The Company’s, which are already in operation and enters into primary market to collect money, falls into N- Category Companies.

Provided that the chief executive officer of the exchange may bring any other company under this category, if deemed necessary, with the prior written consent from the Commission

Types of Trading System of DSE:

Cry-Out System :

            Before starting on-line trading system, at the Dhaka Stock Exchange, trading was conducted through Cry-out system. Under this system, Members and their Authorized of the Stock Exchange who have license to trade from the Securities & Exchange Commissions would come to the Stock Exchange Floor and participate in trading. But there were a number of shortcomings of this trading system.

Difficulties of Cry-Out System and Need for Automation:

The following difficulties were found in the cry-out system

a) Cry-out floor trading was inept and slows down the process of finalizing deals on the stock exchange floor between the stock dealers.

 b) There was a common complaint from the investors that, they didn’t get fair price. They didn’t know what actually happened on the floor. They had to depend on the broker and it was the market for the brokers not for the investors. To get rid of this problem, a new system is required to be developed.

 c) Manual Clearing and settlement system is clumsy and slow causing an affliction in stock exchange settlement department and ultimately limiting the trade volume and transactions.

 d) Participation in the Stock Market remains restricted within a community residing close to the Stock Exchange building. The business can’t be reached out the common mass.

 e) Cry-out system was a noisy manual system; the open floor action was not only messy and tiring for the traders, but also difficult for the Stock Exchange to monitor the transactions as required by the rules and regulations.

 f) The manual system was error-phone. Errors were very difficult to detect in the current system.

To get rid of these difficulties, it was very essential at that time to start on-line trading i.e. Screen based trading system. On-line trading is automated by computer application.

 Automated Trading System

Preamble

Globally the developments in information & communication technologies (ICT) have created a new instance in the securities market operations. Stock Exchanges all over the world have realized the potentiality of ICT and inclined to the electronic trading systems. It was understood by DSE that technology would ensure transparency, timeliness and satisfaction in customer service. Considering those DSE introduced Automated Trading System on 10th August 1998.In other words, the trading floor moved right into the member’s office premises where an investor started to place buy/sell orders.

Considering market growth the Automated Trading System was upgraded two times. The recently Upgraded Trading System, started from 21st December, 2008 is capable to handle 1, 50,000 trades per day as well as 3000 Trading work stations

Hardware

DSE Automated Trading System (HP Nonstop S7804) is running on fault tolerant, high available, scalable and maintainable Mainframe Server. Previously DSE established the TANDEM Nonstop K204 System on September 1998 and on August 2005 it was replaced with highly scaleable HP Nonstop S7802.

DSE upgraded the Trading System again on 21st December 2008. The existing HP Nonstop S7804 Server is highly fault tolerant to the fact that no single component failure will halt the system. Its constituent parts are hot swappable and upward compatible; components can be added or removed while the system is running and any compatible new upgraded will work with the system.

All disk drives are mirrored so, if any of the disk crashes the exact copy of the data is available at online. Moreover the connecting path for every disk whether it is primary or mirror is also redundant. In every case, minimum two peripheral devices exist. All the components are working active – active load balancing procedure. To ensure better power quality we have ensured high end UPS’s with long durable backup capability, two instant backup generations and other electrical devices.

 Network (LAN / WAN) All The Member (230 members) Server Applications (MSA) are connected with Nonstop HP S-Series Server through either DSE LAN or WAN connectivity. Each member has one or more Trader Work Station (TWS). The TWS,s are being connected to the Trading Server via respective MSA through LAN and WAN connection.

DSE outsourced Metro Net Ltd., DNS Ltd. , X-Net Ltd., Dhaka Com Ltd., Ranks ITT, Link-3, Royal Green Online Ltd. etc Network Service Providers (NSP under WAN Expansion Project.

Now a days members can establish a main office or branch offices to their remote location and can trade smoothly by using different media ADSL, Optical fiber and Radio Link from Dhaka and other important cities such as Gazipur, Narayanganj, Comilla, Hobiganj, Dhaka, Sylhet, Khulna, Barisal, Rajshahi, Bogra at the same time.

Two DSE branch offices located at Dhaka and Sylhet is connected via BTTB’s DDN link. We also used another connectivity for redundancy for the DDN link. We have a plan to reach the DSE branches in same way.

DSE LAN/WAN Expansion                                           DSE LAN/WAN Expansion
Within Dhaka City:                                                      Outside of Dhaka City:

 In case of trade interruption due to serious hardware, software, network failure or telecommunication disruption at the Brokerage houses, there is a provision to allow traders to trade at DSE Contingency Trading floor.

System Software

The system software is HP Proprietary Nonstop KERNEL and includes the database as part of the operating system thereby eliminating the layer typically found in most Database Management Systems (DBMS). NONSTOP SQL handles the Database functionalities, which is simply a different operational session for the operating system. The proprietary nature of the system software arguably enhances system security.

Operating system is HP’s proprietary Nonstop Kernel

DBMS handled by Nonstop SQL.

The system software treats all its hardware resources as objects and is thus entirely message driven. This then allows application software to be deployed using client / server architecture providing shared data processing between the central server and the user workstation. The central trading system resides in the Stock Exchange premises, which is running 24 hrs in a day & 365 days in a year.

 Application Software

(Securities Architecture). TESA has two parts: MSA (Member’s Server Application) & TWS (Trader The application, which runs in DSE for trading, is called TESA (The Electronic workstation). MSA is the “Gateway” between the traders and the Stock Exchange, which manages all the transactions and database operations between the traders and the Trading Engine. TWS is the Front-end Application closer to investors, where they can submit Buy/Sell orders for their desired securities

Tesa Architecture

TESA software is built for the global securities markets. It uses fault tolerant computers, intelligent workstations and client / server design techniques. This provides co-operative processing, high message integrity, continuous operation and fully automatic recovery. This co-operative mechanism enables very high speed processing which is essential for today’s electronic markets.

TESA’s Application Programmatic Interface (API) is the gateway to the TESA system from the outside world. All external devices connect through the API. The API provides the translation between external devices and internal processes. This means that a new process does not need to be written to support each new device, only the API needs to be modified.

Solution Benefits

The TESA application suite derives significant advantages from being implemented on the HP Nonstop platform. The HP Nonstop customers have benefited from these advantages.

Fault Tolerance: One of the most important automation requirements for any stock exchange system is continuous system availability. With most systems Fault Tolerance is created at the application level. Fault Tolerance is a fundamental design feature of the HP Nonstop architecture.

Data Integrity: Data integrity is an integral feature of HP architecture. TESA employs standard HP tools to achieve exceptional data integrity.

Scalability: The ability of an exchange to accommodate extraordinary increases in transaction volumes without loss of its Capital investment in automation is very important. The HP Nonstop Server is massively scalable due to Parallel processors.

 Tesa Functional Model

An overview of the TESA Functional Model

Client / Server: TESA’s Client / Server architecture enables an efficient allocation of computing resources and provides easily modified user-friendly interfaces. TESA workstations operate under Windows 95 and can function either as servers on a broker’s network or as workstation. The brokers use these to perform trading and settlement activity.

Principal Functions Of Tesa

Market Information: Supplying all market information needed to formulate the buy and sell decisions.

Order Management: Accept, validate and store orders and quotes from broker workstations and / or systems.

Order Execution: Automatically executes orders when buy and sell prices match.

Trade Reporting: Trade execution reports are provided to each trade participant, to the settlement system and / or the depository and to the market.

Index Calculation: Calculates and publishes market indices (DSE General Index & Weighted Average Index.)

Market Access: Provide exchange members with efficient affordable GUI-based tools for accessing the market.

 Markets

Four types of market at DSE

Public Market: In this market instruments are traded in normal volume
Spot Market: Instruments are traded in normal volumes under corporate action if any
Odd lot Market: Odd lots of all Instruments are trade in this market
Block Market: Instruments are traded in bulk volume

Trading Sessions

TESA conducts trading in-5-phases.

Enquiry: In this session Brokers can logon to the system. No order will be submitted in this session. No trade will be executed. Only previous orders can be withdrew in this session
Opening: The Opening is a pure, single-price auction. All buy and all sell orders are compared and calculate the open-adjust price. No trades will be executed in this session
Continuous Trading: During this phase, participants enter orders and immediate execution or for inclusion in the book. Automatic matching and execution takes place based on best price/ first in, first out trading rules
Closing: Closing prices are calculated and disseminated to market participants
Enquiry: Market will be closed in this session & other facilities like the previous enquiry session.

 Market Control

The Market Control Workstation allows the exchange administrative staff to control the operation of the market, e.g.

Session Control: Opening and closing the market via interactive control or by preset timers.
Validation Parameters: Setting and viewing parameters that control the trading engine validation e.g. tick size, Circuit Breaker, Circuit Filter, Market lot, Price protection Percentage.
Messaging: Allows the dissemination of company announcement data and general market administrative massages.

Market Information

Market Information is a real-time market data system. It collects, manages, generates and stores information relating to trade instruments and issuing companies. Market Information is responsible for,

Collecting Real-Time Market Information: Bids, offers, last sale (i.e. most recent trade price and volume), book and other data are gathered via the Trading engine. It supports TESA’s automated and manual trading modules and can process the trades of external and off-market systems.

Collecting company Information: All information supplied by the listed companies is maintained in the TESA database.

Generating Market Statistics: TESA generates market indices on a real time basis. It generates other statistical information such as Price.

 Broker Support

Research and Enquiry: this module provides brokers access to the local Broker Support and TESA databases for enquiries and research purposes.

Public Order Book

Broker Order Book

The multi-windows environment allows users to simultaneously view orders, market and trades. Broker Support offers Stock Exchange members two configurations; standalone and multi-user. Both configurations maintain a database consisting of information generated by the TESA Server and the local system.

Dhaka stock exchange appointed an internationally reputed consultant. International Securities Consultancy (ISC) was selected following scrutiny of proposals. The primary task of the consultant was to produce a full Request For Proposals (RFP) for establishing the Dhaka stock exchange’s trading system. The RFP detailed the current system, the need and the possible barriers to solving the problems. Thereafter, an international tender was floated. Finally, in June 1997, two MOU (Memorandum of Understandings) was signed with tow vendors CMC of India and bell core of U.S.A. for design and implementation of Dhaka stock exchange’s automated trading system.

 CMC (Computer Maintenance Corporation) commenced its operations in October 1976 to service all installations left by IBM, CMC’s activities have advanced in many new directions. It is now one of the leading system integration in the country with multi-faceted expertise in information technology. CMC Limited had automated a dozen of bourses.

Bell core International of U.S.A. has played a central role in developing America’s fines tale-communications service. Bell core is the only company in the world that offers end-to-end network expertise combined with the vendor neutrality.

            To fulfill the need of Dhaka stock exchange, a Vector (Standard Product of CMC Ltd.) was customized. The programmer is window based and user friendly. The system has three modules –

(I)                Brokers Workstation (BWS)

(II)             Market Operations (MOP)

(III)           Surveillance.

            The Brokers Workstation module be available from each broker’s office. This module provides the facility to view the market scenario and input order. The Market Operation is exclusively for the trading department of the Exchange issues like this department handles disclosure and circuit breaker. The surveillance department of the Exchange will use the third module. This module facilitates on-line surveillance adding a new dimension to the issue of overseeing the market in this country.

At Dhaka stock exchange end, the server is a struts continuum 450 Fault Tolerant machine. This server would be connected with the computers of Dhaka Stock exchange stockbrokers. They will dial into the server and communicate data to deal in stocks. The server is located in Dhaka. But regardless of the place, the broker is calling from; the server will receive process and revert data. The system is geographically neutral. To get access to it, members in Dhaka and Sylhet will need to call only a local number. The connection cost will only be the price of a local telephone call. All Dhaka stock exchange members are BT & telephone subscribers. Dhaka stock exchange’s inter city network, which uses a hybrid of a few media, will transmit data between the server and the machines of the member.

Some are parts:

Overview of Operational Activities Followed by Dhaka Stock Exchange Ltd (Part 1)

Overview of Operational Activities Followed by Dhaka Stock Exchange Ltd (Part 2)