ADB’s country director Thevakumar Kandiah, speaks after a meeting with DSE directors in the city yesterday.

The Asian Development Bank (ADB) will place a set of recommendations on demutualisation of Dhaka Stock Exchange (DSE) to the government next month.

The ADB also expressed interest to extend its support to DSE for the development of the stock market, Thevakumar Kandiah, country director of ADB, said after meeting with DSE directors.

He also said they will provide technical support to DSE to carry out the demutualisation process.

“The meeting had a wide-ranging discussion on demutualisation of stocks and ways for the development of the stock market,” DSE president Shakil Rizvi said.

The market will be upgraded into an international standard within the next five years and ADB would help in capacity building in this regard, he added.

Shakil Rizvi said they have already submitted a concept paper on demutualisation to the finance minister and the authorities will start scrutinising the concept soon.

Earlier in1998, ADB provided financial assistance for automation process of the DSE.

The Securities and Exchange Commission (SEC) is implementing the Capital Market Development Program II, financed by the ADB.

The objective of the scheme is to identify policy measures to support the development of a robust financial markets system in the country.

The Daily Sun/Bangladesh/ 9th Jan 2012