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DSE to act as technology hub in capital market

Published : Wednesday, 3 July, 2024 at 12:00 AM  Count : 222
Business Correspondent
Dhaka Stock Exchange PLC (DSE) has allocated shares of Techno Drugs Limited to general investors on a pro-rata basis through the Electronic Subscription System (ESS) as part of its plan to transform the bourse as a technology hub..
The share allocation ceremony took place at DSE Training Academy on Tuesday. This allocation marks the 100th issue of shares distributed via the ESS system as part of building Smart Bangladesh.
The event was attended by DSE Chairman Professor Dr. Hafiz Muhammad Hasan Babu, Acting Managing Director Sattik Ahmed Shah, Chief Regulatory Officer Khairul Basar Abu Taher Mohammad, Techno Drugs Limited Managing Director Shah Jalal Uddin Ahmed, Deputy General Manager of Chittagong Stock Exchange Hasnain Bari, CDBL General Manager Rakibul Islam Chowdhury and other senior officials.
During the event, Professor Dr. Hafiz Muhammad Hasan Babu emphasized that the 100th issue of the ESS software is a small example of Prime Ministers vision for a Smart Bangladesh. He highlighted DSEs potential to become a hub of automation for Smart Bangladesh, as capital markets worldwide are digitizing.
The ESS software, developed locally, is saving costs, increasing transparency, and reducing time required for the IPO process. The DSE has applied to Bangladesh Securities and Exchange Commission to include right share issues in the ESS software, aiming for its full realization upon approval.
The allocation of Techno Drugs Limited shares via ESS is a milestone for DSE. The modern method of share allocation through ESS adds a new dimension to the countrys capital market, benefiting investors and businesses alike by making the IPO process faster, easier, and cheaper.
Acting Managing Director Sattik Ahmed Shah said although ESS initially started with foreign assistance, DSE has been developing the software with its own resources since 2016. The ESS has become a symbol of trust in the capital market due to its regulatory compliance and efficient share distribution.
Techno Drugs Limited Managing Director Shah Jalal Uddin Ahmed said being listed on DSE is a pride and highlighted the significant subscription rate of their IPO, which received 24.64 times more applications than the available shares. He expects to provide good returns to investors.
CSE Deputy General Manager Hasnain Bari remarked on the milestone of the 100th subscription through ESS and its evolution into a multipurpose application. Rakibul Islam Chowdhury from CDBL praised ESSs role in investor information verification and expressed joy in being part of the system.
DSEs Chief Regulatory Officer Khairul Basar Abu Taher Mohammad concluded the event by highlighting the record-breaking subscription for Techno Drugs Limited and assuring continuous support from DSE to the company in fulfilling investor expectations.



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