DSE staunchly defends its selection

Dhaka Stock Exchange (DSE) management sticks to their decision to select a Chinese consortium as the bourse's strategic partner, saying they didn't "compromise on competence".

"Selection of strategic partner is not only an issue for the DSE but also for greater interest of the nation. So, we did not spare any thing to choose the partner having best competency," DSE managing director KAM Majedur Rahman told a press conference Monday at its office.

Apparently to dispel ongoing contentions over the issue, he said the premier bourse has chosen the best eligible strategic partner considering the price and technical soundness.

"Nobody will be able to take it (the decision) forcibly," the MD said.

He informed that the regulator (Bangladesh Securities and Exchange Commission) is looking into the proposal of the Chinese consortium.

At Monday's press conference the DSE also said a continuous fall of the capital market was the result of growing panic among general investors regarding some issues like the lowering of advance-deposit ratio (ADR) by the central bank and the impugned selection process of strategic partner.

"There is no reason for investors' concern as the central bank adopted cautious policy. Other issues creating concern will also be resolved soon through steps of policymakers," the DSE managing director told the press.

Representatives of merchant banks and asset-management companies were also present at the press conference.

The DSE managing director said the government and the central bank are playing market-supportive role for the sake of the capital market.

"The central bank has extended the timeframe of adjusting advance-deposit ratio (ADR). Other issues including revision of banks' exposure limit will be solved day by day," Mr Rahman said.

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