All entities of the stock market will come under a uniform online communication platform for reporting to the securities regulator on January 1, 2023.
The Bangladesh Securities and Exchange Commission (BSEC) has issued an order to complete developing the platform by December 31 this year.
"All entities will be able to report to the commission quickly using the online communication platform," said Dr Shaikh Shamsuddin Ahmed, a BSEC commissioner.
He said the market intermediaries face difficulties in reporting to the BSEC as the areas of reports have increased.
"With the online platform in place, the process of their reporting will be easier and the securities regulator's surveillance will also be improved," said the BSEC commissioner.
In its order, the BSEC said the online communication platform will be appropriate for the interest of investors and securities market and for the development of securities market.
The platform namely 'BSEC-RBCA' will be considered as the common platform for all the registered entities for regulatory reporting under the Bangladesh Securities and Exchange Commission (Risk Based Capital Adequacy) Rules, 2019, it said.
The Dhaka Stock Exchange (DSE) shall be responsible for development, routine maintenance and up-gradation of the platform.
It will assign a dedicated team for development, routine maintenance and up-gradation of the platform and also furnish the list of the team members mentioning their roles to the commission within 15 days of formation of the team, "provided that the DSE shall take prior approval of the commission for major development or upgradation of the platform," said the BSEC order.
The premier bourse, DSE, will also be entitled to claim fees to all the registered entities for development, maintenance and up-gradation of the platform as determined by commission from time to time, which shall be paid by all the registered entities within one month of end of each financial year.
Presently, there is an online reporting platform maintained by DSE and Chittagong Stock Exchange (CSE).
"The existing online platform will remain valid till the BSEC-RBCA reporting platform comes into operation with prior approval of the commission," the BSEC said in its order.