The securities regulator has moved to introduce Electronic Data Gathering, Analysis and Retrieval (EDGAR) system to ease and speed up the data and information submission by market intermediaries and listed companies, officials said.
After introduction of the e-data gathering system, all intermediaries and listed companies will have to submit data and information through the format set by the securities regulator. Â
As part of its move to introduce the EDGAR system, a delegation of the Bangladesh Securities and Exchange Commission (BSEC) led by BSEC chairman Professor M Khairul Hossain recently held a meeting with the U.S. Securities and Exchange Commission.
The other representatives of the securities regulator's delegation were the BSEC commissioner Dr. Swapan Kumar Bala and BSEC executive director Mohammad Saifur Rahman.
The EDGAR system performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and other stakeholders.
"Our discussion on as to how the US Securities and Exchange Commission came under the EDGAR system. It will help us in moving towards introduction of e-data gathering system in the securities regulator," Bala said.
He said in the capital markets having e-data gathering system, the securities regulator decides how much information should be available for investors.
"After introduction of e-data gathering system, the regulator will decide the areas of information which should be available for investors," Bala added. Â
Mohammad Saifur Rahman, a BSEC executive director, said the securities regulator wants to come out of the system of paper based information submission by the listed companies and other stakeholders of the capital market.
He said the Asian Development Bank (ADB) has set a condition of introducing e-data gathering system in Capital Market Development Project-III (CMDP-III).
"We will formulate a proposal of introducing the automation system with the financial support of the ADB. The securities regulator will implement the project at any cost to ease and speed up the information submission and sharing system in the capital market," said Rahman, also the BSEC spokesperson.
 He said the securities regulator is working to specify the possible format for introducing the e-data gathering system.
"After introduction of the system, the listed companies and other stakeholders will have submit data and information through a format set by the regulator," said Rahman adding that it's the time of automation.
"After introduction of e-data gathering system, the market intermediaries and listed companies will be able to submit data sitting in their offices. It will save time and paper."
He said if the e-data gathering system is introduced, the officials will be able to find out any information within shortest possible time through a searching command.
Considering the safety of confidential information, the securities regulator is also thinking about strong security for proposed Electronic Data Gathering and Retrieval System in the regulatory body.
"After launching the project for Electronic Data Gathering and Retrieval System, the consultant will be appointed. And for choosing viable software necessary tests will be conducted to ensure security of the e-data gathering and recovery system," Rahman added.
Presently, there are 328 companies and 35 mutual funds, 55 merchant banks, 391 depository participants, 398 brokerage firms, 21 Asset Management Companies and 55 merchant banks under the BSEC and bourses.
mufazzal.fe@gmail.com
BSEC to launch e-data gathering system
Mohammad Mufazzal | Published: August 24, 2016 00:00:00 | Updated: February 01, 2018 00:00:00
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