The Dhaka Stock Exchange (DSE) has launched the second phase of its smart submission system (SSS), incorporating the port city bourse, to speed up and create a hassle-free disclosure submission process through a single digital platform.
By eliminating manual submissions of hard-copy documents, the SSS aims to improve operational efficiency and ensure faster and more accurate information dissemination, thereby ensuring greater transparency in market operations.
Earlier, in February 2024, the DSE alone launched a smart data and document submission system for price-sensitive information, developed by the exchange itself in partnership with a Chinese consortium.
Now, the Chittagong Stock Exchange (CSE) has joined the DSE's digital system at a go-live ceremony of the regulatory data submission module held on Wednesday at the DSE premises.
"This will strengthen efficiency, transparency, accountability and dynamism in market operations," said Mohammad Asadur Rahman, acting managing director and chief operating officer of the DSE.
Listed companies and market-related stakeholders will be able to submit documents online from their respective offices; no physical documents will have to be submitted.
Information on declarations of quarterly and financial statements, annual reports, audio-visual recordings, corporate governance reports and dividend compliance reports will also be available in the system.
Mr Rahman said that through mutual collaboration, this digital journey will move the capital market ecosystem towards seamless integration, real-time transactions and efficient processes based on advanced risk management.
"We have trained experienced staff to transform DSE into a one-stop digital service by December this year," he said, adding, "Through these initiatives, we are committed to developing DSE as a modern, service-oriented and customer-centric exchange.
"This will enhance the efficiency of regulators, auditors and other stakeholders in using the system," said Md Saifuddin, commissioner of the Bangladesh Securities and Exchange Commission, as the chief guest.
DSE Chairman Mominul Islam said the exchange has achieved an important milestone in strengthening and enhancing digital connectivity with stakeholders.
"Despite maintaining leadership in international-standard technological infrastructure, a large part of document submission and reporting has been manual and hard-copy-based, which has made the investment cycle slow and complicated," said Mr Islam.
He noted that the DSE has developed the smart submission system with utmost importance given to customer-centric needs.
Md Kyser Hamid, executive member of the Bangladesh Association of Publicly Listed Companies (BAPLC), said companies had long been suffering from manual and dual submission (email and hard copy), and finally the submission process became timely and transparent.
He said that in the new system, information provided by the information provider is directly submitted, reducing the risk of typos or data errors and increasing accountability.
"This digital submission will reduce costs, simplify the reporting process and also create a conducive environment for companies interested in listing in the future," said Mr Hamid.
Nabil Jasim Ahmad, executive director of the Financial Reporting Council (FRC), said that while the digitization of the capital market has faced challenges for many years, this initiative is a significant step forward.
"Manually reviewing thousands of files takes a long time, especially audit files, which can take a week, making digitization imperative," he said.
He added that the FRC is already developing its own AI-based database and tools, which will help in analysis, cross-checking and ensuring transparency.
DBA President Saiful Islam said the new platform will play an important role in collecting and storing data, but it needs to be used properly for effective evaluation of the data.
He emphasized training for DSE members, asset managers, analysts, merchant banks and investors so that everyone can easily collect and analyze necessary information from a single platform.
He expressed hope that with the support of the DSE board and the ongoing transformation process, the platform will further strengthen transparency, information flow and investment decisions in the market.
Some 360 companies are currently listed on the stock exchanges and regularly publish disclosures by sending hard copies manually.
Under the current system, all listed companies must submit regulatory information to both bourses separately in hard copy. They sometimes face challenges in sending disclosures manually.
Under the new digital system, each listed firm will have a unique user ID and password provided by the bourses, through which they can log in to the system and submit all required documents online. If there are any additional requirements, the bourse will ask the company to submit the documents through the online system.
babulfexpress@gmail.com
