LET us all be partner, not competitor to overcome the problem of disruption in CDBL Central Depository Bangladesh Limited (CDBL) established with the equity participation of a group of organisations, mainly the financial institutions and being managed and operated by a Board of Directors. The aims and objectives are, among others, to facilitate full automated settlement services to the bourses and their members. It is a very new addition to our capital market arena but its contribution towards boosting the overall activities of the total gamut of the share, share trading, share market and related activities, organisations, individuals and institutions involved therewith, can hardly be overstated. There is no denial of fact that it is the CDBL which plays the pioneering role for the vibrant share market that we see today and take advantage of.
It could be a matter of pride that the history of stock exchange and stock business in this region started since long. The East Pakistan Stock Exchange Association Ltd. was incorporated on April 28, 1954 which was once renamed as East Pakistan Stock Exchange Ltd. on June 23, 1962 and then as Dacca Stock Exchange Ltd. on May 13, 1964. However, the trading was suspended during the Liberation War in 1971 and resumed on August 16, 1976. Since then it has continued its journey almost uninterrupted.
Automation ? Only on August 10, 1998 'automated on-line screen based trading system' began and on January 24, 2004, Central Depository Bangladesh Limited (CDBL) for electronic settlement of share trading made its debut in the DSE. The entrepreneurs, organisers as well as the planner, have done a great job, no doubt about it. It is also fact that they could hardly foresee the present volume of trading, its trend and, above all, the enthusiasm of all concerned, especially the general investors. So was the situation regarding planning and designing the entire 'set-up'. This scribe is more than certain that had there been anybody else, there would be no better situation. What do we see today? Danger! There is little -- if not, no time for prevention. But we must take precaution. Scolding the drowning boy can only help spoiling his life, if somebody does not rescue him from the pond.
The necessity of CDBL and its smooth functioning is known to everybody and is also duly acknowledged by all concerned. The disruption in 'spot trading' of seven issues can be termed as a "wake up call" although that were some sorts of special task and not directly under day-to-day normal activities. Nevertheless, its overloading, slow operation and such other diseases can hardly be overlooked. And probably nobody can afford disruption of its normal function. Therefore, it is the onus of all concerned to keep it running.
And for that reason lodging complaint, criticising the management and or creating pressure on them will help a little. Rather, it might lead to deterioration of normal functioning. Better let us be partners and not competitors. With a partnership mode let us cooperate and suggest them to overcome the situation so as to keep the system running and at the same time to roll out the upgrading task on a 'crash programme' basis. So far this writer knows finance now is not a serious problem as it was, in fact, at the early stage.
Abul Hashem Khan
309, Paradoger, PS: Jatrabari
Dhaka-136
Disruption in CDBL
FE Team | Published: August 06, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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