Presentation On Securities Laws and Regulations For FinExcel-Revised

Securities Laws and
Regulations
Imparted By:
Mohammad Shafiqul Islam
Bhuiyan
Assistant General Manager
Dept. of Listing Affairs
Dhaka Stock Exchange Limited
shafiq31@gmail.com
www.dsebd.org
Topics to be covered
Purview of BSEC
Purview of Stock Exchanges
Corporate Governance Guidelines
Issue Management Guidelines
Margin Rules
Listing Regulations
Dhaka Stock Exchange Ltd.
30-Jul-15
Purview of BSEC
BSEC
stands for Bangladesh Securities and

Exchange Commission.
The
Bangladesh
Securities
and
Exchange
Commission (BSEC) was established on 8th June,
1993 as the regulator of the countrys capital
market through enactment of the Securities and
Exchange Commission Act 1993
The Commission consists of a Chairman and four
Commissioners who are appointed for fulltime by
the government for a period of four years and their
appointment can be renewed only for further one
term, but the condition is that age can not exceed
65
3
30-Jul-15
Purview of BSEC
Missionof the BSEC is to:
Protect the interests of the investors in securities.
Develop and maintain fair, transparent and efficient securities markets.
Ensure proper issuance of securities and compliance with securities laws.
The Commission's main functions:

Section 8 of the Securities and Exchange Commission Act, 1993 provides
details of the functions of BSEC, some of them are as follows:
Regulating the business of the Stock Exchanges or any other securities market;
Registering and regulating the business of stock-brokers, sub-brokers, share
transfer agents, merchant bankers and managersof issues, trustee of trust

deeds, registrar of an issue, underwriters, portfolio managers, investment
advisers and other intermediaries in the securities market;
30-Jul-15
Purview of BSEC
Registering,
monitoring and regulating of collective
investment scheme including all forms of mutual funds;

Monitoring and regulating all authorized self regulatory
organizations in the securities market;

Prohibiting fraudulent and unfair trade practices relating
to securities trading in any securities market;

Promoting investors education and providing training for
intermediaries of the securities market;

Prohibiting insider trading in securities;
30-Jul-15
Purview of BSEC
Regulating the substantial acquisition of shares and take-over of
companies.
The Commission, keeping the Bangladesh Bank informed, may seek
information regarding bank account from any bank, insurance
company and financial institution or other authority, as the case may
be, so far as it relates to the transaction of security.
Undertaking investigation and inspection, inquiries and audit of any
issuer or dealer of securities, the Stock Exchanges and intermediaries

and any self-regulatory organization in the securities market.
Conducting research and publishing information.
regulating the activities of clearing corporation established for
settlement of transaction of securities including derivatives etc.
30-Jul-15
Purview of BSEC
Most of the functional authority of BSEC derives from The
Securities and Exchange Ordinance, 1969, some of them are

as follows:
S-2A. Control over issue of capital:
(2) No issuer, or no company, whether incorporated in Bangladesh or

not, shall, except with the consent of the Commission,(a) make an issue of capital in Bangladesh;
(b) make in Bangladesh any public offer of securities for sale;..
(4) While giving consent under sub-section (1) & (2) Commission shall
not fix the price of the issue.
S-2CC.
Power to impose Conditions: Notwithstanding

anything contained in Kvvbx AvBb, 1994 or in any other law for
the time being in force, or in any contract or any Memorandum and
Articles of Association of any company, any consent or recognition
accorded under section 2A, section 2B or section 2C, whether before
or after the commencement of this section, shall be subject to such
conditions, if any, as the Commission may, from time to time, think
fit to impose.
30-Jul-15
Purview of BSEC
S-9: Listing of securities
S-17. Prohibition of fraudulent acts, etc.: No person shall, for
the purpose of inducing, dissuading, effecting, preventing or

in any manner influencing or turning to his advantage, the
sale or purchase of any security, directly or indirectly
S-20: Prohibitory order,
S-20A. Power of Commission to issue directions in certain
cases,
S-24 Penalty: (1) Whoever contravenes the provision of
section 17 shall be punishable with imprisonment for a term
which may extend to five years, or with fine which shall not
be less than five lakh taka or with both,
S-25B. Power to establish Special Tribunal,
S-32A Regulation of business of Commodity Futures Contract,
S-33 Power to make rules,
S-34 Power to make regulations.
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Purview of BSEC
List of some major Acts, Ordinance, Rules, Regulations:
The Securities and Exchange Ordinance, 1969
The Bangladesh Securities and Exchange Commission Act, 1993
The Securities and Exchange Rules,1987
Margin Rules, 1999
The Securities and Exchange Commission (Issue of Capital) Rules, 2001
The Securities and Exchange Commission (Public Issue) Rules, 2006
The Securities and Exchange Commission (Rights Issue) Rules, 2006
wmwKDwiwUR I GP Kwgkb (myweavfvMx eemv wbwlKiY)
wewagvjv, 1995
wmwKDwiwUR I GP Kwgkb (gvPU evsKvi I cvUdvwjI gvbRvi)
wewagvjv, 1996
wmwKDwiwUR I GP Kwgkb (wgDPzqvj dv) wewagvjv, 2001
wWcwRUwi AvBb, 1999
wWcwRUwi cweavbgvjv, 2000
wWcwRUwi (eenvwiK) cweavbgvjv, 2003
Notifications, Orders, Directives
9
30-Jul-15
Purview of Exchange
Section 2(m) of the Securities and Exchange
Ordinance, 1969 reads as follows:

Stock Exchange means any person who
maintains or provides a market place or
facilities for bringing together buyers and
sellers of securities or for otherwise
performing with respect to securities the
functions commonly performed by a Stock
Exchange, as that term is generally
understood, and includes such market place
and facilities.
10
30-Jul-15
Purview of Exchange
The major functions of the Exchange are:
Listing of Companies (As per Listing Regulations).
Ensuring compliances of Listed Securities
Providing the screen based automated trading of listed Securities (As per
Automated Trading Regulations)

Index Management
Settlement of trading (As per Settlement of Transaction Regulations).
Approval to the transaction/transfer/gift of share outside the trading
system of the exchange (As per Listing Regulations).

Market Administration & Control.
Market Surveillance.
Research & Information and Publications & Public Relations.
Monitoring the activities of listed companies (As per Listing Regulations).
Investors grievance Cell (Disposal of complaint bye laws 1997).
Investors Protection Fund (As per Investors Protection Fund Regulations,
2014).
Announcement of Price sensitive or other information about listed
companies through online

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30-Jul-15
Purview of Exchange
Stock Exchanges has become demutualized with effect from November
21st, 2013 under the provisions of ,
The
Dhaka Stock Exchange (Board and Administration) Regulations, 2013

provides governance guidelines for the Exchange. Main features are:
Constitution of the Board of Directors: Majority of the members of
the Board of Directors of the Exchange, including the Chairman is

Independent Directors.
7 (seven) Independent Directors
5 (five) Shareholder Directors
The Managing Director is Ex-Officio member of the Board with voting right
Quorum
of the Board Meeting: The quorum shall be one-third

members of the Board of Directors of which majority of the Directors
present shall be Independent Directors.
The Regulatory Affairs Committee (RAC) acts as the vehicle for
separation of business and regulatory activities of the Exchange.
The Exchange has a separate Regulatory Affairs Division (RAD) to
conduct the regulatory functions of the Exchange. The RAD is headed by
the Chief Regulatory Officer (CRO)
12
30-Jul-15
Purview of Exchange
Major Act, Rules and Regulations of the Exchanges:
,
Demutualization Scheme
The Dhaka Stock Exchange (Board and Administration) Regulations,
2013
The Dhaka Stock Exchange (Listing) Regulations, 2015
The Dhaka Stock Exchange (Trading Right Entitlement Certificate)
Regulations, 2013
The Dhaka Stock Exchange (Settlement of Transactions) Regulations,
2013
The
Dhaka Stock Exchange (Settlement Guarantee Fund)
Regulations, 2013
The Dhaka Stock Exchange (Short-Sale) Regulations, 2006
The Dhaka Stock Exchange Automated Trading Regulations, 1999.
Dhaka Stock Exchange (Investors Protection Fund Regulations), 2014
The Dhaka Stock Exchange (TREC Holders Margin) Regulations, 2013
13
30-Jul-15
Corporate Governance
Guidelines
Corporate governancebroadly refers to the mechanisms, processes and
relations by which corporations are controlled and directed. Corporate

governance essentially involves balancing the interests of the many
stakeholders in a company - these include its Board of Directors, shareholders,
management, customers, suppliers, financiers, government and the community.
Corporate governance includes the processes through which corporations'
objectives are set and pursued in the context of the social, regulatory and
market environment.
Corporate governance became a pressing issue following the 2002 introduction
of the Sarbanes-Oxley Act in the U.S., which was ushered in to restore public
confidence in companies and markets after accounting fraud bankrupted highprofile companies such as Enron and WorldCom.
BSEC vide its notification dated February 20, 2006 first introduced Corporate
Governance Guidelines in Bangladesh for the Listed Companies which was

subsequently amended broadly on August 7, 2012.
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30-Jul-15
Guidelines
Earlier
the conditions under Corporate Governance

Guidelines was on comply or explain basis now these
are imposed on 'comply' basis.
Major Conditions:
1. BOARD OF DIRECTORS:
1.1 Board's Size
The number of the board members of the company shall
not be less than 5 (five) and more than 20 (twenty):
Banks and non-bank financial institutions, insurance
companies and statutory bodies need to follow
guidelines of primary regulators.
1.2 Independent Directors
At least one fifth (1/5th ) of the total number of directors
15
30-Jul-15
Independent Director means a director:
Guidelines
who either does not hold any share in the company or holds less
16
than one percent (1%) shares of the total paid-up shares

Not a sponsor of the company and is not connected with the
companys any sponsor or director or shareholder who holds
one percent (1%) shares
family members also should not hold one percent (1%) shares
No relationship, whether pecuniary or otherwise with the
company
Not a member, director or officer of any stock exchange
Not a partner or an executive or was not a partner or an
executive during the preceding 3 (three) years
Not be an independent director in more than 3 (three) listed
companies
Not been convicted by a court as a defaulter in payment of any
loan to a bank or a NBFI;
Not been convicted for a criminal offence involving moral
turpitude.
Dhaka
Stock Exchange Ltd.
30-Jul-15
The independent director(s) shall be appointed
Guidelines
by the
board of directors and approved by the shareholders in the

Annual General Meeting (AGM).
The post of independent director(s) can not remain vacant
for more than 90 (ninety) days.

The Board shall lay down a code of conduct of all Board
members and annual compliance of the code to be recorded.

The tenure of office of an independent director shall be for
a period of 3 (three) years, which may be extended for 1

(one) term only.
17
30-Jul-15
Guidelines
1.3 Qualification of Independent Director (ID)
Independent Director shall be a knowledgeable individual with
integrity who is able to ensure compliance with financial, regulatory

and corporate laws and can make meaningful contribution to
business.
The
person
should
be
Business
Leader/Corporate
Leader/Bureaucrat/ University Teacher with Economics or Business

Studies or Law background/Professionals like Chartered Accountants,
Cost & Management Accountants, Chartered Secretaries.
The independent director must have at least 12 (twelve) years of
corporate management/professional experiences.

In special cases, the Commission may relax.
18
30-Jul-15
Guidelines
1.4 Chairman of the Board and Chief
Executive Officer:
The positions of the Chairman of the Board and
the Chief Executive Officer of the companies
shall be filled by different individuals.
1.5 The Directors Report to Shareholders:
The directors of the companies shall include

some additional statements in the Directors'
Report prepared under section 184 of the
Companies Act, 1994
19
30-Jul-15
Guidelines
2. CHIEF FINANCIAL OFFICER (CFO), HEAD OF
20
INTERNAL AUDIT AND COMPANY SECRETARY

(CS):
2.1 Appointment
The company shall appoint a Chief Financial Officer
(CFO), a Head of Internal Audit (Internal Control and
Compliance) and a Company Secretary (CS). The Board
of Directors should clearly define respective roles,
responsibilities and duties of them.
2.2 Requirement to attend the Board Meetings
The CFO and the Company Secretary of the companies
shall attend the meetings of the Board of Directors.
30-Jul-15
Guidelines
3. AUDIT COMMITTEE:
The company shall have an Audit Committee..
The Committee shall assist the BoD in ensuring that the
financial statements reflect true and fair view .

The Committee shall be responsible to the Board of Directors.
3.1 Constitution of the Audit Committee
At least 3 (three) members
At least 1 (one) independent director
All members of the committee should be financially literate
and at least 1 (one) member shall have accounting or related
financial management experience
Casual vacancies shall be filled up within 1 month
The company secretary shall act as the secretary of the
Committee
The quorum of the Committee meeting shall not constitute
without at least 1 (one) independent director.
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30-Jul-15
Guidelines
3.2 Chairman of the Audit Committee
Chairman of the Audit Committee shall
be an independent
director.
Chairman of the audit committee shall remain present in the AGM.
3.3 Role of Audit Committee:
Monitor choice of accounting policies and principles.
Monitor Internal Control Risk management process.
Oversee hiring and performance of external auditors.
Review the annual financial statements before submission to the
board for approval.
3.4 Reporting of the Audit Committee
Report on its activities to the Board of Directors
3.4.2 Reporting to the Authorities
Report to the Commission three times or completion of a period of
6 (six) month
Reporting to the Shareholders and General Investors
22
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Guidelines
4. EXTERNAL/STATUTORY AUDITORS:
5. SUBSIDIARY COMPANY:
6. DUTIES OF CHIEF EXECUTIVE OFFICER (CEO) AND
CHIEF
FINANCIAL OFFICER (CFO):
7. REPORTING AND COMPLIANCE OF CORPORATE
GOVERNANCE:
The company shall obtain a certificate from a practicing
Professional Accountant/Secretary (Chartered Accountant/
Cost and Management Accountant/Chartered Secretary)
regarding compliance of conditions of Corporate Governance
Guidelines of the Commission and shall send the same to the
shareholders along with the Annual Report on a yearly basis.
The directors of the company shall state, in accordance with
the prescribed format, in the directors' report whether the
company has complied with these conditions.
23
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Issue Management
Guidelines
Obtain Issue Management license from BSEC as per wmwKDwiwUR
I GP Kwgkb (gvPU evsKvi I cvUdvwjI gvbRvi),

wewagvjv, 1996.
Require to issue due diligence certificate as per prescribe format.
Every issue manager has to submit at least 1 IPO document in
every 2 calendar year.
Issue manager has to comply with, among others, the following
major rules and regulations:
1.
The Securities and Exchange Ordinance, 1969
2.
The Securities and Exchange Commission (Public Issue)
Rules, 2006
3.
wmwKDwiwUR I GP Kwgkb (gvPU evsKvi I
cvUdvwjI gvbRvi), wewagvjv, 1996
4.
The Dhaka Stock Exchange (Listing) Regulations, 2015
5.
The Companies Act, 1994
6.
Other conditions imposed by BSEC in consent letter
24
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Issue Management Guidelines

ISSUE MANAGERS INVOLVEMENT IN
GENERAL PROCESS OF LISTING THROUGH IPO
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
25
Signing agreement with the prospective issuer

Site visit for assessment of public offering
Select Method of Public Offering
Prepare Draft Prospectus
Apply to BSEC for Public Offer
IPO Approved by BSEC
Publish vetted Prospectus in Newspapers
Apply to the Exchange for Listing
Collect Subscription
Conduct Lottery
Allotment andRefund
Listing Approval by the Exchanges
Credit Share/Units
Commencement of Trading
30-Jul-15
LISTING
Listing is the process of acceptanceof a
qualifyingsecurityfortrading on a registered
stock exchange.
Mode of Listing:
Listing through Initial Public Offering (IPO)
Fixed Price Method
Book Building Method
Offloading of Shares of the companies through
Direct Listing
26
30-Jul-15
Requirements for IPO

Eligible for Book-building method
The company must have at least Tk. 300 million net-worth;
Shall offer at least 10% shares of paid up capital (including intended offer) or Tk. 300
million whichever is higher;
Shall be in commercial operation for at least immediate past five years;
Shall have profit in three years out of the immediate last five completed
accounting/financial year;
Shall have no accumulated loss at the time of application;
Shall get its financial statements audited a firm of chartered accountants from the
panel of auditors of the Commission;
Shall be regular in holding annual general meeting;
The Commission if deems appropriate for the interest of investor or development of
capital market, may exempt or relax any of the above requirements.
Eligible for fixed price method:
Minimum paid up capital (existing + proposed) requirement for initial public offering
(IPO) shall be Tk. 30 (Taka thirty) crore;
Minimum size of IPO shall be Tk. 12 (Taka twelve) crore, but that shall not be less
than 10% (ten percent) of the total paid up capital (existing + proposed);
No issuer of a listed security shall utilize more than 1/3rd (one-third) of the fund
raised through IPO for the purpose of loan repayment;
30-Jul-15
27
Requirements for DIRECT LISTING

Requirements Concerning Capital and Operation:
The concerned applicant-
shall have minimum paid up capital of Taka 300 (three hundred)
million;
shall have no accumulated loss;
shall be in commercial operation for at least immediate last 5
(five) years;
shall have profit in 3 (three) years out of the immediate last 5

(five) completed
accounting/financial years with steady growth
pattern;
is regular in holding of annual general meeting (AGM);
has not raised capital (excluding bonus issue) within preceding 2
(two) years;
28
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Dhaka
hasStock
notExchange
issuedLtd.the same class of securities in any manner other
Requirements for DIRECT LISTING
29
shall have positive net current assets (Current Assets less

Current Liabilities) at the
end of immediate preceding 3
(three) accounting/financial years;
shall have net positive cash flows from its operating
activities
for
immediate
preceding
3
(three)
accounting/financial years;
shall comply with the provisions of Corporate Governance
Guidelines as prescribed by the Commission from time to
time;
any of its sponsors/directors is not a bank defaulter;
has been assigned rating by a credit rating company;
has prepared its financial statements in accordance with
the requirements of the Securities and Exchange Rules,
1987 as well as the provisions of International Financial
Reporting Standards (IFRS)/International Accounting
Dhaka Stock Exchange
Ltd. as adopted in Bangladesh and audited
30-Jul-15
Standards
(IAS)
the
same as per requirements of International Standards on
Margin Rules
Margin Rules, 1999 covers margin loan facility provided by
the Stock Brokers and Rule 36 of the wmwKDwiwUR I
GP Kwgkb (gvPU e vsKvi I cvUdvwjI g
vbRvi) wewagvjv, 1996 and schedule thereof covers
the margin loan facility provided by Merchant Banker
(Portfolio Manager).
Rule 3(12)(c) defines margin in the following manner:
margin means the aggregate amount of cash and market
value of securities deposited by a client into his margin
account, but shall not include securities which are bought
and carried in the margin account;
30
30-Jul-15
Margin Rules, 1999

Rule 3(2) Margin account arrangements must be evidenced in
the form of a written agreement executed between the
member and the client.
**Rule 3(5) Whenever the equity in a client's margin account
falls below 150% of the debit balance, the member shall
request the client to provide additional margin to bring the
equity to not less than 150%. Such additional margin must be
satisfied by deposit of cash or marginable securities within
three days from date of notice. The member shall not permit
any new transactions in the margin account unless the
resulting equity in the account would be not less than 150% of
the debit balance.
31
Rule 3(6) A member shall not permit the equity in a client's

margin account to fall in any way below 125% of the debit
balance. Once the equity falls below this level, the member
shall have absolute discretion and without notice to the client
to liquidate the margin account including the marginable
30-Jul-15
securities deposited to bring the equity to not less than 150%
Margin Rules
Clause 5 of schedule under Rule 36 of the wmwKDwiwUR I GP Kwgkb
(gvPU e vsKvi I cvUdvwjI g vbRvi) wewagvjv, 1996
provides guidelines on margin in the following manner:
gvwRb FY c`vbi weeP welqmg~n| gvwRbej
wmwKDwiwUi wecixZ gvwRb FY c`vbi gvPU
evsKvi (cvUdvwjI gvbRvi), Abvbi ga, wbwjwLZ
welqmg~n weePbv Kwie, h_v:
(K) wewbqvM wbivcv;
(L) wmwKDwiwUi dvvgUvjm& ev gwjK welq;
(M) wmwKDwiwUi Zvij/wecYbhvMZv;
(N) hywmZ Avq;
(O) g~jab cew (Capital appreciation);
(P) SzuwKi Dcv`vbmg~n (Risk factors);
(Q) Kivivci cfve|
32
30-Jul-15
Types of Margin (Deposit)

The margin deposited (pledged) by client
with the stock broker shall be in the form

a. Cash,
b. Securities issued by the Government
or its agencies,
c. Marginable securities
d. Other instruments as the
Commission may from time
to time
prescribe.
33
30-Jul-15
Margin Guideline
Marginable Securities are all except the following:
Z-category Securities
2.
Any existing listed security of which the P/E ratio exceeds 40.
The members of the stock exchanges shall not extend credit
facilities to their approved clients beyond 0.5(zero point five) times
of clients margin/clients deposit (i.e. credit facilities shall be on
1:0.5 basis) under the Margin Rules, 1999.
All corporate benefit, such as dividend, bonus, rights etc. entitled
according to book closure/record date will be added with portfolio
value.
The stock brokers shall not provide margin facilities to any
member of the Board of Directors of its own company, officer and
staff employed in the company management, their parent, spouse,
son, daughter, sister, brother, son-in-law, daughter-in-law and
other relatives.
1.
34
30-Jul-15
Listing Regulations
Regulation
No.
Title
Regulation
Company Secretary
Regulation2 (d), (e),

(i), (r)
Definitions
Compliance Officer
Material Change/Information
Sponsor
Primary recommendation along
with checklist within 20 days.
Regulation3(1-3)
35
Recommendati
on by
Exchange to
the
Commission
Ask clarifications from issuer or

its
directors,
officers,
issue
manager(s), auditors, valuer(s).
Final recommendation along with
a declaration within seven days.
30-Jul-15
Listing Regulations
36
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Listing Regulations
POST LISTING CONTINUOUS COMPLIANCES
Regulation
No.
Regulation
15 (1)
Title
Regulation
Financial statements shall be

Auditing of
audited by any firm of chartered
Financial
accountants which is in the panel of
Statements
the Commission.
Tenure: No auditor shall be
appointed for a consecutive period
exceeding three years.
Regulation
15 (2), (3) &
(6)
37
Statutory
auditors
Financial statements shall not be

audited by any firm of chartered
accountants or auditor which or
who is convicted for any securities
or exchange or financial related
offence.
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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Listing Regulations
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GO-LIVE OF LATEST MATCHING ENGINE

OF DSE
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THANK YOU

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Presentation On Securities Laws and Regulations For FinExcel-Revised

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Securities Laws and

Dhaka Stock Exchange Ltd.

stands for Bangladesh Securities and

Dhaka Stock Exchange Ltd.

The Commission's main functions:

transfer agents, merchant bankers and managersof issues, trustee of trust

monitoring and regulating of collective

investment scheme including all forms of mutual funds;

organizations in the securities market;

to securities trading in any securities market;

intermediaries of the securities market;

Dhaka Stock Exchange Ltd.

issuer or dealer of securities, the Stock Exchanges and intermediaries

settlement of transaction of securities including derivatives etc.

Dhaka Stock Exchange Ltd.

Securities and Exchange Ordinance, 1969, some of them are

(2) No issuer, or no company, whether incorporated in Bangladesh or

Power to impose Conditions: Notwithstanding

Dhaka Stock Exchange Ltd.

the purpose of inducing, dissuading, effecting, preventing or

Dhaka Stock Exchange Ltd.

Ordinance, 1969 reads as follows:

Dhaka Stock Exchange Ltd.

Automated Trading Regulations)

system of the exchange (As per Listing Regulations).

companies through online

Dhaka Stock Exchange Ltd.

Dhaka Stock Exchange (Board and Administration) Regulations, 2013

Constitution of the Board of Directors: Majority of the members of

the Board of Directors of the Exchange, including the Chairman is

of the Board Meeting: The quorum shall be one-third

Dhaka Stock Exchange Ltd.

Corporate governancebroadly refers to the mechanisms, processes and

relations by which corporations are controlled and directed. Corporate

Governance Guidelines in Bangladesh for the Listed Companies which was

Dhaka Stock Exchange Ltd.

the conditions under Corporate Governance

Dhaka Stock Exchange Ltd.

than one percent (1%) shares of the total paid-up shares

board of directors and approved by the shareholders in the

for more than 90 (ninety) days.

members and annual compliance of the code to be recorded.

a period of 3 (three) years, which may be extended for 1

Dhaka Stock Exchange Ltd.

integrity who is able to ensure compliance with financial, regulatory

Leader/Bureaucrat/ University Teacher with Economics or Business

corporate management/professional experiences.

The directors of the companies shall include

Dhaka Stock Exchange Ltd.

INTERNAL AUDIT AND COMPANY SECRETARY

Dhaka Stock Exchange Ltd.

financial statements reflect true and fair view .

Dhaka Stock Exchange Ltd.

Dhaka Stock Exchange Ltd.

I GP Kwgkb (gvPU evsKvi I cvUdvwjI gvbRvi),

Dhaka Stock Exchange Ltd.

Issue Management Guidelines

Signing agreement with the prospective issuer

Dhaka Stock Exchange Ltd.

Offloading of Shares of the companies through

Dhaka Stock Exchange Ltd.

Requirements for IPO

Requirements for DIRECT LISTING