Capital market regulator Bangladesh Securities and Exchange Commission (BSEC) has formed a committee to ensure smooth trading of Dhaka Stock Exchange (DSE) in future. Along with this, the committee will inspect the operation of DSE’s Order Management System (OMS) and mobile app. An order in this regard has been issued by the BSEC on Monday (July 15).
According to the sources, this committee has been formed by Sharif Ali Irteza, Deputy Manager of Central Depository Bangladesh Limited (CDBL) and Mohammad Morshed Alam, Head of IT Enabled Services of Central Counterparty Bangladesh Limited (CCBL). The committee has been asked to review DSE’s version control policy, API infrastructure control policy, OMS, mobile apps and other related issues. The committee has been asked to submit a report to the commission within 15 working days after the inspection.
When asked about this, Executive Director and Spokesperson of BSEC Mohammad Rezaul Karim said that this committee has been formed so that there is no disruption in the transactions of DSE in the future. This committee will see whether the information technology system of DSE is being operated properly and according to rules.
Due to technical glitches in the country’s main capital market, DSE, transactions were disrupted at various times. Due to this, transactions were seen to be stopped at various times. Last March 10 this year, due to a technical glitch, strange statistics of the index were seen on the website of the exchange. It was not possible to solve the problem at that time even after trying all day. In this incident, a two-member committee was formed by the BSEC to conduct inspection activities on information technology and index management activities of DSE at that time. Moreover, after the current chairman of BSEC took charge for the first time, a committee of six members was formed by the organization to investigate the errors in the website and trading system of DSE on August 24, 2020. The committee’s report details the irregularities in DSE’s website and trading system.
At that time, the committee observed that the DSE website was quite old. It is not compatible with the current times. At the same time it is weak. Moreover, the OMS software that is used to complete transactions in the capital market is flawed. The system does not have the capacity to take the pressure of additional transactions. Moreover, the system has been in operation for six years. The duration of such software is usually 8-10 years. As a result, the committee recommends updating the OMS system of DSE or bringing new software within two-four years.
