B Mirror Desk : To safeguard investors’ interests, the Bangladesh Securities and Exchange Commission (BSEC), a regulatory authority, will have to make a difficult choice. Installing, implementing, and using the unchangeable back-office software for track holders has a deadline established by the agency. April 30 is the last day of that deadline. The activities will automatically end if they are not started within the allotted period. Additionally, BSEC will punish the institutions that failed.

BSEC has set a new deadline for the installation and use of the prescribed unmodifiable back-office software. According to the latest instructions of BSEC, track holders will have time till April 30 next year to install and start using this software. However, after that, no track holder will be able to conduct transactions without this software. The DSE authorities have informed all track holders about this BSEC instruction in a letter.

BSEC has mandated that all track holders implement unalterable back-office software from approved vendors by December 31 of this year. However, many track holders faced challenges in meeting this deadline. Consequently, both the Dhaka Stock Exchange PLC and the DSE Brokers Association requested an extension from BSEC, which has now been granted until April 30 of the following year.

Additionally, the DSE Brokers Association of Bangladesh (DBA) has formally requested a further extension until August 31, as stated in a letter from their senior vice president, Md. Saifuddin. BSE spokesperson and director Abul Kalam emphasized to Banijya Pratidin that the software must be operational within the new timeline, but those encountering difficulties are encouraged to reach out to the commission.

He noted that this decision was made with investor interests in mind, and failure to comply may result in legal repercussions. Presently, the Dhaka Stock Exchange has eight vendors approved for non-modifiable back-office software, and similar requirements apply to the Chittagong Stock Exchange PLC.