The Dhaka Stock Exchange (DSE) is expected to start trading on its SME platform this week, two and a half years after its inauguration, with the aim of creating an opportunity for small-cap companies to be listed on the stock exchange.
Bangladesh Securities and Exchange Commission (BSEC) chairman Professor Shibli Rubayat-Ul-Islam will open negotiations on September 30, DSE officials said.
At present, the SME EHR platform will start trading with six companies.
Four of the companies Apex Weaving and Finishing Mills, Bengal Biscuits, Himadri Ltd and Wonderland Toys Ltd belong to the over-the-counter market.
Master Feed Agrotec Limited and Oryza Agro Industries Ltd, which have raised funds through Qualified Investor Offers (QIOs), are the other two companies.
Investors with an investment of at least Tk 50 lakh in the capital market will be allowed to trade in shares of SMEs.
According to the BSEC ordinance, sponsors, directors and promoters of companies, which have been moved from the OTC market, should be considered qualified investors to trade on the secondary market of the SME platform.
Investors are also allowed to take out margin loans against the purchase of their shares on the SME platform.
On September 16, BSEC abolished the OTC market and sent 23 OTC companies to the SME platform.
In addition, 18 companies were sent to the Alternative Trade Board.
Minister of Finance AHM Mustafa Kamal inaugurated the Board of Directors of Small Cap Companies on April 30, 2019.
During the period, no small-cap company received approval to enroll in the DSE.
On July 14, 2021, BSEC authorized Master Feed Agrotec Limited and Oryza Agro Industries Ltd for QIOs.
Initially, some companies had applied to the commission to access the SME platform. But a few of them withdrew their candidacy while several others were canceled by the regulator.
After that, the stock exchange tried to create opportunities for companies to be listed on the SME platform, but failed.
Additionally, the issue managers weren’t interested in bringing small-cap companies into the market because they pay low fees, they said.
They said the rules for small-cap companies should be short and straightforward, as small entrepreneurs are not as capable as listed companies of complying with all of these rules.
In April 2021, the regulator exempted four companies from QIO rules to register them with the SME board of exchanges.
Later, Master Feed Agrotec, Subra Systems Ltd, Oryza Agro Industries Limited and Mostafa Metal Industries requested QIOs.
In contrast, on June 10, 2021, the Chittagong Stock Exchange (CSE) started trading on its SME platform with only Nialco Alloys Limited.
The final approval was granted to the Bangladesh Securities and Exchange Commission under the 2018 Rules (Offer to Qualified Investors by Small Capital Companies) with some modifications and amendments by the BSEC in November 2018.
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