A five-member committee was formed to launch Clearing Company Bangladesh Ltd, an independent clearing and settlement company to settle the share transactions within a day.
The committee was formed at a meeting between Dhaka Stock Exchange, Chittagong Stock Exchange and Central Depository of Bangladesh on Thursday.
DSE chairman Abul Hashem chaired the meeting attended, among others by, its directors Shakil Rizvi, Hanif Bhuiya, managing Director KAM Majedur Rahman, CSE chairman AK Abdul Momen, managing director Saifur Rahman Mazumder and CDBL vice chairman AKM Nurul Fazal.
Of the five committee members, 2 would be from DSE and 1 each from CSE, CDBL and Banks.
DSE chairman Abul Hahem would be the chief of the committee and its managing director KAM Majedur Rahman would perform the duty of member secretary.
The CCP Formation Committee was outlined according to the CCP rules and regulations of Bangladesh Securities and Exchange Commission.
As per the finalised rules of BSEC, stock exchanges would jointly hold 65 per cent of the company’s shares with a provision that a single stock exchange would hold highest 49 per cent stake.
Apart from the allocation of 65 per cent shares for the bourses, banks and the Central Depository Bangladesh Limited would be entitled to get 15 per cent and 10 per cent stakes respectively in the clearing and settlement company to be formed under the rules.
The rest 10 per cent shares would be kept blocked with the CDBL for strategic partners.
The initial paid up capital of the company would by Tk 300 crore.
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