The board of directors of Dhaka Stock Exchange at a meeting on Sunday scrapped its December 19 decision to charge monthly Tk 150 per user for trading using mobile phone app — DSE-Mobile.
The DSE board backtracked on its decision after catching a spate of flak for the decision from all quarters including stockbrokers, trading rights entitlement certificate holders and investors.
The premier bourse of the country had decided to impose the fee with an effect from January 1 next year.
DSE director Rakibur Rahman told New Age, ‘We have scrapped the decision taking the current market situation into consideration.’
The market has been largely bearish in recent months.
Rakibur said, ‘We had decided to impose the fee to minimise the DSE’s costs as the bourse has to bear the costs of app-based trading by investors.’
Stockbrokers and investors said that the bourse should conduct market research before taking any decision over imposing fee for app-based share trading; otherwise such decision would impact the market negatively.
DSE on March 9, 2016 launched the mobile-based share trading app in presence of finance minister AMA Muhith and Bangladesh Securities and Exchange Commission chairman M Khairul Hossain.
In 2017-18, the total number of orders through mobile was 42.75 lakh, of which 27.74 lakh orders were executed.
The application allows users to place orders directly to the bourse’s server but traders and brokers are allowed to interrupt if any unusual order is placed.
The application has two versions — one is called DSE-Mobile VIP, a non-trading version, and the second one called DSE-Mobile Trader, a trading version.