Chittagong Stock Exchange Liquidity Evaluation

Tour Report on Chittagong Stock Exchange (CSE) Ltd. P a g e | 1

Chapter 1Introduction

INTRODUCTION

In every country, Stock market is an essential & a crucial part of capital market. The

economy condition of our country largely depends on a strong capital market.

Contribution of any stock exchange importantly leads to economic growth by increasing

the funds to finance industries and other enterprises.

In our country, Security and exchange commission is an independent organization, takes

various important decisions independently regarding stock and capital market. The

objectives of security exchange commission are to provide a market place along with the

facilities for both the buyers and sellers of securities to promote just and equitable

principles of trade, protect the overall interest of investors.

A complete automation project of Chittagong stock exchange (CSE) is on full swing.

Considering the important the role of Chittagong stock exchange in development of

capital market of Bangladesh, an attempt, has been in this terms paper to study the

contemporary practices of accounts department as its more informative & accountability

than other organization’s that department in stock trading in Chittagong stock market.

Chittagong stock exchange (CSE) accounts department is very publicly related. At every

stage of work of that department the decision maker develops financial system in

operation. So CSE has become too much closer to all types investors as well as internal

& external people.

Department of Accounting and Information Systems, CU


RATIONALE OF THE STUDY

Make enable the students to realize the practical field of research.

Help to understand the functions of CSE also.

Help to pursue the study in better way.

To understand and realize where management & financial accounting

practices.

To complete in the job & investment sector in vigorously.

To deserve the international recognition.

To fulfill the condition posed by the BBA program.

OBJECTIVES OF THE STUDY

The present study covers the following specific objectives & goals:

To identify the goal and objectives of the organization.

To identify the legal issue for operation of capital market.

To understand the different indices.

To know the performance of CSE.

To evaluate the performance of overall CSE.

To review the operational system of CSE.

To identify the problem of stock exchange and

To recommended some remedial measures to solve the problems.



METHODOLOGY OF THE STUDY

This study & work is a part of academic curriculum. The amalgamated & concise data

and information have been tabulated, processed and analyzed carefully. The study period

has been made only by 4/5 days. I have tried my best to be acquainted with all the

sections and departments of this organization.

The required information of the tour report has been collected through primary and

secondary sources. Most of the data have been collected from secondary sources.

Primary data:

The primary data had been collected by discussions with executives various departments

of CSE that provide me some insights into the problem and issues of the study.

Secondary data:

For secondary data I have gone through different types of Publications & supplements. I

had also used published data. They are:

Various publications of CSE.

Various publications of international bodies

Trade journal

Research reports connected with the stock exchange.

Internet



DATA PROCESSING

The collected data are have been tabulated, analyzed carefully. The Numerical

presentation is analyzed by using index, graph, etc. The report has been prepared in the

present form in order to make the study more informative and useful.

SCOPE OF THE STUDY

CSE’s managing procedures, working systems and environments which are very helpful

to know & to increase our knowledge & to get more information and data. The

information section of Chittagong stock exchange is very rich that's why I was able to

collect the required books, required materials and the Internet facilities. The study

organized at CSE to be familiar with the genuine life situation of organization structure,

director and overall activities. The study would have been informative, if enough time

might have been utilized. However I’ve found these required findings presented in this

paper.

LIMITATIONS OF THE STUDY

This study is a part of my academic course. The collected data & information have been

processed, tabulated & analyzed carefully and sincerely to make this report more useful

& informative. In spite of that this paper has or may have some limitations likely:

Due to the time limitation, I could not collect enough necessary

data\information about the study.

Primary and Secondary data were not available in organized form.

There is the shortage of collection of literature about the activities

of stock exchange in the CSE library.

Annual reports of CSE are not available to make this report more

informative.



Chapter: 2

Review of Chittagong Stock Exchange

HISTORICAL BACKGROUND OF THE CSE

The Chittagong Stock Exchange (CSE) is a nonprofit making organization. It was

incorporated on 1st April 1995 as a limited company by guarantee. After six month, on

10th October 1995 floor trading was started with open cry-out auction system. In the

backdrop of a strong need to institute a dynamic automated and transparent stock

exchange in the country, seventy reputed business personalities under the leadership of

Mr. Amir Khosru Mahmud Chowdhury MP, the founder president established this

bourse in the commercial capital Chittagong. Only 30 securities were listed on the first

day trade when market capitalization stood at US$ 0.2 Billion. Now CSE is a completely

automated exchange with screen based trading facility on countrywide communication

network.

The Chittagong stock exchange will create an effective, efficient and transparent market

of international standard to save and invest in Bangladesh in order to facilitate the

entrepreneurs to raise capital and accelerate industrial growth for overall benefit of the

economy.

MISSION OF CSE

“Practice a set of core values to build competency in compliance, diversification and

technology so that an accessible platform, market confidence and wealth maximization

scope can be ensured.”



OBJECTIVES OF CSE

The Prime objective of the CSE is to create a nation-wide stock market also beyond the

national boundary, which will simultaneously act as a platform for industrial

entrepreneurs and general investors. Explicitly the objectives of CSE are following:

• Increase business turnover

• Modernize trading system

• Ensure effective relationship management

• Achieve high level of confidence & professionalism

• Engage in product and market diversification

• Contribute to capital market policy development

• Ensure exchange related quality service

MANAGEMENT OF CSE

CSE has a policy making body of 18 members, of whom 6 are nominated and 12 are

elected. This Board comprised of one president, three Vice Presidents and 14 Directors.

There is an independent secretariat headed by a Chief Executive Officer (CEO).

LEGAL BASIS OF CSE

As legal entity is a not for profit public limited company. All of its 129 members are

corporate bodies .It has a separate secretariat independent of policy making Board. The

Board comprises of brokers and non- brokers director with equal proportion to ensure the

transparency.

The Board constituted Committees to delegate such functions and authority as it may fit.

There is an independent secretariat headed by a full time Chief Executive Officer. CSE

activities are regulated by its own regulations and bye laws along with the rules, orders

and notifications of the SEC.



ORGANOGRAM OF CSE


CEO

Internal Audit Grade

Secretaries

Grade I & II

Corporate

Dev.

Surveillance Operations IT Company

Secretary

Research and

Publication

Trading Surveillance

Clearing and

Settlement

IT Corporate

Office Finance

New

Listing

Members

Inspection

Market

Operations

IT Regional

Offices Personnel

PR and

Training

Continuous

Listing

Clearing and

Settlement Legal

LibraryMembership


BOARD OF DIRECTORS

Chittagong Stock Exchange Ltd. (CSE) has a policymaking Body of 24 members, of

whom 12 are elected and 12 are non elected. This Board comprises of one President,

three Vice Presidents and 19 Directors. There is an independent secretariat headed by a

Chief Executive Officer (CEO).

CSE AT A GLANCE

Type of Organization Non-Profit Public limited Company by guarantee having share capital.

Authorized Capital Tk. 150 Million

Paid-Up Capital Tk. 38.4 Million

No. of Members 130

No. of listed Securities 213

No. of listed companies 199

No. of listed Mutual Funds 9

No. of listed Debentures 5

Trading Days Sunday to Thursday

Settlement system Daily netting, T+2 to T+4

Cost of trade Commissions-025% of the Transacted value from both Buyer & seller, Contract Charge -Tk. 3 from both Buyers & sellers.

MILESTONES

12th Feb 1995: Bangladesh Government approved CSE

1st April, 1995: Incorporated as a limited company

10th October 1995 Floor Trading Started

1st January 1996: became corresponding member of



2nd June 1998: Automated Trading on WAN starts

16th January 2000 Convened SAFE

26th January, 2004 Central Depository Bangladesh Ltd. (CDBL) opened

30th May, 2004 Internet Trading Service (ITS) introduced

4th July, 2004 Over-the-Counter (OTC) market opened

20 Oct, 2012 NGTS and new website

PRODUCTS OF CSE

Current Products of CSE:

Listed Securities: 263

Equity (Share) : 219

Mutual Funds : 41

Corporate Bond : 3

Paid up Capital :Tk. 420.38b [$ 4.39b]

Market Capital : Tk. 1,773.61b [$ 25.31b]

Categories of listed securities:

A, B, G & N Categories

Z Categories



Our Market products: Sector Wise As on 30 August 2008

Source: Collected From Finance & Banking Department.

LEGAL ENVIRONMENT

As per section 34 of the securities and exchange ordinance 1969 the exchange is

authorized to make regulations subject to previous approval of the Securities and

Exchange Commission.

Laws and Regulation:

Name of the by-laws/regulation CSE have promulgated:

The listing regulations of the Chittagong Stock Exchange limited-CSE

Chittagong Stock Exchange limited (direct listing of shares of public limited

company) regulations, 2001

Chittagong Stock Exchange limited (over the counter) regulations.

Laws Regulating the Affairs of CSE

Memorandum and articles of Association of CSE

Chittagong stock Exchange (Board and Administration) Regulations,2000

General rules and regulations of Chittagong Stock Exchange Limited

Chittagong Stock exchange Investors’ protection fund regulations,1999


INSURANCE12%

TEXTILE & CLOTHING14%

PHARMA CEUTICALS & CHEMICATS

8%FOOD & ALLIED

PRODUCTS9%

CEMENT4%

ENGINEERING & ELECTRICAL PRODUCTS

8%

LEATHER & FOOTWEAR3%

SERVICES & PROPERTY DEVELOPMENT

1%

PAPERS PRINTING & PACKAGING

3%

ENERGY2%

MUTUAL FUNDS

6%

BANKING & FINANCE12%

CERAMIC2%

ICT3%

Leasing & Finance7%

MISCELLANEOUS6%


Chittagong Stock Exchange elections regulations,1999

The Securities and Exchange Commission Rules 1987

The Securities And Exchange Ordinance,1969

Laws Regulating the Listed companies

Securities and Exchange Commission (SEC)

The securities and exchange commission rules 1987 includes the listing

regulations relating to submission of periodic report, annual report by issuers etc

The notification issued under the section 2cc of the securities and exchange

commission ordinance, 1969 to impose any conditions to the issuer at any time

which mostly are related to the on going obligations to be done by the listed

companies.

Securities and Exchange Commission (Right issue rules) 2006 includes

regulations for the companies intends to issue right shares.

Securities and Exchange Commission (Prohibition of insider trading) rules, 1995.

Securities and Exchange Commission (Acquisition of substantial shares, Mergers

and take-over rules), 2002 rules related to acquisition procedure.

Securities and Exchange Commission (Over the Counter) Rules, 2001.

The Securities and Exchange Ordinance, 1969

Chittagong Stock exchange (CSE)

Initial listing with the exchange.

Continuing Obligations on going disclosure requirement.

Compliance Monitoring and Enforcement.

Laws Regulating the Trading of CSE:

Chittagong stock exchange Trading regulations, 1998

Chittagong stock exchange (Internet Based Trading Services) Regulations, 2002

Chittagong stock exchange (Member’s Margin) regulation, 2002

General rules & regulations of Chittagong stock exchange Ltd.



Deference in Legal Environment: In case of getting the CSE assent some company show manipulation in their

balance sheet but CSE authority does not take any investigations to find out the

reality.

There are no specific rules and regulations about media to publicize the exact

current capital market situation.

The environment around the capital market is full of rumors of scams and wrong

dealings. Brokers are accused of manipulating prices.



Chapter: 3Functions of CSE

FUNCTIONS OF CSE

CSE performs various functions for betterment of stock market and investors. These

functions can be classified as

- Core functions

- Others functions

Core functions

Trading

Compliance & Monitoring

Clearing & Settlement

Research & Development

Others functions

Listing functions

Post-IPO functions

ACTIVITIES OF VARIOUS DEPARTMENTSThere have various departments in Chittagong Stock Exchange. Some of the important

departments are given below:

Compliance Section:

Listing and Membership Department

Market operation Department (MOP)

Surveillance Department

Inspection Department

Other Section:

System Department (IT)

Clearing And Settlement department

Account and finance Department

Research & Development and Public Relation Department.

The function of various Departments is discussed in respective heads in below:



LISTING AND MEMBERSHIP DEPARTMENT

Every Company must be listed in the Stock market for working for working thereon and

they have to fulfill various formalities. The listing and Membership department deals

with the various formalities of Listing and membership with CSE. Formalities related

with the enlisted of a company and memberships are discussed in below:

HOW TO LIST

CSE while list a company considers ensuring that the companies meet the listing criteria

of the Exchange and also considers the sufficiency of public interest in the company.

The main eligibility criteria for initial listing contained in CSE Listing Regulations is as

follows:

The Company shall be a Public Limited Company under the Companies Act,1994

Minimum Paid up capital of the applicant company shall be BDT Ten Million

(USD 0.20 million)

Share subscription must be by at least 250 applicants

In case your company fulfils the criteria, please fill in the listing application form and

send the documents as mentioned in the regulation III(6) of the LISTING

REGULATION for further processing.

Listing Requirement:

An applicant company is expected to meet the following basic requirements for the

listing of securities:

The Company has to be a registered Public Limited Company

The minimum paid –up capital has to be BDT10 million (US$ 0.20 mil )

Share subscription must be at least 250.

Submission of the following is required:

Memorandum and Articles of Association

Certificate of Incorporation

Prospectus

Audited Accounts for the last 5 years or for the whole of the life of the

company if less than 5 years old.



A brief history of the Company since incorporation giving details of

its activities including: re-organization, changes in capital structure

and borrowings

A statement showing: dividends and cash bonuses and/or bonus shares

or right shares issued during the last 10 years.

A copy of agreements or other documents relating to arrangements

with intermediaries

A statement containing particulars of material contracts (e.g. for

technical advice and collaboration), Name and address of the

Directors and persons holding 10% or more of the equity security on

the date of application together with the number of shares or

debenture held by each.

If any company fails to fulfill above requirement will not allowed to be listed in CSE.

But If any company to fulfill above the requirement then they will get some benefit.

These Listing procure can be completed by two ways:

o IPO SHOWCASE

o DIRECT LISTING

Guideline about Listing:

The number of Board of Directors should not be less than 5 (five) and more than

twenty. The Banks, non-bank financial institutions, insurance companies and

statutory bodies shall follow the prescription of their respective primary

regulators in this regard.

Appointment of at least one-fifth of the total number of the company’s board of

directors should be ‘independent non-shareholders directors’ in the Board.

The Chairman and the Chief Executive officer simultaneously can not be the

same person and the Board should clearly define their respective roles and

responsibilities.

The “Directors’ Report” prepared



DE LISTING

Grounds for explicit de-listing/cancellation of listing criteria are as follows:

Fails to comply with the requirements of any of CSE listing regulations;

Where the Exchange considers it necessary for the protection of investors;

Fails to pay penalty or any other dues payable to the exchange for a period of two

years;

Fails to declare dividend or bonus:

o for five years from the date of declaration of last dividend or bonus; or

o in the case of manufacturing companies, for five years from the date of

commencement on commercial production; or

o for five years from the date of commencement of business in all other

cases

Fails to hold its AGM for a continuous period of three years;

Gone into liquidation either voluntarily or under court order;

Fails to pay the annual list fees for a period of 2 years;

If securities are quoted below 50 per cent of face value for a continuous period of

three calendar years.

No company will be de-listed from CSE unless the company has been given an adequate

opportunity of being heard. Neither stock exchange nor SEC got any guidelines or rules

relating to procedure for de-listing.

OVER-THE COUNTER

A new phase for the listing facility in the Capital Market. OTC is designed for two

segments of companies

The companies who are de listed from trading

Where the Exchange considers it necessary for the protection of investors;

CSE established Over the Counter facilities with a specific facilitate small & medium

innovative and high growth enterprises, in raising resources efficiently through the

capital market.



MEMBERSHIP DEPARTMENT

Membership of CSE facilitates a person prospects to become trading members (stock

brokers) of the Exchange through compliance of the regulatory provisions of CSE and

SEC. There are 129 members in CSE all of whom are corporate bodies.

The eligibility criteria for the membership are presented below:

A corporate body with a minimum paid up capital of BDT 2.5 million

Any partner or director thereof as the case may be is/has not

less than twenty-one years of age;

bankrupt;

person of unsound mind;

Person convicted by a competent court of an offence involving moral

turpitude.

found at any time by SEC or any stock exchange or court involved in

any misconduct in respect stock exchange transaction/market

Broker/Dealer:

The trading platform of a stock exchange is accessible only to broker , dealer and their

authorized representative. At present Dealers can perform transaction on their own

account only while brokers act as agent of their client.

o Broker and Dealers shall be eligible to trade in CSE when it:

Becomes a members of the CSE;

Becomes members of the CSE Clearing House;

Open a Clearing Account with a Depository Participant of CDBL;

Obtains a Brokerage/ Dealership license from the Securities and Exchange

Commission;

Compliance with respect to Broker/Dealer:

The CSE brokers/dealers are required to comply with various requirements for

continuing membership. These include and Submission of:



Audited Annual Accounts within four months of the end of the financial year;

Monthly Net Capital balance Report;

Shareholding pattern by-yearly;

Any changes in respect of management, structural or legal status of Stock dealers/

stock brokers should be informed to the Commission within 15 (fifteen) days

through stock exchange;

Compliance Authority report relating to the compliance of rules and regulations

of the Exchange and SEC by his/her member company. The report will have to

submit to the Exchange within 15 days after the end of every six-months period

ending on 30th June and 31st December of the year .

Maintenance of the net worth at least half of its paid up capital at all times.

Renewal of their license annually with SEC.

Disciplinary action against Member:

CSE may exercise any of its following disciplinary powers against a member if the

member or its director, authorized representative or employee commit any act or

omission as mentioned in the Regulation 79 of the General Rules and Regulations of

CSE.

Warning

Penalization;

Temporary prohibition from performance;

Prohibition from any performance of work in a member company within the

period of time prescribed by the Board;

Expulsion

MARKET OPERATION DEPARTMENT

The main functions of this department are as follows:

Control of Session Management.

Control of Circuit Breaker.

Index Calculation.

Operation Control of trading.



How transactions are executed?

Source: Materials Supplied By CSE Authorities.

Session Management:

Regular Trading schedule of Chittagong Stock Exchange:

The system will have four basic sessions (the time mentioned below is Bangladesh Local

Time, which is GMT+6):

Trading Session Trading Time

Pre-Opening 10:05 - 10:25

Opening 10:25 - 10:30

Trading 10:30 - 14:30

Closing 14:30 - 14:35

Close Price Trading 14:35 - 14:40

Post-Closing 14:40 - 15:55




Pre-Opening Session:

Order entry, deletion/modification of limit orders is only permitted; execution of orders

shall not be done during this session. The previous day’s closing price and index will be

available to the dealers/brokers during this session.

Opening Session:

During this session Matching of orders shall be done at opening price. The opening price

for the day based on the orders input during the previous session will be calculated by

the System. The opening price of a security shall be the price at which maximum number

of securities is matched.

In the event of there being no trade for certain securities, then the last closing price for

the security shall be made the opening price for the day. No order entry shall be

permitted during this session.

All types of orders will be accepted by the system during this period. Orders shall be

executed during this session and if an order can not be executed in whole or in part, then

it will be stored as an unfilled order. Unfilled orders from the pre-opening session shall

be carried forward with time stamp to this session.

Closing Session:

No order is received in this session. Pending orders executable at closing price and

orders ‘match at closing price’ shall be executed in this session. The closing price for a

security shall be determined.

Odd Lot Trading Mechanism:

Odd lot orders can be entered as limited orders with the order quantity always not

multiple of market lot for that scrip. These orders would be matched with their counter

orders if the quantities match and prices allow for a match to take place.

Each odd lot would have the following elements:

Scrip Code

Quantity

Price

Buy or Sell Indicator



Retention(GTC/GFD)

Client ID(Optional)

Auction Session:

Auctions will be orders entered by the Stock Exchange. There will be a separate auction

for entering these orders. Before the start of the auction session, Stock Exchange is

supposed to have entered all its auction orders.

These orders will give the following details:

Buy/Sell type

Scrupled

Quantity

Standard Rate

Settlement no

Auction session can be of two types viz.

Operation Auction

Or

Close Auction

Spot Order:

Spot order are normal orders for which delivery has to take place on the same day. The

scrip in which spot trading is to be allowed is decided by the Stock Exchange.

A spot order is traded against anther spot order only.

Priority of spot order depends on its prier and time .

A trader can submit multiple spot orders in there same scrip.

Spot order can be modified or removed before they are traded. On modified, the

spot order looses its time priority.

Bulk Order Trading:

Bulk orders are essentially limit orders used for trading in quintiles. They

are also referred to as block deals.

Bulk orders will be accepted in the continuous trading session only. The

duration of this order would be same as that existing for limit orders.

Bulk orders will not be considered for BBO formation and closing price

calculation.



Big lot Orders:

This type of orders is almost to the Bulk Orders, Except that the multiplying factor will

be a global system parameter, set to a value of by default. All other rules pertaining to

bulk order trading apply here also.

Limit Order|:

With a Limit Order, the buying price or selling price for a certain quantity of particular

security is specified.

Market order:

Market Order is an order to buy or sell a certain quantity of particular security at the best

price or prices prevailing in the market at that time.

Match at Closing Price Order:

A ‘Match at Closing Price’ Order allows the Member to specify that the order is

executed at Closing Price.

Daily Netting:

The clearing House works out the due position of every member in every scrip in which

the member has dealt on that day. This is done by comparing the total buy with the total

sells of each scrip. The clearing house also ascertains the net balance receivable from and

payable to each member for the trading day. Every member is notified of the due

position and net balance within the subsequent day.

Circuit Breakers:

Circuit Breakers are cheeks enforced by the system to verify that the volatility in the

market is controlled. Circuit breakers are cheeked at matching stage or at order entry

stage. The time at which circuit breakers have to be cheeked can be specified by the

Stock Exchange as a parameter.



Share Pricing:

Share is nothing but divided the total capital in small units. Share price is determined two

times.

At the time of initial public offering.

In the secondary marker

MARKET SURVEILLANCE AND COMPLIANCE DEPARTMENTCSE maintain an effective market surveillance to detect and prevent unethical, unusual

and illegal practices in the market. The Exchange Compliance and Surveillance

Department is primarily responsible for day to day market surveillance, supervision and

compliance monitoring of trading activities, including review of pricing of orders.

When any unusual market action occurs it is reported to the Manager, Compliance and

Surveillance. In many cases by checking with Surveillance, the Manager will try to trace

the reason for the action to a specific cause such as recently disclosed information, or

rumors.

Market surveillance may also check broker firms as to the source and reason for activity

stemming from their particular firms. If no explanation of the unusual activity is revealed

the Exchange may make a query to the Company to determine whether they know the

cause of the action. It the action appears to be attributable to a rumor or report or to

material information that has not been publicly disseminated, the Company is requested

to take appropriate corrective action and may be advised to halt trading until such action

has been taken.

CSE Surveillance and Compliance Department monitors the issuers' compliance

activities and broker's regular and/or trading activities on regular basis. It watch

performance of members, their net worth, undertakes on-line monitoring of members

turnover position and exposure, margins arrangements with exchange and clients etc.

While surveillance action, the fundamentals of the companies are also taken into

account.

Suspension of Scrip

High Turnover

Monitoring newly listed share.

Suspension of Traders/Brokers.



Other actives of this department are:

Watching net high –low position.

Taking Disciplinary Action.

Investigation into specific deals of Broker/Dealers.

The surveillance functions are conducted through the surveillance module of the

computer system. This system usually runs manually. The surveillance

department through its wide information source carries out this function.

INSPECTION AND AUDIT DEPARTMENTThere are two types of inspection likely-

Regular Inspection –In a regular inspection, the inspection cheek whether the

brokers are maintaining all the books of account.

Spot or Special Inspection- In this sort of inspection a surprise visit is made by

the inspector or it is on a particular item.

We can write down the function of this department as follows-

1. Checking whether the brokers are maintaining rules and regulation under

SEC, company act, income tax law.

2. Making physical visit to the broker house as the command of SEC or

Surveillance department of CSE.

3. Scrutinizing the draft prospectus of IPO, and commenting over that the

SEC decide whether to allow the IPO on the basis of the comment made.

Herby the falling points are considered for assessing for the draft

prospectus of IPO-

Familiarity of the directors.

Who are holding the shares ( Foreign or local or corporate

investors)

List of top executives.

Factory size, products type etc.

Credit rating of the company as per various credit rating agencies (

for example-CRISL).

4. Preparing internal report and forward to SEC if needed.



SYSTEM DEPARTMENT

System department is very important department of CSE. This department is also known

as information technology (IT) department. Following are the functions of this

department:

To maintain technical soundness for the entire CSE.

To develop Software.

Data Entry

Data Analysis.

Hardware Maintains.

To store and print out all data.

Information providing to various department.

To advise the brokers about there technical difficulties.

System followed by the department-

Hardware

Software

Network

CLEARING AND SETTLEMENT DEPARTMENT

This is the department in the Chittagong Stock Exchange. The function lf this department

are conducted by the “Settlement of Stock Exchange Tractions Regulations, 1998 of CSE

ltd.” The main function of this department is:

Collecting Security Deposit.

Preparation of contract of Settlement.

To clear and settle the tractions

Automation buying in and selling out.

Charge fine/interest from the defaulting members

Deal with the defecting share.

Spot traction.

Sending report to the CSE.



Clearing & Settlement

Category Transaction Clearing

Securities

Clearing

Cash

Settlement

A T+0 T+0 T+1 T+3

B T+0 T+0 T+1 T+3

G T+0 T+0 T+1 T+3

N T+0 T+0 T+1 T+3

Z T+0 T+0 T+1 T+9


For an example, let’s sell 500 SQPH shares on Sunday. SQPH is in A Category.

Clearing &

Settlement

T+0 T+1 T+2 T+3 T+9

Transaction day Sunday

Securities Clearing Sunday

Cash Clearing Monday

Securities Settlement Wednesday

Cash Settlement Wednesday


Transfer of securities:



The Stock Exchange receives securities at the Clearing House on the Settlement day.

Settlement day is T+3. The buyer receives the securities certificates from the Clearing

House on T+5 if there is no receivable money pending from them.

Transfer of funds:

The Stock Exchange receives Checks at the Clearing House on Settlement day.

Settlement day is T+3. The seller receives Checks from the Clearing House on T+5, if

there are no receivable securities pending.

Electronic funds transfer has recently been introduced and is being encouraged among

members.

Failed trades:

If a member fails to deliver securities or make payment within the settlement day, the

stock exchange automatically squares-up the unsettled transaction. This is done by

buying-in or selling- out, as required on T+4 on the risk and account of the defaulting

member. No notice is given. The defaulting member is not allowed to carry out trading

from the day after settlement day until payment of the outstanding money and a fine of

BDT 1,000 is made to Stock Exchange.

RESEARCH & DEVELOPMENT DEPARTMENT

Research & Information development are essential pre-requisites for effective

functioning and development of any stock exchange. Chittagong stock exchange has

Research and information department. This section deals with research and development,

library and public relation of the organization.

Research is a foremost necessity for any stock exchange. In I order to fulfill the need CSE has established a research center and are keeping close contacts with the UN bodies,

DP SERVICE

CSE is proud to say that we pioneered the concept of Central Depository System in

Bangladesh and acted as one of its leading sponsors to establish Central Depository

Bangladesh Ltd. (CDBL). We are now one of the Depository Participant (DP) of CDBL

to give more Value Added Service for most esteem investors who holds security in



electronic form i.e. YOU. Customer Services has always been the prime focus and CSE

attends to the needs of the clients well on time.

Automatic credit

Off market settlement:

Arrange Dematerialization & Revitalizations

Transaction Statement

Amendments to your profile



Chapter: 4Trading System of Chittagong Stock Exchange

TYPES OF TRADING SYSTEM

There are three types of trading system contain in Chittagong Stock Exchange Limited.

These are mention in below:

1. Cry-Out System.

2. Automated Trading System

3. Internet Trading System

CRY-OUT SYSTEM

Before starting on-line trading system, at the Chittagong Stock Exchange, trading were

conducted through Cry-Out System. Under this system, Member and their Authorized of

the Stock Exchange who have license to trade from the Securities & Exchange

Commission would come to the Stock Exchange floor and participate in trading. But

there were a number of shortcomings of this trading system.

Difficulties of Cry-out System and need for Automation

The following difficulties are found in this system:

Cry-out floor trading was incept and slows down the process of finalizing deals

on the stock exchange floor between the stock dealers

Manual clearing and settlement system is clumsy and slow causing an affliction

in stock exchange settlement department and untimely limiting the trade volume

and transactions

Participation in the stock market remains restricted within a community, etc.

AUTOMATED TRADING SYSTEM

Chittagong Stock Exchange appointed an internationally reputed consulted. International

Securities consultancy (ISC) was selected following security of proposal. The primary

task of the consultant was to produce a full Request For Proposal (REP) for establishing

the Chittagong Stock trading system. Thereafter, an international tender was floated.

Finally, in June, two MOU (Memorandum of Understanding) was signed with tow



venders CMC of India and bell core of U.S.A. for design and implementation of

Chittagong Stock Exchange’s automated trading system.

The program is window based and user friendly. The system has three modules-

1. Brokers Workstation (BWS).

2. Market Operation (MOP)

3. Surveillance.

Impact of Automatic Trading System:

The new automated Screen-based trading system in Chittagong Stock Exchange is

replaced by saying good-by to the traditional Cry- Out system. The following are main

impact of Chittagong Stock Exchange’s automated trading system in the area of-

Transparency

Trading time increased

Directed participation by the investors

Trading from various area.

Reduction of Fake Share Transaction.

Ongoing Human Resource Development.

Restoring Investors’ faith.

INTERNET TRADING SYSTEM

CSE introduced Internet Trading System on 30th May 2004. The system was made more

user- friendly by upgrading with the introduction of Next Generation Trading System

(NGTS) in October 2011.

Features of the CSE Internet Trading system:

It is a real time Internet based trading application directly integrated with the

main trading engine.

investors' orders hit directly to the matching engine provided the investors have

enough stock/cash available in their portfolio.

This application supports Multiple Brokers, Direct Dealer and Investor Access.


Post Trade Settlement

Trading Conformation

Agreement with a broker

Cash account and Margin account

Agreement with a broker

Password

Placing & execution of order

Check your position- own index

Collection of money and shareCertificate

Procedures of Internet trading


It has configurable User Interfaces and Comprehensive Market Information.

It provides both Thick (EXE clients) and Thin Clients (Browser Based), Provides

online Cash, Margin, Back office reports to both Dealer and Investor s. This ITS

complements the existing ITS of CSE.



CHAPTER: 5CSE Indices

TYPES OF INDICES IN CSE

• All Share Price Index

• CSE-30 Index

• CSCX

• Sector Index

Factors Considered For Construction Of CSE Indices:

The following conditions are followed while calculating the All Share Price Index:

All Share Price Index does not necessarily mean that all the listed stocks should

be considered for calculating the index. Inactive stocks not being traded for

consecutive six months will not be considered in the calculation.

Only the active scripts will be considered for calculating the index.

Mutual Funds and Debt securities will not be considered in calculating index.

A newly listed scrip will be included in the index after one consecutive trading

days.

All share price index will be calculated only once in a day – after the trading hour

in the on line system.

Index committee will review the index – its criteria, performance, calculation

method after every six month.

Index Base Date is 30th December 1999

Base Day index 1000

The following conditions are followed while calculating the All Share Price Index:

All Share Price Index does not necessarily mean that all the listed stocks should

be considered for calculating the index. Inactive stocks not being traded for

consecutive six months will not be considered in the calculation.

Only the active scrips will be considered for calculating the index.

Mutual Funds and Debt securities will not be considered in calculating index.



A newly listed scrip will be included in the index after one consecutive trading

days.

All share price index will be calculated only once in a day – after the trading hour

in the on line system.

Index committee will review the index – its criteria, performance, calculation


Index Base Date is 30th December 1999

Base Day index 1000

CRITERIA OF LISTED COMPANIES FOR INCLUSION IN THE

SELECTIVE INDEX (CSE-30)

Two layer methods are followed for selection of listed companies in the CSE-30 Index.

In the first layer method, basic criteria are considered for primary selection.

Basic Criteria

1. Must be listed with the Chittagong Stock Exchange.

2. In case of IPO/New Issue, this should be on listing either with DSE or CSE for a

minimum period of 2 years or remained in Commercial Production for the minimum

same period prior to its listing.

3. Companies that did not hold their Annual General Meetings regularly will not be

considered.

4. Minimum market capitalization must be Tk. 200 million.

5. Must have at least 20% free floating share capital. Free floating share capital shall

mean the share capital which will exclude Govt.'s holding (other than ICB),

Sponsors/Directors & their Associates' holding plus other locked-in portions.

6. Must have positive revenue reserve/ retained earnings.

7. Must be traded for at least 20% days in trading.

8. Paid dividend in any of the last 2 years.

9. Company having negative Earning per Share (EPS) for last two consecutive years

will not be considered.

10. Financial Institution falling under the problem list of Bangladesh Bank will not be

considered provided such information is available from an acceptable source.



11. Company failing to pay the listing fees and/or penalty imposed under the Listing

Regulations of CSE for a period of 2 years will not be considered.

12. At least one company from each sector will be taken in the index if the scrip satisfies

the above criteria and achieves the minimum point as evaluated on the basis of the

following Selection Criteria.

On being qualified on the basis of the Basic Criteria, the companies are required to meet

the following further Selection Criteria to have the final berth in CSE-30 Index.

Selection Criteria

1. Higher Net Assets Value (NAV) per share

2. Higher rate of Earning per Share (EPS)

3. Higher rate of dividend

4. Higher rate of free floating in equity.

5. Larger number of shareholders.

6. Higher liquidity in terms of trading day.

7. Higher percentage of market cap in terms of Paid-up Capital.

8. Longer duration of continuous remaining in the CSE-30 Index.

9. Regular payment of listing fees.

MARKET EFFICIENCY

Market efficiency is primarily related with information delivery that is provided to the authority as their necessity. Its emphasis is related with the information swiftly and reliably.

Index Selection Criteria

I. Must be listed with the Chittagong Stock Exchange.II. In case of IPO/ New Issue, this should be on listing either with DSE or CSE

for a minimum period of 2 years or remained in Commercial Production for the minimum same period to its listing prior to its listing.

III. Companies that did not hold their Annual General Meetings regularly will not be considered.

IV. Minimum market capitalization must be Tk.200 million.V. Must have at least 20% free floating share capital. Free floating share capital

shall mean the share capital which will exclude Govt’s holding (other than ICB), Sponsors/ directors & their Associates’ holding plus other locked-in portions.



VI. Must have positive revenue reserve/retained earnings.VII. Must be traded for at least 20% days in trading.

VIII. Paid dividend in any of the last 2 years.

IX. Company having negative Earnings per Share (EPS) for last two consecutive

years will not be considered.

X. Company falling under settlement category “Z” will not be considered.

XI. Financial Institution falling under the problem list of Bangladesh Bank will

not be considered.

XII. Company falling to pay the listing fees imposed under the Listing Regulations

of CSE for a period of 2 years will not be considered.

CSE-30 Selective Index

I. Higher net assets value (NAV) per share.

II. Higher rate of earning per share ( EPS)

III. Higher rate of dividend

IV. Higher rate of free floating in equity in equity

V. Larger number of shareholders

VI. Higher liquidity in terms of paid-up-capital

VII. Longer duration of continues remaining in the CSE-30 Index.

VIII. Regular payments of listing fees.

CSE All Share Price Index (CASPI) Selection Criteria

I. Only the active scrip will be considered for calculating the index

II. Mutual funds and debts securities will not be considered in this index they are

trade in another index as prescribed by the authority.

III. Only normal public market trades will be considered any kind of private

company can not included.

IV. Selective index will be refreshed after three minutes time interval during online

trade.

V. At the time of update the Selective index will consider the weighted Average

Price for each constituent stock

VI. No changes in number of shares will be allowed during the VECTOR session in

the corporate level.

VII. A newly listed scrip will be included in the index after five consecutive trading

days

VIII. Index committee will review the index- its criteria, performance calculation




CSE Selective Categories Index (CSCX)

Chittagong Stock Exchange (CSE) launched a new index named CSCX

comprised A, B & G category companies from 14th February 2004 to replace the earlier

CSE Trade Volume Weighted Index.

The new index includes all but not the Z categories companies. This also

excludes the company’s scrip which is debt securities, mutual fund, suspended for

indefinite period and non- traded for preceding six months of review meeting.

EVALUATION OF THE PRICING PERFORMANCE

METHODOLOGY OF STOCK MARKET

Construction of Index

Index construction is the important aspect of stock exchange. Index should reflect the

real picture of the capital market & economy. Alternative methods are available for

constructing the index. But CSE follows the standard method, Laspayres Index. It

evaluates the performance of a portfolio of securities. Some adjustments need to be made

due to changes in market capitalization of the portfolio's constituent stocks.

To compute stock index let us assume that the index is composed of only three stocks: A,

B and C.

Day 1 (Base day)

Market Data of Constituent Stocks on Day 1

Stock Shares Outstanding Closing Price Market Value

A 20 15 300

B 10 10 100

C 15 5 75

Aggregate Market Value (AMV) = 475The product of the number of shares outstanding and the closing price gives the market

value of each stock at closing. For stock A, for instance, it is 20 shares & Tk.15 which

yields Tk.300 The aggregate market value (AMV) of all constituent stocks is the sum of

the market value of each stock. The AMV of day 1 is Tk.475. Day 1 will be taken as the

base day on which the index is set at 1000.



Day 2

Market Data of Constituent Stocks on Day 2:


A 20 15 300

B 10 12 120

C 15 5 75

Aggregate Market Value (AMV) = 495

As there is no change in capitalization, no adjustment is needed on Day 2. The AMV is

equal to Tk.495. The computation of the index on Day 2 follows the procedure below:

Day 2's AMV

Day 2's index = ------------- * Day 1's index

Day 1's AMV

495

= ----- * 1000

475

=1042.11

It should be clear that the change in the index value shows the relative change in the

aggregate market value of the constituent stocks. There is a 0.04211% (=

{1042.11/1000}-1) increase in AMV on Day 2 relative to Day 1 (the base day).

Adjustment to Changes in Capitalization

Adjustments need to be made from time to time as a result of changes in capitalization of

the constituent stocks. They are discussed in detail below:

Day 3 (Ex-Bonus)

Company an issues bonus shares. Its shares are to be traded ex-bonus at the ratio of "1

for 2", i.e., one share will be given as bonus for every 2 shares held. This issue of shares

is going to change the total number of shares outstanding on Day 3. The adjustment is

shown below:

20(1+2)



New Total Number of Shares Outstanding = 2

= 30



A 30 7 210

B 5 9 45

C 10 5.5 55

Aggregate Market Value (AMV)=310

Therefore,

Day 3's AMV

Day 3's index = -------------- * Day 2's index

Day 2's AMV

310

= ----- * 1017.24

295

= 1068.96

Day 4 (Ex-Rights)

Stock C is planning rights issues at the ratio of "2 for 5" at Tk.1.50 per share. The offers

expires on Day 4 (i.e. ex-rights). As mentioned earlier, it is useful to treat the constituent

stocks as a portfolio held by an investor. In the computation of the index on Day 4, the

investor is assumed to exercise the rights. Therefore, the new number of shares

outstanding for stocks C is given by:

10(2+5)

New Number of Shares Outstanding for Stock C = ----------

5

= 14





A 30 6.5 195

B 5 9.2 46

C 14 4.5 63

Aggregate Market Value (AMV)=304

Since all rights are exercised, capitalization adjustment needs to be made on Day 3. The

number of shares outstanding increases by 4. This will cause an increase in capitalization

by Tk.6 (=4*1.50) on Day 3. The adjusted AMV on Day 3 in the index computation on

Day 4 will be:

310+6=316

Therefore,

Day 4's AMVDay 4's index = ---------------------- * Day 3's indexAdjusted Day 3's AMV

304= ------ * 1068.96316

= 1028.37

1028.37 - 1068.96Percentage change = --------------------- * 100%1068.96

= -3.8%

The index dropped from 1068.96 to 1028.37. This can be interpreted as a 3.8% decrease

in AMV.

Day 5 (Replacement)

Stock B is replaced by stock D, which has a closing price at Tk.11.5 on Day 4 and its

number of shares outstanding is 20.



A 30 7 210



D 20 12 240

C 14 5 70


The adjustment on Day 4's AMV in computing Day 5's Index follows a procedure as if

the stock replacement had taken place on Day 4. The adjusted AMV on Day 4 is given

as:


A 30 6.5 195

D 20 11.5 230

C 14 4.5 63


Therefore,

Day 5's AMV

Day 5's index = ----------------------- * Day 4's index

Adjusted Day 4's AMV

520

= ----- * 1028.37

488

= 1095.80

Day 6 (Addition)

Stock E is added to the index as a constituent stock on Day 6. Stock E has a closing price

of Tk.4 and the number of shares outstanding is 40 on Day 5.



A 30 7.2 216

C 14 4.8 67.2



D 20 12.3 246

E 40 4.5 180

Aggregate Market Value (AMV) = 709.2

Since the number of stocks has changed, we need to compute the adjusted AMV for Day

5 in computing Day 6's index. Day 5's adjusted AMV will be equal to the original AMV

plus the market value of stock E on Day 5. This is equal to Tk.520 + 160 = 680.

Day 6's AMV

Day 6's index = ----------------------- * Day 5's indexAdjusted Day 5's AMV

709.2= ------- * 1095.80680= 1142.85

Any new issue (IPO) should not be considered in the computation of index for x days

from the date of first trade. x should be double digit parameter same for all scripts. Ex. x

= 4, x = 5 or x = 6 days.

Day 7 (Deletion)

Stock C is deleted from the index's constituent stocks. The new total number of stocks is

reduced to 3.



A 30 7 210

D 20 12.5 250

E 40 5 200


The adjusted AMV on Day 6 will be a reduction by the amount of market value of stock

C on Day 6. Day 6's adjusted AMV will be equal to Tk 709.2 - 67.2 = 642.

Day 7's AMV



Day 7's index = ---------------------- * Day 6's index

Adjusted Day 6's AMV

660

= ----- * 1142.85

642

= 1174.89

Day 8 (Ex-Dividend)

Cash dividends of Tk .50 per share are declared for stock E and Day 8 is to be ex-

dividend.



A 30 7.2 216

D 20 12.5 250

E 40 4.6 184


No adjustment is needed, as there is no change in capitalization.

650

Day 8's index = ----- * 1174.89

660

= 1157.09

Note that the price of stock E drops. This is a normal phenomenon as a stock goes ex-

dividend.



1-Ja

n-12

11-J

an-1

2

24-J

an-1

2

6-Feb

-12

16-F

eb-1

2

29-F

eb-1

2

12-M

ar-1

2

22-M

ar-1

2

4-Apr

-12

16-A

pr-1

2

26-A

pr-1

2

10-M

ay-1

2

22-M

ay-1

2

3-Ju

n-12

13-J

un-1

2

25-J

un-1

2

8-Ju

l-12

18-J

ul-12

30-J

ul-12

13-A

ug-1

2

3-Sep

-12

13-S

ep-1

2

25-S

ep-1

2

7-Oct-

12

17-O

ct-12

4-Nov

-12

14-N

ov-1

2

27-N

ov-1

20.0000

2,000.0000

4,000.0000

6,000.0000

8,000.0000

10,000.0000

12,000.0000

14,000.0000

16,000.0000

18,000.0000

CSE Major Indices (2012)All Share Price Index (CASPI) CSE-30 index CSCX

Dates

Inde

x Va

lues

CSE indices 2006-2012

2006 2007 2008 2009 2010 2011 2012(11-2-12)

-

5,000.00

10,000.00

15,000.00

20,000.00

25,000.00

All Share Price Index CSCX CSE-30




Chapter: 6

Performance of CSE

SWOT ANALYSIS

Here a brief subjective evaluation of CSE is done in the form of SWOT:

Strength: The nationwide connectivity and recently the worldwide connectivity

through the Internet is the superiority over the other stock exchange of

Bangladesh. Efficient management and effective Corporate Governance gives

CSE an edge over the competitor.

Weakness: CSE’s operation is less effective due to the lack of professional

attitude of the members, lack of Dhaka based member, non-availability of the

dual listing facilities, small number of active members, regional image problem,

etc.

Opportunity: With the growth of Internet users and government’s interest in the

capital market ushers new opportunity for CSE. As a member of SAFE, CSE will

get the opportunity to trade regional (Sough Asian) shares in future.

Threat: New regulations of the different regulatory bodies (e.g. Government,

SEC, Bangladesh Bank, etc.) change the trade volume in the exchange. Besides

connectivity to the Internet also increased the security concern of the network.



Market Capitalization of CSE

Market Capitalization of CSE

Year Taka (in Mn) USD ( in Mn) Change

2007 612,479.20 7561.47 126.67

2008 810,469.00 10005.79 31.75

2009 1,470,807.00 18158.11 82.06

2010 2,983,934.00 36838.69 102.88

2011 1,972,423.00 24350.90 (33.90)

2012 1,784,461.80 21810.10 (9.53)


Market cap to GDP ratio

Year ratio (%)

2006 5.73

2007 11.23

2008 13.14

2009 21.18

2010 37.89

2011 25.32

2012 21.29


CSE Annual Turnover & records



Annual Turnover of CSE

Year Mn BDT Mn USD Change (%)

2007 52370.60 646.55 216.83

2008 100747.05 1243.79 92.37

2009 162091.31 2001.13 60.82

2010 340929.29 4209.00 110.43

2011 186346.10 2300.57 (45.34)

2012 116905.20 1498.784 (37.26)


Highest Records

Title Values Date

Total Trade Volume 19037582 Nov 23, 2011

Total Traded Value (in mnTk) 1,197 ($ 14.77m) Nov 23, 2011

Total Market Capital (in mnTk) 17,11,928 ($ 21134.91m) Dec 7, 2011

CSE 30 Index 14643.3947 Oct 23, 2011

CSCX Index 10201.8874 Oct 23, 2011

CASPI Index 15930.4678 Oct 23, 2011




Chapter: 7

Problems and Recommendations

PROBLEMS

Most of the members of CSE are not rendering optimum services to the

investor’s.

Lack of saving i.e. lack of capital formation.

Inadequate govt. assistance.

Some stock exchange members also serve as director of listed companies. This

can lead to the chance of insider trading especially in such a poorly regulated

market.

Some stock exchange members act only at brokers, i.e., they buy and sell on

behalf of the clients on receipt of specified trading commission. They do not

undertake the market making roles.

Stock market efficiency depends upon the availability of reliable and unbiased

information about the capital issue and companies. Though existing provisions in

the companies act ensure disclosure of adequate information though prospectus,

but several defects are noticed in practice.

Raising the number of curb operators.

Inefficiency of the SECS to cape with the developments,

Lack of interest of institutional buyers such as banks, lease companies and

insurance companies

Lack of proper and adequate disclosures

Certifiers of financial statements and Property values of the company

are the identical

Management and Owners (Councilors) of CSE are entwined

Lack of enforcement with the compliance of rules and regulations

Corporate governance - sponsor-owners are managing the firm. All

most all cases, no professional management are hired to run the affairs

of the listed company.

RECOMMENDATIONS TO REMOVE THE CSE’S PROBLEM



1. The dormant members of stock exchange should be surveyed very

strictly. Such members should be compelled to either trade or give

up their membership.

2. Market makers create both demand for & supply of securities and to

the consistency in the prices. So it is recommended to make

necessary provisions in stock exchange by laws for permitting

market maker’s activities.

3. To minimize the chances of insider trading legal provisions should

be made that, no stock exchange member would be allowed to

become directors of any listed company.

4. In Bangladesh, we should follow the practices of developed capital

markets & not allow curb market anywhere.

5. The average investor must have access to all information that might

help the right investment decision. SEC can institute either a set up

or to encourage the formation of investors associations under its

umbrella.

6. Increasing the govt. assistance and guidance can increase the

efficiency of the organization.

7. By increasing honesty and commitment of concern authority can

increase the investors’ encouragement to invest in capital market.

Credit rating enables the investors to judge the viability of the company for investment.

Bangladesh capital market can accommodate some credit rating agencies.

CONCLUSION



A healthy, strong and stable stock market is highly desirable. The quintessence from

economic and political points of view is that continuous falling of share prices, unstable

and shaky stock market, tarnishes the image, goodwill, creditability, reputation and

popularity of the government in any country. With the dipping down of share prices, the

hard-earned popularity of the government of any country is also depleted and

diminished slowly but surely.

At the end point of the report, we can say that the existing and potential sectors of

investment of Bangladesh are certainly lucrative and prospective. If proper initiatives

are taken by CSE it will provide huge contribution to the economy. CSE plays an

important role in the investment of various Public Ltd. Investors feel secured investing

through CSE as it offer to invest in the ready and strong sectors.

Recently large companies are coming to IPO (Initial Public Offering) through conversion

of public Limited company. If all the profitable sectors come to IPO CSE will play

important in the overall investment sectors yet it has a great impact on investment

through capital market.

SOME ABBREVIATIONA



BWS -Brokers Workstation

CSE ─ Chittagong Stock Exchange

IPO - Initial Public Offering

SEC ─ Securities & Exchange commission

MOP -Market Operation

NGTS -Next Generation Trading System

SEC ─ Securities & Exchange commission

T+O ─ Trading day

T+1 ─ Trading day + The following day

T+2 ─ Trading day + The successive 2 days




AGM ─ Annual General Meeting

BO ─ Beneficiary Owner



REFERENCES

Market Update (Monthly Bulletin) of CSE..

Rules & Regulation of CSE, Published in 1995.

“Bangladesh Capital Market”-A publication of Chittagong Stock Exchange

The Financial Express, Various issues.

“CSE Bazaar Porikroma” –2011

Annual Report and monthly Review of CSE, various issues;

SEC Quarterly Review and Annual Report, various issues;

Class Materials

WEBSITES

www.google.com

www.wikipedia.com

www.csebd.com

www.bangladeshstockmarket.com

www.sec.bd.com


http://www.sec.bd.com/

http://www.bangladeshstockmarket.com/

http://www.csebd.com/

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