No more paper, bourses go fully digital on corporate filings

To modernise the capital market, the country's two bourses – Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) – are set to launch an automated Smart Submission System (SSS) today to receive all regulatory and corporate filings from listed companies on a single digital platform.

Eliminate manual submissions of hard-copy documents, the SSS aims to improve operational efficiency, ensure faster and more accurate information dissemination, mitigate risks, and improve investor experience.

Previously, in February 2024, the DSE alone launched a smart data and document submission system for price-sensitive information, developed by the exchange itself, to ease hassles and speed up the disclosure submission process.

Now, the CSE will join the DSE in the online system.

In the current system, all listed companies must submit regulatory information to both bourses separately in hard copy. They also need to send corporate information – quarterly, annually, and other material updates affecting financials – within 30 minutes of a board meeting via email or fax.

Under the digital system, each listed firm will have a unique user ID and password provided by the bourses, using which they can log in to the system and submit all the required documents online. If there are any additional requirements, the bourse will ask the company to submit the documents through the online system.

Commenting on the new system, a DSE official said that the Smart Submission System will reduce the hassle of bourses and companies alike.

This will make it easier for the bourse to monitor whether companies are providing accurate and timely information. Currently, manual submissions increase the risk of errors. The new system eliminates manual entry, reducing mistakes and enabling faster access to information, he added.

Infograph: TBS

Companies welcome the initiative

Officials of listed firms – who handle communication with the bourses regarding corporate information – welcomed the move, calling it a timely initiative if implemented properly.

At least three company secretaries, speaking anonymously, said the previous DSE platform for price-sensitive information was cumbersome, requiring hard copy submissions despite online filings, making the process costly and time-consuming.

In August, the DSE submitted a proposal to the Bangladesh Securities and Exchange Commission (BSEC) to automate submissions via its Smart Submission System (SSS). The letter noted that manual and email-based dissemination of PSIs and corporate disclosures poses risks of human error, delays, and misplacement.

Regional stock exchanges in India, Sri Lanka, and Pakistan already use fully automated, issuer-led systems.

The proposal recommends mandating the SSS for issuers, discontinuing email/fax submissions by a set date, enabling API-based real-time dissemination, and allowing the CSE to use DSE's system under a commercial framework.

Brokers and issuer departments expressed readiness for integration, and the CSE confirmed its willingness to adopt the unified SSS.

The rollout will start with PSIs and material disclosures.