[AN OVERVIEW OF DHAKA STOCK

EXCHANGE]
 Letter of Transmittal

31 July, 2016
To

Dr.Tanbir Ahmed Chowdhury 

Dean & Professor 

Department of Business Administration
East West University, Bangladesh

Subject: Submission of assignment on “An overview of Dhaka Stock Exchange”.

Dear Sir,

This is the assignment on “An overview of Dhaka Stock Exchange” that we would like to summit
for the requirement of our ‘Financial Institutions and Market’ course.

To prepare this assignment, we have given our best effort to find out relevant date and analyze the
data.

If we make any mistake in our assignment then let us know about any change and adjustment needed
in the assignment.

Thanking You

Sincerely Yours,
On behalf of the group,

Nazmul Haque
ID# 2013-1-10-052

Deportment of Business Admiration

East West University.

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   Acknowledgment

At first, we would like to thank almighty Allah for helping and showing us the right path to complete
the term paper just on time.

Besides, We thankful our course instructor Professor Dr. Tanbir Ahmed Chowdhury, who gave us
the opportunity to prepare this assignment on “An overview of Dhaka Stock Exchange” under the
course of “Financial Institutions and Market”. We are very grateful to our instructor as he provided
us the direction about how the assignment have to complete and what topics and areas have to cover
to make the assignment perfect enough. Lecture sheets and class lecture that given by the instructor
helped us to discuss the subject matter and to evaluate the assignment. At last, we cannot forget the
labs and library personnel of EWU facilitate us to complete it.

As per the direction of the course instructor to prepare the assignment with group members that
belongs to each group. But after the completion of the assignment we have to say that there are many
persons involved in it. At last, we would thankful to our honorable course instructor and all the other
group members who are associated with this assignment.

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 Executive summary

The Dhaka Stock Exchange is the prime bourse of the country. The bourse at present offers trading
facilities of 559 securities through 235 of Member Companies and worth U.S $50.28 million which
accounts for 19.74% of the GDP of the country. Monitoring, investigation and compliance are one of
the most vital activities of DSE in controlling the market, enlisted companies as well as the member
companies.

This is an assignment titled as “A Report on Dhaka Stock Exchange”. This assignment includes four
chapters where all the chapters have distinguished objectives to be performed. The first chapter,
introduction, explains mainly the purpose, scope and limitation of the study. The 2nd chapter
presents the function & department of DSE and also types of markets at DSE. The 3rd chapter
highlights over view of securities & IPO. The 4th chapter highlights findings of the study.

This was a great pleasure for us to get such an opportunity to work in prime bourse of the country
and offered another chance for me to approach different department to know verity operational
procedure of DSE and easy to collect data and thereby enhanced my knowledge for this topic.

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 Table of Contents
Chapter Title Page no.
Sl.

1. Introduction 6
1.1 Overview of DSE:
1.2 History of DSE
1.3 Objectives of the study:
1.4 Scope and methodology of the study:
1.5 Limitation of the study.

2. Activities of DSE 10
2.1 Major functions of Dhaka Stock Exchange
(DSE)
2.2 Department of Dhaka Stock Exchange (DSE):
2.3 Treading session:
2.4 Types of market at Dhaka Stock Exchange
(DSE):

3. Performance Appraisal DSE 14

3.1 Total number of securities in DSE
3.2 Number of IPO
3.3 Total turnover:
3.4 Daily Average turnover
3.5 Total turnover (volume)
3.6 Daily average turnover (volume)
3.7 Total Number of trading days
3.8 Market Capitalization
3.9 DSE All share price index
3.10 DSE General Index
3.11 DSE 30 Index (DS 30)
3.12 DSE Broad Index (DSEX)

4. Findings of the study 25

4.1 Problems of DSE
4.2 Suggestion

5. Conclusion 27

6. References: 28

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 Chapter 1 Introduction

1.1 Overview of DSE:

The Dhaka Stock Exchange (DSE) is located in Motijheel, Dhaka, is one of the two stock
exchanges of Bangladesh. In 2015, the combined market capitalization of listed companies on the
Dhaka bourse stood at over $40 billion. The Dhaka Stock Exchange is the prime bourse of the
country. Through its nonstop highly fault-tolerant screen based automated trading system, the
exchange can offer facilities for transparent and highly efficient mechanism provisions for secondary
market activities of shares, debentures and wide varieties of other securities. The management and
operation of Dhaka Stock Exchange is entrusted on a 25 members Board of Director. Among them
12 are elected from DSE members, another 12 are selected from different trade bodies and relevant
organizations. The CEO is the 25th ex officio member of the board. The following organizations are
currently holding positions in DSE Board:

 Bangladesh Bank.
 ICB.
 President of Institute of Chartered Accountants of Bangladesh.
 President of Federation of Bangladesh Chambers of Commerce and Industries.
 President of Metropolitan Chambers of Commerce and Industries.
 Professor of Finance Department of Dhaka University.
 President of Dhaka Chamber of Commerce & Industry (DCCI).

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History of DSE

The necessity of establishing a stock exchange in the then east Pakistan was first decided by the
government when, early in 1952, it was learnt that the Calcutta stock exchange had prohibited the
transactions in Pakistani shares and securities. The provincial industrial advisory council soon
thereafter set up an organizing committee for the formation of a stock exchange in East Pakistan. A
decisive step was taken the second meeting of the organizing committee held on the March 13 th,
1953. in the cabinet room, Eden building, under the chairmanship of Mr. a. Khaleeli, secretary
government of east Bengal, commerce, labor and industries department at which various aspects of
the issue were discussed in detail. Then the central government’s proposal regarding the Karachi
stock exchange opening a branch at Dhaka., did not find favor with the meeting who felt that East
Pakistan should have an independent stock exchange. It was suggested that Dhaka Narayanganj
chamber of commerce & industry should approach its members for purchasing of membership
cards at RS.2000 each for the proposed stock exchange. The location of the exchange it was
thought should be either at Dhaka Narayanganj or at Chittagong. An organizing committee was
appointed consisting of leading commercial and industrial personalities of the province with Mr.
Mehdi Ispahani as the convener in order to organize the exchange.
The chamber informed its members and members of its affiliated associations of the proceedings of
the above meeting, requesting them to intimate whether they were interested in joining the
proposed stock exchange. This was followed by a meeting, at the chamber of about 100 persons
interested in the formation of the exchange on July 7 th, 1953. The meeting invited 8 gentlemen to
become promoters of the exchange with Mr. Mehdi Ispahani as the convener and authorized them
to draw up the memorandum and article of association of the exchange and proceed to obtain
register under the company’s act 1913. The other 7 promoters of the exchange were Mr. J M
Addision-Scott, Mr. MohadammedHanif, Mr. A C Jain, Mr. A K Khan, Mr. M Shabbir Ahmed and
Mr. SakhawatHossin.
It was also decided that membership fee was to be RS.2000 and subscription rate at 15 per month.
The exchange was to consist of not more than 150 members. A meeting of the promoters was held
at the chamber on September 3rd, 1953 when it was decided to appoint or Dignam& Co. solicitors
to draw up the memorandum and articles of association of the stock exchange based on the rules of
stock exchange existing in other countries and taking into account local conditions.

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The 8 promoters incorporated the formation as the East Pakistan Stock Exchange Association Ltd.
on April 28th, 1954. As public limited company the name also revised to East Pakistan Stock
Exchange Ltd on June 23rd, 1962. Again on May 14th, 1964 the name of East Pakistan Stock
Exchange Limited was changed to “Dhaka Stock Exchange Ltd.”
At the time of incorporation, the authorized capital of the exchange was RS. 300000 divided into
150 shares. Of RS. 2000 each and by an extra ordinary general meeting on February 22 nd, 1964 the
authorized capital of the exchange was increased to Tk. 500000 divided into 250 shares of Tk.
2000 each. The paid up capital of the exchange now stood at tk.460000 dividend into 230 shares of
Tk. 2000 each. However, 35 shares out of 230 shares were issued at Tk. 80, 00,000 only per share
of Tk. 2000 with a premium of Tk. 79, 98,000.
Although incorporated in 1954, the formal trading was started in 1956 at Narayanganj after
obtaining the certificates of commencement of business. But in 1958 it was shifted to Dhaka and
started functioning at the Narayangonj chamber building in Motijheel C/A.
On October 1st, 1957 the stock exchange purchases a land measuring 8.75 kattah at 9f Motijheel
C/Aform the government and shifted the stock exchange to its own location in 1959.

1.2 Objectives of the study:

 To present an overview of Dhaka Stock Exchange of Bangladesh.
 To present the principal activity of Dhaka Stock Exchange
 To apprise the performance of Dhaka Stock Exchange
 To identify the problem of Dhaka Stock Exchange
 To suggest remedial measures for the development of Dhaka Stock Exchange

1.3 Scope and methodology of the study:

Scope
There is huge scope of conducting research on Dhaka Stock Exchange. The present study tries to
address the scope that may create a great future for the thriving prospects in share market. But due to
lack of manpower, automation system and documentation workings system have been hampered. So
in future if anyone interested to conduct research on security markets they will find some interesting
arena such as the growth of Dhaka stock market in Bangladesh and to discuss about the ways of
improvement as well as to look up the legal mechanisms of stock market. There is a scope of wider
studies in future.
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Methodology
Methodology implies “means and ways” of achieving research objectives and goals. It is therefore,
necessary to discuss methodological and procedural steps that are involved in order to achieve the
set of objectives. For the purpose of present study, different types of information have been taken
from different sources. Both qualitative and quantitative method has been adopted in this study. In
this case mix method is used as methodology in order to expose the nature and activities of Dhaka
Stock Exchange. Meanwhile the study is based on a qualitative method. Though both primary and
secondary data have been used in the study, it is mainly based on secondary data. The study prefers
comparative approach, makes comparison between the security markets and tries to present certain
recommendations by improving legal framework to provide better atmosphere in the stock market of
Dhaka.

1.4 Limitation of the study:

In a study on a subject, every material of the study would not be available all the time. We might
face some problems or there can be some limitations. At the beginning of our study, we have faced
some problems, like time restriction and there might be irrelevant information. Though we have
given our effort to make this term paper a good one but it is tough to perform good analysis. But we
did not give up. We continued writing our term paper and we were able to get over those problems.

There is a saying “There is no unmixed blessing on earth”. In case of making this report this proverb
was proved again. Like others, we also faced problems to make this term papper .Here are the sample
of problems we face during the making of term paper:

 The time constraint is one of the major limitations of the research.

 The data used in these sources are not properly updated although stock market related
regulations are changing almost every day.
 There is only one year annual report attached in Dhaka Stock Exchange web link.

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 Chapter 2 Activities of DSE

2.1 Major functions of Dhaka Stock Exchange (DSE)

The major functions of Dhaka Stock Exchange (DSE)are as follows:

 Listing of Companies. (According to Listing Regulations).

 Providing the screen based computerized exchanging of recorded Securities.
 Settlement of trading.(As every Settlement of Transaction Regulations)
 Gifting of offer/ allowing regard to the exchange/exchange of offer outside the exchanging
arrangement of the trade (according to Listing Regulations 42)
 Market Administration & Control.
 Market Surveillance.
 Publication of Monthly Review.
 Monitoring the exercises of recorded organizations. (According to Listing Regulations).
 Investors’ grievance Cell (Disposal of protest by laws 1997).
 Investors Protection Fund (according to speculator security reserve Regulations 1999)
 Announcement of Price touchy or other data about recorded organization

2.2 Department of Dhaka Stock Exchange (DSE):

The Various department of Dhaka stock exchange are as follows:

i. Listing and Membership Department

ii. Surveillance Department
iii. Inspection and Auditing

i. Listing and Membership Department:

Every company must be listed in the Stock market 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 DSE. Now there are 559 companies are enlisted in DSE.

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Listing Section:
If the companies willing to expand their market may apply for listing with the DSE, according to the
manner prescribed in the Listing Regulations. ‘Listing Company’ means a corporation, which has
been listed in accordance with the regulations, and whose securities are listed and include
provisionally listed companies. If any company is unable to listing with DSE then no dealings in
securities of a company shall be allowed.
The Company has to be a Registered Public Ltd. that must be incorporated in Bangladesh under the
Companies Act.1994.Application for listing in the stock exchange should be under Section (9) of the
Securities and Exchange Ordinance -1969.The stock exchange shall grant permission within a 3
months from the date of application.

ii. Surveillance Department:

Dhaka stock exchange has its own surveillance system to control and monitor the market activities.
The main objective of the Surveillance function of the Exchange is to promote market integrity in
two ways -

 By monitoring price and volume movements (volatility) as well as by detecting potential

market abuses at a nascent stage.
 By managing default risk by taking necessary actions timely.
Circuit Breaker Control:
To maintain the financial stability Circuit Breaker process is widely used in the Stock Exchange. In
case of Dhaka Stock Exchange circuit breaker isn’t apply properly and that’s why during 2010 the
market was crash. The main activity of Circuit Breaker are given bellow:
 Maintain a fixed percentage (10%) to control the share price
 According to Dhaka Stock Exchange fluctuation of share price between 10% increase or
decrease.

On line Surveillance:
One of the most important tools of the Surveillance is the On-line Real Time Surveillance system
with main objectives of detecting potential market abuses at a nascent stage to reduce the ability of
the market participants to unduly influence the price and volumes of the scrips traded at the
Exchange and improve the risk management system.
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Off-Line Surveillance:
The Off-Line Surveillance system comprises of the various reports based on different parameters
and scrutiny thereof

 High/ Low Difference in prices

 % change in prices over a week/ fortnight/ month

iii. Inspection and Auditing Department:

There are two types of inspection likely –

1. Regular Inspection – In a regular inspection, the inspectors check whether the brokers are
maintaining all the books of accounts.
2. Spot or Special Inspection – In this sort of inspection the inspectors make a surprise visit or
it is done on a particular item.

We can write down the functions of this department as follows –

 Checking whether the brokers are maintaining rules and regulations under SEC.
 Making physical visit to the broker houses as per the command of SEC or Surveillance
department of DSE.
 Preparing internal report and forwarding to SEC if needed

2.3 Treading session:

Treading at DSE is performed in following session:

General treading hours : 10.30 A.M to 2.30 P.M
Working Days : Sunday to Thursday

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2.4 Types of market at Dhaka Stock Exchange (DSE):

There are 4 types of market at Dhaka Stock Exchange (DSE). They are:

Public Market: In this market instruments are traded in normal value. Only trading of market lot
share is done through automatic matching.

Spot market: instruments are traded in normal value under corporate action if any. Spot transactions
are done through automatic matching which must be settled within 24 hours.

Public Market Sopt Market

Dhaka Stock
Exchange (DSE)

Block Market Odd lot Market

Figure: Types of market at DSE

Odd lot market: Odd lots of all instruments are trade in this market. Odd lot spices are trade here
based on pick and fill basis.

Block market: instruments are traded in bulk volume. It is a plea where bulk quantities of share are
traded through pick and fill basis.

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 Chapter 3 Performance Appraisal DSE

3.1 Total number of securities in DSE

Categories Number of securities

2009-10 2010-11 2011-12 2012-13 2013-14

Companies 218 232 242 256 274

Corporate bonds 2 3 3 3 3

Treasury bonds 186 221 221 2 21 221

Mutual funds 31 37 41 41 40

Debenture 8 8 8 8 8

Total Number of 445 501 515 529 546

securities

In 2010 the total number of listed security was 445 (218 companies, 2 corporate bonds, 186 treasury
bonds 31 mutual bonds and 8 debenture and it increased over the years

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 Total number of securities in DSE
300

250

200

150

100

50

0
Companies Corporate bonds Treasury bonds Mutual funds Debenture

2010 2011 2012 2013 2014

Figure: Total number of securities in Dhaka Stock Exchange (DSE).

3.2 Number of IPO

FY Number of IPO Capital raised

2009-10 21 18,421.97
2010-11 17 16,803.00
2011-12 16 16,238.2316
2012-13 14 9104.00
2013-14 16 9338.70

During 2009-10, 16 companies raised BDT 18,421.97 million through initial public offering.
In 2010-11 total 16,803 million taka was raised by 17 companies and it decreased in FY 2011-12 and
in 2012-13 and again increased in FY 2013-14 during this year 16 companies raised BDT 9338.70
through IPO.

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 Number of IPO

21
17 16 16
14

2009-10 2010-11 2011-12 2012-13 2013-14

Figure: Number of IPO

Capital raised
20,000.00

15,000.00

10,000.00

5,000.00

0.00
2009-10 2010-11 2011-12 2012-13 2012-14

Figure: Capital raised

3.3 Total turnover:

Years 2009-10 2010-11 2011-12 2012-13 2013-14

Total turnover 4,009,913 1,560,912.09 1,001,084.9 952,742.08 1,188,521.54

in Tk(mn)

In FY 2013-14 the total turnover was 4,009,913 million and it started decreasing from FY 2010-11
and again increased in FY 2013-14. In FY 2013-14 1,188,521.54 million dollar was total turnover.

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 Total turnover in Tk(mn)

4,009,913.00

1,560,912.09
1,188,521.54
1,001,084.90 952,742.08

2009-10 2010-11 2011-12 2012-13 2013-14

Figure: Total turnover

3.4 Daily Average turnover (TK)

Year Average Turnover (daily) in Tk mn

2009-10 16434
2010-11 6642
2011-12 4206
2012-13 4003
2013-14 4993.78
In FY 2009-10 the daily average turnover was 16434 million taka and 6642 million taka in 2010-11
it declined from FY 2010-11 and raised again in FY 2013-14. The daily average turnover was about
4993.78 in 2013-14.

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 Average Turnover (daily) in Tk mn
18000

16000

14000

12000

10000

8000

6000

4000

2000

0
2009-10 2010-11 2011-12 2012-13 2013-14

Figure: Daily Average turnover

3.5 Total turnover (volume)

 FY 2009-10 2010-11 2011-12 2012-13 2013-14

Total turnover 16975 16967 21689 22989 25996

in volume(mn)

In FY 2009-10 the turnover volume was 16975 million and in 2010-11 it decreased to 16967 million.
It started increasing again from FY 2011-12 and in FY 2013-14 it was 25996 million.

Total turnover volume

30000
25000
20000
15000
10000
5000
0
2009-10 2010-11 2011-12 2012-13 2013-14

Total Turnover in vol.(mn)

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 Figure: Total turnover (volume)

3.6 Daily average turnover (volume)

Year Average turnover (daily) volume mn

2009-10 70

2010-11 72

2011-12 91

2012-13 97

2013-14 109

In FY 2009-10 the daily average turnover was 70 and the value raised over the years.

Average turnover (daily) volume mn

120

100

80

60

40

20

0
2009-10 2010-11 2011-12 2012-13 2013-14

Average turnover (daily) volume mn

Figure: Daily average turnover (volume)

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3.7 Total Number of trading days
Year Number of Trading days
2010 244
2011 235
2012 238
2013 238
2014 238

The number of trading days in Dhaka Stock Exchange is highest in 2010 but in 2011 it goes down to
235 days which is the lowest. After that for the last three years it remains same. The reason behind
the lowest number days in 2011 is because at that time there was market crash.

Number of Trading Days

246

244

242

240

238

236

234

232

230
2010 2011 2012 2013 2014

Figure: Number of Trading days

3.8 Market Capitalization

  Market Capitalization. Taka(mn)
  2011 2012 2013 2014 2015
Opening Market 3508005.8 2616730.54 2403555.62 2657288.211 3293566.387
Cap.
Closing Market Cap. 2616730.54 2403555.62 2647790.83 3259246.76 3159757.747

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Here market capitalization of listed securities of Dhaka Stock Exchange Ltd has been shown from
2011 to 2015. We can see that every year except 2013 and 2014 the market capitalization has been
decreased. In 2011 and 2012 the capitalization decreased because of the share market crash.

4000000

3500000

3000000

2500000

2000000

1500000

1000000

500000

0
2011 2012 2013 2014 2015

Opening Market Cap. Taka (mn) Ending Market Cap. Taka (mn)

Figure: Market Capitalization

3.9 DSE All share price index

DSE All Share Price Index

Year All Share Price Index (DSI)

2010 6877.6643

2011 4383.94206

2012 3577.2061

2013 3915.12875

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DSE All share price index measures the movement of share prices of all listed companies
considering the activities of all the shares. Here we can see the index has been decreased till 2012
but in 2013 it again rises.

All Share Price Index (DSI)

8000
7000
6000
5000
4000
3000
2000
1000
0
2010 2011 2012 2013 2014

All Share Price Index (DSI)

Figure: DSE All share price index

3.10 DSE General Index

Year General Index

2010 8290.41

2011 5257.61

2012 4219.31

2013 4342.31

DSE General Index was introduced in 27th November, 2001. This index excludes the companies of
Z categories and calculated on the basis of price movements. It has a base index of 817.62 points.
Here we can see that apart from 2012 the general index has increased.

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 General Index
8290.41

5257.61
4219.31 4342.31

2010 2011 2012 2013

General Index

Figure: DSE General Index

3.11 DSE 30 Index (DS 30)

DS 30 Index

Year Closing Index

2013 1466.25

2014 1803.06

2015 1756.56

2016 ( up to july 27) 1771.93

DS30 is a price indices, where thirty companies will be selected based on profitability, market
capitalization and share size and the companies will be changed every six months based on the
performance. The companies included in DS30 will be considered as a good company for
investment. It was introduced in 28th January, 2013

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 DS 30 Index
2000
1800
1600
1400
1200
1000
800
600
400
200
0
2013 2014 2015 2016 ( up to july 27)

Closing Index

Figure: DS30 Closing Index

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3.12 DSE Broad Index (DSEX)
DSEX will be considered as the benchmark general index of the market as it shows the exact price
movements of the listed companies. The index has a base value of 2951.91 points. Here we can see
that the closing index has been decreased in 2015 and 2016 but increased in 2014.

DSEX

Year Closing Index

2013 4266.55

2014 4864.96

2015 4629.64

2016 (Up to july 27) 4538.21

DSEX Closing Index Figure:

5000 DS30
Closing
4800
Index

4600

4400

4200

4000

3800
2013 2014 2015 2016(up to july 27)

DSEX Closing Index

Chapter 4 Findings of the study

4.1 Problems of DSE

 Price Manipulation: It has been observed that the share value of some profitable companies
have been increased fictitiously some times that hampers the smooth operation of DSE.

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  Unavailability of information: All the information about DSE is not available. Some
information which may be significant for the stockholders like investors, researchers,
students, public etc is not disclosed publicly.
 Delays of settlement: Financing procedures and delivery of securities sometimes take an
unusual long time for which the money is blocked for nothing.
 The lack of proper policy: Proper framework with strict rules and regulations that provides
incentives and protection to investors in absent in DSE.
 Improper financial statement: Many companies of DSE do not focus real position of the
company as some audit firms involve in corruption while preparing financial statements. As a
result, the stockholders as well as investors do not have any idea about position of the
company.

4.2 Suggestion

For share market stabilization, the following are the recommendation:

 To maintain financial discipline in them on market and strengthen its coordination with the
capital market.
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  To take necessary actions immediately, the government should undertake the required
measures and format ask force to initiate investigation into the fraudulent practices in the
country bourses.
 To reduce the misuse of the multiple B/O accounts, the government should take necessary
measures to make the submission of TIN document mandatory for all B/O accounts for
ensuring transparency of transaction in the share market and also submission of income
statement of the NBR.
 To inspect the application of book building method carefully by the governments’ appointed
auditor to defend the situation like major market crash.
 To clarify the reasons of the issuance of Right and Bonus shares, each and every company
must state their income statement and the balance sheet so that every retail investors can
understand and take the right decisions.
 To reduce problems associated with the day today operation in the DSE. The alienation of
ownership and management of DSE/CSE from broker age house is required.
 To remove market manipulation, the demutualization is a must at DSE/CSE under strong
monitoring of the SEC.
 To avoid the share market collapse, the enforcement of strict surveillance activities of
SEC, DSE and CSE, especially on brokers and dealers and amendment of present rules, and
enactment of new rules and regulations and restructuring DSE, CSE and ACC are very
much necessary.

Conclusion

The role of Dhaka Stock Exchange Limited has been remarkable in recent years. It has gained the
confidence of public and is able to attack more and more funds. At the end of the last decade
what was impossible has now become possible and any company listed with Dhaka Stock
Exchange can expect to raise sufficient funds through it.

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The Dhaka Stock Exchange has been able to attract a sufficient volume of foreign funds and the
number of foreign investors is growing day by day. If this trend continues Dhaka Stock Exchange
market will be efficient one in the near future. At the end of the year 2010 Dhaka Stock Exchange
is expected to become one of the major stock market in this region.
So far we have observed that Dhaka Stock Exchange has suffered from ups and downs and it can
be attributed to the efficiency of the members and some of the consistent policies of the
government with more experience. In the coming year in dealing with such busy capital market
both the Dhaka Stock Exchange members and government policy makers are expected to be more
consistent in their practices and policies. Their product role in the future will certainly be a major
factor in the performance of Dhaka Stock Exchange.

References:
 www.dsebd.org
 http://www.dse.com.bd/
 www.article.com
 http://epaper.prothom-alo.com/view/dhaka/2016-07-28/12
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 http://www.dsebd.org/latest_share_price_scroll_l.php
 http://www.stockbangladesh.com/
 http://www.dsemonitor.com/
 Annual report of Dhaka Stock Exchange Limited (2013-14)
 Lewellen, W.G.,Lease,R.C. & Schlarbaum, G.G.(1977). Pattern so fin vestment strategy
and behavior among individual investors. Journal of Business,50,296–333. Ministry of
Finance,Bangladesh.(2011).
 ShareMarketInquiryReport, (2011)

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