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Demutualization of Stock Exchanges in Bangladesh

Demutualization refers to the change in legal status of the exchange from a mutual association into a company limited by shares. Demutualization as a concept is neither a very new concept nor sophisticated. This paper analyses the demutualization of stock exchange as a mechanism to enhance the corporate governance, increased flexibility in decision-making, and responses to globalization and international alliances in the context of Bangladesh. The study also identifies few challenges in the way of demutualization such as conflicts of interests, ownership structure, regulatory issues, financial stability etc. An overall structure and a corporate structure are proposed in this paper to implement demutualization in Bangladesh. To face the challenges and make the demutualization viable a regulatory framework is necessary which will ensure appropriateness of organization structure, develop risk management strategy, corporate governance model to govern and managed the stock exchange efficiently and fairly.