Botswana Stock Exchange is in the process of reviewing and amending its listing rules and requirements to make it easier to comprehend by prospective participants at the bourse.
The current BSE listings requirements were adopted in 1999 with only a few minor amendments to them, having been carried out on a case by case basis.
“It is our belief that the time has come to modernise the requirements and bring them up to date with the current trends and realities of the modern stock Exchange which the BSE has become,” Chief Executive Officer, Hiran Mendis said.
The move will make the rules understandable which will lead to better compliance by listed companies and the listings requirements for other instruments will be separated from the equity listings requirements.
“The adoption of the new requirements is planned to happen before the end of 2014. This is however subject to a consultation process, BSE Main Committee Approval and NBFIRA review and approval,” added Mendis.
According to the CEO, draft rules will be availed to the market stakeholders and the general public for a period of two months.
He also added that during that period, all those interested shall be requested to communicate to the BSE their views on the draft via a dedicated email address or by post.
“The BSE shall also hold workshops with stakeholders as well as the public to clarify changes and receive all comments”.
At the end of the period, the comments gathered will be incorporated into the second draft of the requirements and will be presented to the BSE Main Committee for their consideration and approval. He stated that the approved requirements will then be submitted to the NBFIRA for review and final sign off.
“We hope that listed companies shall find the new requirements to have been structured in a way which is easier to understand, thus improving the level of compliance. Companies looking to list shall also find it less daunting to understand what a company is expected to have in order to qualify for listing,” he stated.
The BSE CEO said that apart from listed companies, brokers, institutional investors, BSE Main Committee and the regulator the NBFIRA, BSE is also looking to bring on board the press who will assist the valued stakeholders.
“Once the draft is released, it will be uploaded to the BSE website and a public notice will be published on newspapers inviting comments for the two month period,” said Mendis.