Dhaka, Aug. 12 -- The Bangladesh Securities and Exchange Commission (BSEC) has rejected a proposal from the Chittagong Stock Exchange (CSE) to list 35 percent of its blocked shares on the Dhaka Stock Exchange (DSE).

The decision came at the commission's 967th meeting, presided over by BSEC Chairman Khondoker Rashed Maqsood.

On July 13, at its 143rd board meeting, CSE decided, under the Exchanges Demutualization Act, 2013, to sell the shares that have remained blocked for over a decade. It subsequently sought BSEC's approval.

CSE's plan was to list the shares on the DSE, with 20 percent to be sold to four to five reputed local and foreign institutions that are not current shareholders of CSE, and the remaining 15 percent to be offered t...