Connect with us

Business

United Kingdom’s HMRC recognises BSE Limited

Published

on

Thapelo Tsheole

United Kingdom’s Her Majesty’s Revenue and Customs (HMRC) has designated the Botswana Stock Exchange Limited(BSEL) as a “Recognised Stock Exchange” under Section 1005(1)(b) Income Tax Act 2007, according to a statement released on Monday from the BSE Limited,

A ‘Recognised Stock Exchange’ is defined as any market of a recognised investment exchange which is for the time being designated as a recognised stock exchange by an order made by the Commissioner for Her Majesty’s Revenue and Customs; and any market outside the United Kingdom which is for the time being so designated.

Commenting on this development, the Chief Executive Officer of BSEL, Thapelo Tsheole said, “This is a critical milestone for the exchange as we persistently pursue our internationalisation strategy and it comes as a result of undergoing a comprehensive application process that ensures that the BSEL meets the rigorous requirements outlined by HMRC for one to be designated as a Recognised Stock Exchange.”

Tsheole further said, “such recognition carries confidence signals to investors and appropriately positions the BSEL to continually attract investments from UK investors as the UK Income Tax Act makes provisions for securities which are listed or dealt in on a recognised stock exchange.”

According to Tsheole, the BSEL has been undertaking various significant initiatives to improve its global competitiveness and ultimately that of Botswana’s financial markets. “The calibre of issuers we have been able to attract and most importantly the demutualisation of the exchange are some of the critical considerations that directly contributed to the Exchange attaining this recognition.”

The portfolio include the triple A-rated International Finance Corporation (IFC), the Dollar denominated debt instrument issued in 2017, the world-class IT infrastructure we have in place, the market development initiatives we are pursuing to attract companies and investors, the diversity of products on the Exchange, the promotion of a conducive regulatory environment.

The BSEL is the third stock exchange in Africa and the eighteenth in the world to receive this designation.

Continue Reading
Comments

Business

BSE upgrades online investor access

Published

on

A recent BSE opening bell function.

Botswana Stock Exchange Limited (BSEL) will this year introduce a new clearing and settlement system, as part of efforts to improve operations of the bourse.

Speaking at the seventh opening bell ceremony, Chief Executive Officer, Thapelo Tsheole said the development will help improve liquidity and risk management. In addition, the new settlement system replaces the 2008 system while fast tracking introduction of security borrowing and lending, management settlement guarantee fund, as well as identifiers for companies and instrument.

BSEL has already awarded a contract to a Swedish company to implement the system which is also expected to digitalize Initial Public Offering (IPO), allow electronic voting for listed companies during annual general meetings (AGM) for absent shareholders.

The project, which is expected to take eight months once the two parties sign the deal, is part of efforts to have more online investors access for BSEL. Tsheole also revealed that BSEL website will undergo a revamp this year, allowing it to be more analytic, live feed shares, as they trade.“The tender is already out for the website and mobile application. It is a project that we had hoped to implement last year but because of logistic problems, we could not do it,” said Tsheole.

BSEL further plans to introduce two data display screens at CBD and at the stock exchange.“These will assist with information sharing and keep the market updated,” said Tsheole. Meanwhile, BSEL will not change its Automated Trading System (ATS) until 2022, according to Tsheole.“The system supports our strategy to grow the market and increase the average daily turnover levels to 18.0million per day by 2021,” said Tsheole.

Continue Reading

Business

BSE complies with reporting guidelines

Published

on

Botswana Stock Exchange Limited (BSEL) has become the 5th bourse in Africa to comply and publish Environment, Social and Governance (ESG) reporting guidelines.

The development comes a year after BSEL became a partner exchange of the United Nations Sustainable Stock Exchange (SSE) Initiative.“The BSE made a commitment to publish guidance on ESG Reporting. This commitment has been fulfilled.“

We are the 42nd among the 81 SSE Partner Exchanges globally and the 5th in Africa to do this,” said Kgotla Segwe, Market Development Specialist at Botswana Stock Exchange Limited.
Other stock exchanges that have complied with the SSE initiative on the continent are from South Africa, Nigeria, Morocco and Egypt.

Continue Reading

Trending