However, the bilateral relationship between China and Bangladesh has also been on the upswing. Social media has portrayed it as an attempt to not upset Delhi, which has appeared as the biggest political backer of Bangladesh’s Sheikh Hasina government. The commission’s move has surprised many, eliciting criticism from concerned parties. Limaye made his case by emphasizing that NSE is more experienced in “stock exchange development.” Although one Bangladeshi media outlet reported that Limaye’s meetings were not entirely fruitful, the commission instructed the exchange to revisit the tender process soon after Limaye’s visit. He sat down with delegates from both the DSE and Bangladesh Security Exchange Commission (BSEC). On Sunday, Vikram Limaye, the CEO of the NSE, flew into Dhaka in an attempt to woo the Bangladeshi authorities. While China’s offers clearly outbid what their Indian rival brings to the table, India does not want to give up without a fight.
Also, the NSE asked for two board seats, which they would leave after five years. While the NSE made a promise to invest in DSE’s overall modernization process, it did not make its offer public. In contrast, the National Stock Exchange (NSE) of India offered to buy each share for BDT 15 ($0.18), which is 47% lower than the Chinese offer when aggregated. To make their offer more appealing, they said they would not seek profit on their investments in the first ten years. The Chinese party also sought one seat on the DSE board. According to reports by local media, the Chinese offer included the purchase of shares for Bangladeshi Taka (BDT) 22 each ($0.22) along with a $37 million investment in technical assistance.
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