Bangladesh Securities and Exchange Commission (BSEC) is working to build a merit-based capital market, said BSEC Chairman Khandkar Rashed Maksud.
He said this at an exchange meeting of the top representatives of the Institute of Chartered Accountants of Bangladesh (ICAB) with BSEC on the overall development and reform of the capital market on Monday (October 28).
BSEC Commissioner Md. Ali Akbar, Commissioner Farzana Lalarukh, BSEC officials and ICAB President Mohammad Forkan Uddin, Past President Dewan Nurul Islam, Vice President MBM Lutful Hadi and CEO Subhashish Bose.
In the opening speech of the meeting BSEC Chairman Khandkar Rashed Maqsood thanked and congratulated all the participants in the meeting. He said, BSEC is working to build merit-based capital market. He mentioned that the work of auditors in the capital market is particularly important and said that the responsible role of the auditors will play an effective role in bringing stability and order to the capital market by increasing transparency and accountability in the companies listed in the capital market. He urged the audit agencies and institutions to play their proper role in the development and reform of the capital market.
He compared the capital market to an orchestra and said that the market is managed with the participation of all the participants in the capital market structure, including regulatory bodies, exchanges, listed companies, investors, market intermediary institutions. To take the country’s capital market to a good position, everyone should be responsible and fulfill their duties and play a necessary and appropriate role in development and reform. In the discussion of the meeting, he emphasized on the preservation of the interests of capital market investors and their protection.
The top representatives of ICAB presented their views and suggestions regarding the overall development and reform of the country’s capital market. During the development and development of the country’s capital market, the roles and responsibilities of audit agencies and auditors, existing crises, obstacles and actions in the audit program were openly discussed on various issues related to the capital market. Among others, in the discussion meeting, ensuring good governance in listed companies of the capital market, making independent directors of listed companies more responsible and bringing necessary reforms in the process of appointment of independent directors, making CFOs of companies more responsible to improve the preparation of financial statements of companies, increasing transparency and accountability along with proper financial Ensuring reporting, expanding and developing high quality financial reporting and auditing in Bangladesh, ensuring the highest professionalism, integrity and ethical standards in auditing activities, ensuring clear and transparent audit operations, ensuring specialized and professional training related to accounting and auditing for market stakeholders, auditors’ skills and abilities Various proposals have come up for development, taking coordinated initiatives through all relevant regulatory agencies and government agencies for policy assistance in the capital market, strengthening monitoring in the capital market, reforming and developing the mutual fund sector, establishing the capital market as the main source of long-term financing, etc. In the discussion of the meeting, there was a detailed discussion on the matters to be done to ensure the institutional good governance of the capital market and to protect the interests of ordinary investors. The meeting discussed about creating a good investment environment in the capital market by increasing transparency and accountability and ensuring good governance.
In the meeting, the representatives of ICAB expressed their commitment to work with the regulatory body for the sustainable development and reform of the country’s capital market.
Bangladesh Securities and Exchange Commission (BSEC) is exchanging views with various institutions, organizations and stakeholders related to capital market regarding the overall reform of capital market. Above all, the BSEC is working tirelessly to build a strong and prosperous capital market in coordination with all those related to the capital market in overcoming the existing obstacles and crises in the country’s capital market, said BSEC.
