Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandaker Rashed Maksud has said that the mutual fund sector should be at the forefront of the capital market as it serves as a good alternative for general investors in the capital market.
He said that mutual fund investments come to the capital market through skilled and experienced fund managers; as a result, investors’ investment possibilities for profitability increase and their investments get more protection.
He said this at a discussion meeting titled ‘Developing the Mutual Fund Industry in Bangladesh’ held at the BSEC building on Monday (November 25).
The BSEC Chairman said that the capital market will not be able to move forward in the future if the country’s mutual fund sector cannot be properly structured. BSEC is working to remove the problems and obstacles of the capital market and mutual fund sector and to find sustainable solutions and development in this regard.
He said that BSEC is willing to provide all kinds of support for the development of the mutual fund sector. He also drew the attention of the sector stakeholders to the mutual fund sector institutions of the country working together through their associations. The BSEC Chairman called on all stakeholders to work together with faith towards the same goal for the reform and development of the mutual fund sector in the capital market.
In the meeting, top representatives of asset management companies working in the capital market presented their views and proposals on the current situation and reforms of the mutual fund sector in the country’s capital market and other related issues. Discussions were held on increasing investor confidence in the mutual fund sector by increasing transparency and accountability and ensuring good governance.
The program proposed simplifying the investment process in the mutual fund sector, taking initiatives to promote mutual funds through investment education, facilitating the repatriation of investments including profits and capital gains to attract foreign investors, increasing the popularity of the sector by increasing the promotion of the mutual fund sector, increasing the skills and capabilities of those involved in this sector through necessary initiatives including training, providing policy support for the mutual fund sector and policy-related reforms, involving relevant government institutions and organizations (especially Bangladesh Bank, NBR, bringing necessary reforms and modernization of existing rules and regulations of the capital market, taking initiatives to list companies with good fundamentals including multinational companies in the capital market, increasing various facilities and benefits to make the capital market investment-friendly, bringing reforms in the tax sector related to the mutual fund sector, BSEC), taking initiatives to increase awareness and confidence of investors, etc. BSEC Commissioners Mohsin Chowdhury, Ali Akbar, Farzana Lalarukh were present at the time. Besides, other BSEC officials and managing directors and CEOs of asset management companies operating in the country’s capital market were also present.
