BM Desk : Bangladesh Bank Executive Director Dr. Md. Ejazul Islam, the committee’s senior member, presided over the Joint Committee for Capital Market Development’s inaugural meeting, which took place at the bank’s main headquarters on Tuesday, July 1. At eleven a.m., the meeting took place. Through a concerted and cooperative effort by the Ministry of Finance, Bangladesh Bank, and the capital market regulator BSEC, the meeting’s major goal was to promote the capital market as the primary source of long-term financing.

The committee’s members are Md. Istekmal Hossain, the director of Bangladesh Bank (DMD); Md. Abdul Wahab, the director of Bangladesh Bank (Research); Md. Abul Kalam, the director of BSEC; Farid Ahmed, the deputy secretary for finance; Md. Iqbal Hossain, the additional director of BSEC; and Md. Rezaul Hasan, the secretary of the committee.

A variety of issues and elements concerning the advancement of the capital market were addressed during the meeting. The discussions focused extensively on executing the Chief Advisor’s directive regarding the capital market development, which is titled ‘Take necessary measures to ensure that large companies of the country raise capital by issuing bonds or shares in the capital market instead of bank loans for long-term financing’. The meeting also covered the establishment of the working methods for the joint committee created to enhance the capital market, outlining the scope of work and subsequent actions. Notably, there were productive discussions aimed at promoting the capital market as the primary source of long-term financing through a collaborative effort involving the Ministry of Finance, Bangladesh Bank, and the capital market regulatory authority, BSEC.

It is important to highlight that a meeting took place on June 19 between Bangladesh Bank and BSEC, chaired by the Governor of Bangladesh Bank, with the BSEC Chairman present, to discuss the implementation of the Chief Advisor’s directive. Following the meeting’s resolution, a joint committee was established, consisting of representatives from the Ministry of Finance, Bangladesh Bank, and the Bangladesh Securities and Exchange Commission.

BSEC is optimistic that the actions, initiatives, and measures taken by this committee, which serves as a bridge between the government and the nation’s economic regulatory bodies, will significantly contribute to the future development of the capital market in the country.