BM Desk : The Bangladesh Securities and Exchange Commission (BSEC) has initiated efforts to ensure that investors’ interests remain protected amid the closure or merger of banks and non-bank financial institutions (NBFIs). The matter was discussed on Wednesday (October 29) during a meeting between BSEC Chairman Khandaker Rashed Maksud and senior executives of leading brokerage houses, held at the BSEC’s multipurpose hall in Agargaon, Dhaka.

During the meeting, Chairman Khandaker Rashed Maksud stated that the BSEC is actively working on a comprehensive reform plan for the capital market. The key areas of reform include modernization of the Margin Rules, Mutual Fund Regulations, IPO Regulations, and Corporate Governance Guidelines. He emphasized that the Commission is also working to ensure transparency and accountability in the market by addressing past irregularities. “We have taken fair and logical decisions in every reform area, and all these initiatives will be completed within the next two months, Insha’Allah,” he said. Maksud further noted that the Commission is working to resolve fundamental issues in the capital market, including negative equity, and expressed optimism that investors will begin to see positive outcomes soon. He urged all stakeholders to work together for the development of the capital market and to foster a culture of accountability and good governance, emphasizing that “giving up is not an option.”

Participants at the meeting exchanged views on the current state of the capital market, ongoing reforms, and future strategies for development. Representatives of the top brokerage firms discussed several key issues, including ways to enhance market dynamism, prevent manipulation, systematically address negative equity, and protect investors’ interests during mergers or closures of banks and financial institutions. Other topics included reinstating the online BO account opening process, ensuring consistency in capital market policies, implementing e-KYC, listing companies with strong fundamentals, facilitating the direct listing of high-performing private firms, ensuring payment of declared but unpaid dividends, and strengthening governance across all levels of the market ecosystem.

They also emphasized the importance of enhancing institutional capacity within regulatory bodies, stock exchanges, and the Central Depository Bangladesh Limited (CDBL), as well as reviewing the Exchanges Demutualization Act, 2013, preventing rumors, and making the Central Counterparty Bangladesh Limited (CCBL) more effective.

The meeting was attended by BSEC Chairman Khandaker Rashed Maksud, Commissioners Md. Mohsin Chowdhury, Md. Ali Akbar, Farzana Lalarukh, and Md. Saifuddin, along with senior BSEC officials and representatives from major brokerage firms. Among them were Saiful Islam, President of the DBA and Director of BRAC EPL Stock Brokerage Ltd.; Mohammad Mohiuddin, Chairman of Island Securities Ltd.; Mohammad Rahmat Pasha, CEO of UCB Stock Brokerage Ltd.; Khandaker Saffat Reza, CEO and Director of LankaBangla Securities Ltd.; and several other senior executives from leading brokerage and financial institutions.