Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandkar Rashed Maksud said, we have been dreaming for a long time that the capital market will work as the center of the country’s economy. Capital market should be the main source of long-term financing in the future Bangladesh we want.
On Wednesday (October 16), BSEC Chairman visited the office of Dhaka Stock Exchange and held a meeting with the Board of Directors under the leadership of DSE Chairman Mominul Islamer in the boardroom. He said these things at the time. Meanwhile BSEC Commissioner Mu. Mohsin Chowdhury, Md. Ali Akbar, Farzana Lalarukh and senior officials including Executive Director were present.
Meanwhile, Khandkar Rashedul Maksud said, we have been dreaming for a long time that the capital market of Bangladesh will work as the center of the country’s economy. Capital market should be the main source of long-term financing in the future Bangladesh we want. We have to do a lot of work for this. We need to increase confidence in capital markets.
He said that it is not possible to solve all the problems of the capital market in one day, for this, time is needed. Reforms are the most important thing for us now. Everyone from the chief adviser said that the first and foremost thing is reform. That’s why we are sitting with everyone related to the capital market and taking opinions. A task force has been constituted for the necessary reforms, which will be at the heart of everything. Also our investigation committee is working impartially. Similarly, the task force will also work impartially. We do not want to interfere with DSE except on policy issues. DSE’s relationship with BSEC will be participatory, transparent and fair.
He further said, we want to act in a fair and systematic manner, without violating the law and doing everything unilaterally. BSEC expects the DSE new board to aim to make Bangladesh’s capital market the center point of the economy in the next few years. Each of us will aim to bring everyone within the rules and enhance compliance and governance. And through this, everyone’s confidence in the capital market will increase. If you are always on the right path, you will definitely get results.
He also said that DSE is the primary regulator of the capital market. DSE has to create a link with all stakeholders including market intermediaries, public listed companies, investors, media. We have many challenges ahead of us, to address them we will move forward through short, medium and long term actions and try to solve the problems. We have many plans. It should be implemented over time. DSE is committed to building a strong capital market through mutual cooperation with key regulators. We need to move forward by formulating short, medium and long term plans and work towards permanent solutions to some of the existing problems. At the same time, we have to identify some problems of our brokerage houses and find a way to solve them. The problem must be solved through constructive reforms.
Later the Management Authority of DSE gave a presentation on the history of DSE, governing laws, rules and regulations, status of the company, share capital and shareholding pattern of DSE; Capital market structure of Bangladesh; Demutualization of DSE and its objectives; DSE Roles, Responsibilities, Board of Directors and Board Committees; DSE’s Product and Trading Board; market capitalization of the collateral exchange; IPO Status and Mutual Funds, Turnover Velocity Ratio, Financial Status, ICT Infrastructure, Data Center and ICT Challenges of DSE from 2011-2024; Objectives of Demutualization Scheme; value-added offers from strategic investors; DSE’s international and local affiliations; He elaborated on the future plans of DSE for product, market and infrastructure development etc.
The officials of BSEC and DSE present in the meeting expressed their hope to work together for the development of the capital market.
Finally BSEC Chairman, Commissioner and other representatives visited DSE Tower including DSE Data Center, DBA, CDBL, CCBL offices and DSE Lounge.
