Investors to get a modern capital market within 2 years: BSEC chairman
He said the commission has already started reforming various laws and regulations
Investors will get a modern and stable capital market within two years – after various laws and regulations are reformed, making investments more secure, BSEC Chairman Professor Shibli Rubayat-Ul-Islam has said.
He said this at an investor awareness programme titled "Dealing with Investors" on the occasion of World Investor Week organised by the Dhaka Stock Exchange (DSE) Tuesday.
The BSEC chairman said the commission has already started reforming various laws and regulations.
Keep updated, follow The Business Standard's Google news channel
"If we complete the necessary reforms, then it will be possible to establish a modern and stable capital market within two years," he said.
Shibli Rubayat-Ul-Islam said, "We will take responsibility for keeping investors free from worries and keeping their confidence in the commission."
The stock exchanges and the BSEC will fulfil this responsibility together, assured the chairman.
He said lots of funds will be transferred from FDR when investors get 10% more return in mutual funds.
"As a result, trade volume will increase on the capital market. But before that, we have to bring good governance and transparency to this sector. We have already okay-ed an action plan to develop this sector," he continued.
The commission wants to discuss organisations in the mutual funds sector separately, he added.
The BSEC chairman directed the DSE to strengthen IT support so that all activities could be completed properly.
He said, "We are working on over-the-counter (OTC) market companies to come out of the present situation, and those are performing well."
The BSEC chairman said the government was worried about the Investment Corporation of Bangladesh's (ICB) performance.
"The organisation is not able to support the capital market properly. We are trying to change the situation," he said.
DSE Managing Director Kazi Sanaul Hoq delivered the welcome address on the occasion while Chairman of the bourse Md Eunusur Rahman was the chair.
DSE Director Rakibur Rahman said to the chairman that the DSE wants to take responsibility for the primary process of initial public offerings (IPO).
BSEC Executive Director Mohammad Rezaul Karim, DSE Director Md Shakil Rizvi, DSE Brokers Association President Sharif Anwar Hossain, Barrister Nihad Kabir, president of Metropolitan Chamber of Commerce and Industry, and Riad Mahmud, vice-president of Bangladesh Association of Publicly Listed Companies, took part in the webinar.
