The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has formed a five-member ‘Capital Market Reform Task Force’ to ensure the overall development of the country’s capital market, increase investors’ confidence and ensure good governance of international standards. This task force is working to create a sustainable capital market by facing the current challenges. The task force has opened an e-mail ID for monitoring and taking suggestions from all stakeholders including capital market investors.
In that e-mail, all stakeholders including investors can give any suggestions for capital market reform. The task force will take necessary steps after verifying these observations and suggestions.
This information has been informed in a press release signed by Task Force Secretary and BSEC Director ASM Mahmudul Hasan on Monday (October 28).
According to the notification, the ‘Capital Market Reforms Task Force’ has been established to formulate policies for the overall development of the capital market according to international standards. To provide a realistic assessment of market dynamics and nature by ensuring stakeholder participation, the Task Force has opened an email ID for observations and suggestions from all stakeholders including capital market investors. The e-mail id is: [email protected]।
Earlier on October 7, BSEC Chairman Khandkar Rashed Maksud signed an order to form the ‘Capital Market Reform Task Force’. The members of the task force are: Professor of Economics Department of Dhaka University. Mohammad Helal Uddin, Former Managing Director of Dhaka Stock Exchange PLC KAM Majedur Rahman, Senior Partner of Huda Vasi Chowdhury & Co. AFM Nesar Uddin, Professor of CSE Department of Bangladesh University of Engineering. Md. Mostafa Akbar and Associate Professor Al-Amin of Dhaka University Accounting Information System Department.
The task force will consider the views of all parties related to the capital market and hand over the report (reviewing the existing structure and proposing necessary amendments, providing recommendations for promoting international standards in applicable cases) to the BSEC in due course. In particular, the task force will analyze the main key aspects with special emphasis on restoring good governance and confidence in the capital market and formulate necessary reform plans and recommendations for implementation.
All institutions related to the capital market including BSEC, such as: DSE, CSE, CDBL, CCBL and market intermediary institutions and other parties will provide all kinds of cooperation including providing necessary information and data as per the demand of the task force. At a later date, the Commission may include appropriate persons as members of the Task Force if necessary. Bangladesh Securities and Exchange Commission will provide secretarial support to this task force.
There will be various issue-based focus groups under the task force. Each focus group will work on specific issues and make recommendations to the task force on related issues.
The Task Force shall constitute a focus group consisting of an appropriate person or persons after notifying the Commission.