The ‘Capital Market Reforms Task Force‘ will make policies in line with international standards based on the suggestions of all stakeholders in the capital market reform. The task force will work in a participatory manner with various stakeholders, investors, researchers, analysts, professionals, economists, academics, regulatory bodies, capital market experts and media.
The members of the task force formed on capital market reforms said these things in response to the questions of the journalists after the meeting with the DSE Brokers Association of Bangladesh (DBA) at the Capital Markets Commission building in Agargaon, capital on Monday (October 21).
At the end of the meeting, Professor of Economics Department of Dhaka University. Mohammad Helal Uddin said, we will do whatever policy changes are needed to take the capital market to a better position in the long term. For this we will prepare a policy document in consultation with all stakeholders. Then based on that Bangladesh Securities and Exchange Commission (BSEC) will implement the policy in future. Then we will see the results of these activities. However, it is not the purpose of the task force to see what is happening in the capital market in recent times. The task force will make policy recommendations to keep the capital market stable in the long term.
Former managing director of Dhaka Stock Exchange PLC, KAM Majedur Rahman said, in today’s meeting, DBA proposed to review the demutualization scheme. We will consider that. The Demutualization Act was enacted in 2013. It is mentioned in that law, it has to be reviewed after 10 years. As this legislation is now 10 years old, we will be reviewing it as part of a task force. Besides, we have many laws which are not in line with international standards or current market context. We will try to work on those areas. But now is not the time to talk about these things. We have started working. We discuss with all stakeholders and then we will talk. We have already created email addresses so that even common investors can express their views on capital market reforms.
AFM Nesar Uddin, senior partner of Huda Vasi Chowdhury & Co. said, we have started work. As part of that today we discussed with DBA. After that we will discuss with other stakeholders. At the moment we do not want to talk about the capital market situation. Because we have not done research and analysis yet. We talk to all stakeholders first. Then we will talk about short, medium and long term steps on capital market reforms.
Professor of CSE Department of Bangladesh University of Engineering and Technology. Md. Mostafa Akbar said that there are many complaints about information technology or IT in the capital market. Discussed with DBA today. We have been seeing those problems for a long time. We will review the overall issues of the capital market and propose to solve those problems. In that case, it is not only BSEC’s responsibility to implement those recommendations. All the stakeholders of this market should cooperate in this work.
Al-Amin, Associate Professor of Accounting Information System Department of Dhaka University said, DBA is a major stockholder in capital market. So we discussed with them. Several suggestions have come from the DBA side. We will discuss with other participants in the capital market. We will take the opinion of each of them. Then we will compile it. We will conduct various focus groups after discussing with all stakeholders. There will be local and foreign experienced persons in related matters. We will try to create policies of international standards with the aim of bringing stability to the capital market and ensuring good governance. So that investors can ensure the protection of their capital. But it will be implemented by BSEC and related stakeholders.
Incidentally, on October 7, Bangladesh Securities and Exchange Commission (BSEC) Chairman Khandkar Rashed Maksud signed a five-member ‘Capital Market Reform Task Force’. And the task force started working through the first meeting on October 9.
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