2024-10-09 00:29:58
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. The task force will deal with the current challenges and build a sustainable capital market.
The capital market will consider the views of all the parties concerned and hand over the report (reviewing the existing structure and proposing necessary amendments, providing recommendations for promotion of international standards if applicable) 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.
Such information has been revealed in the conversation of RisingBD with the members of ‘Capital Market Reforms Task Force’.
Former managing director of Dhaka Stock Exchange (DSE) PLC KAM Majedur Rahman told RisingBD, I hope, we will not lack efforts in this work. We will try to do something good. So that a good quality capital market can be developed in our country. There is a lot to do here. In particular, the capital market should be developed as a profitable place for investment growth and investors. At the same time, good governance and trust should be ensured in the market. We will give utmost importance to this matter. Confidence is a big factor in capital markets. It seems like a small word but its importance in capital market is very big. A lot has to be done to ensure a place of trust. However, there are challenges in this task of capital market reform. We have to do a lot of things right in a very short amount of time. Media should also contribute in this work. We think so. We will work on everyone’s advice.
AFM Nesar Uddin, senior partner of Huda Vasi Chowdhury & Co., told RisingBD, “We have not started work yet. Received the order on Monday. We will start working soon. In our little knowledge, we understand that there is a crisis of confidence in the capital market. At the same time, governance and transparency are over. We will try to resolve these crises as possible. But the capital market is governed by a large number of stakeholders. Every stakeholder has many issues at work. These problems and crises may not be solved overnight. However, we will try to resolve it as soon as possible.
He also said, we are seeing that good companies are not coming in the capital market, investors are not interested in investment, foreign investment is not coming. There are some reasons why this does not happen. We will find out. All those who invest in the capital market want dividend and capital return. We will try, investors can get it. And to ensure that, first of all, governance should be brought back to the capital market. Hopefully, when the governance returns, the confidence of the investors in the capital market will return. We will try our best for that.
Al-Amin, associate professor of Dhaka University’s accounting information system department, told RisingBD that a five-member tax force was formed on Monday. Now we five members will sit together and talk. The terms of reference of the task force contain everything about our activities. If these can be followed properly, it is hoped that the investors will be able to enjoy the benefits. We will try our best to meet the expectations of common investors. Besides, we will try to fulfill the responsibility given to us by BSEC.
Professor of Economics Department of Dhaka University. Mohammad Helal Uddin said, let’s see how far we can work. However, we will try to do something good.
When asked if he thinks capital market reform is a challenge during this transitional period, he said that the challenge for the capital market is not only this transitional period, but it has been there for a long time. This is nothing new. Even before this transition, the capital market was not good. However, we will work according to the terms of reference of the task force to take it to a better place. We will try our best to make the best of it. We will do whatever it takes to ensure that the capital market is in a good position in the long run.
Professor of CSE Department of Bangladesh University of Engineering and Technology. Md. Mustafa Akbar told RisingBD, we have not started work yet. We will let you know the details after we start working. Hopefully, we can do something good for the capital market.
Incidentally, an order signed by BSEC Chairman Khandkar Rashed Maqsood on Monday (October 7) has constituted the ‘Capital Market Reform Task Force’. 18 scope of work of this task force formed by BSEC has been determined.
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