Capital market needs time, planned measures to come out of crisis: BSEC chairman
Works on necessary reforms underway, he says
The Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Khondoker Rashed Maqsood has underscored the need for adequate time and planned measures to solve the existing problems in the country's capital market.
"Considering all relevant aspects, the regulator is currently working to address the capital market's current state," he said at a meeting with the board of directors of the Dhaka Stock Exchange (DSE) at the stock exchange office on Wednesday (16 October).
Commissioners and senior officials from the BSEC, the regulator of the country's stock market, were present.
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"The capital market should be the main source of long-term financing," the BSEC chairman said further, underscoring the need for overcoming the lack of confidence among ordinary investors.
He said a task force has already been formed to conduct the necessary reforms in the capital market. "Its main responsibility is to develop the market."
"All stakeholders have consented that now reform is the foremost priority," he said.
Aiming at the reforms, an inquiry committee is also carrying out its activities, he said further, noting that the role of both the taskforce and the committee will be completely impartial.
The BSEC chairman further said the commission does not intend to interfere in DSE's operations, except in policy-related matters. "The relationship between DSE and BSEC shall be participatory, transparent and equitable."
He further said the purpose of the commission is to function in an organised manner to ensure that all relevant individuals comply with the rules and the compliance and governance standards are enhanced.
At the meeting, DSE Chairman Mominul Islam said DSE is committed to building a strong capital market in cooperation with key regulators.
"DSE will strengthen its internal structure and take short, medium- and long-term measures to meet the challenges ahead."
After the meeting, the BSEC chairman, commissioners and other representatives visited various sections of DSE, including the data centre.
