BSEC plans integrated framework to attract multinat’ls, strong local firms
Business Report :
The Bangladesh Securities and Exchange Commission (BSEC) has revealed plans to develop an integrated framework aimed at bringing both international multinational corporations and strong local companies into the country’s stock market.
Khondoker Rashed Maqsood, the chairman of BSEC, shared this update during a session titled “Current Status of Bangladesh Capital Market”, hosted by the DSE Brokers Association of Bangladesh on Wednesday in Dhaka.
He mentioned that a committee will be set up, composed of representatives from the Financial Institutions Division (FID) of the finance ministry, BSEC, and Bangladesh Bank, to drive this initiative.
Maqsood further highlighted the growing concern about negative equity in the stock market, referring to it as a “cancer” affecting the market, underscoring the urgency of resolving the issue.
The event also saw the participation of Anisuzzaman Chowdhury, the special assistant to the chief adviser (holding the rank of state minister for finance), who graced the event as the chief guest. Notable attendees included ICB Chairman Professor Abu Ahmed, DSE Chairman Mominul Islam, CDBL Chairman Tapan Chowdhury, and FICC President Javed Akhtar.
The BSEC chairman explained that the committee will focus on establishing policies for the listing of multinational companies on the capital market. Additionally, the committee will work on encouraging both foreign and strong domestic firms to shift their funding sources from bank financing to the stock market, thus promoting capital market growth.
Maqsood noted that the committee could be formed within this week or next and will also work on enhancing the bond market.
During the event, brokerage representatives emphasized that negative equity remains a major issue, and immediate action is required to tackle it. In response, the BSEC chairman acknowledged that while significant progress has been made, it will take a few more years to fully resolve the problem, and that a permanent solution can only come from the government. BSEC is working towards this goal, he added.
