Capital market stakeholders have proposed several steps, including ensuring proper financial reporting, amending the initial public offering rules, reinitiating process of directly listing of government and multinational companies for the development of the country鈥檚 stock market.
They made the demands at a discussion with the Bangladesh Securities and Exchange Commission on Tuesday, according to a BSEC press release.
The commission held the meeting with representatives of multiple stakeholders with the aim of preparing a roadmap to reform the capital market.
The discussion featured a session with representatives of the DSE Brokers Association of Bangladesh, Bangladesh Merchant Bankers Association, Association of Credit Rating Agencies of Bangladesh, Bangladesh Association of Publicly Listed Companies, Financial Reporting Council, Institute of Chartered Accountants of Bangladesh, and Institute of Cost and Management Accountants of Bangladesh.
The stakeholders also demanded reforming regulatory framework, ensuring regulatory compliance and good governance, strengthening monitoring activities, including capital market in the budget as a source for long-term financing and coordinating with government institutions concerned to reform the policies about taxation on dividends and capital gain.
Senior BSEC officials, including its chairman Khondoker Rashed Maqsood and three of its commissioners, were present in the meeting.
Earlier on September 30, the BSEC held a discussion with representatives of the country鈥檚 two stock exchanges 鈥� Dhaka Stock Exchange and Chittagong Stock Exchange, Central Depository Bangladesh Limited, Central Counterparty Bangladesh Limited, Bangladesh Institute of Capital Market, Bangladesh Academy for Securities Market and Capital Market Stabilisation Fund.
This move from the BSEC came following criticisms for ignoring the stakeholders鈥� calls to hold meetings between the parties to discuss issues related to the market.
The stock market regulator went through a major reshuffle following the fall of Awami League government amid a student-led mass uprising on August 5.
Shibli Rubayat-Ul Islam resigned as BSEC chairman on August 11.
Khondoker Rashed Maqsood was on August 18 appointed as chairman of the BSEC for a four-year term.
The BSEC also got three new commissions following the resignation of three commissions who were members of the Shibli-led commission.
After the ouster of Awami League government, the DSE witnessed a surge of almost 800 points in its key index, DSEX, in the first few days.
But the Dhaka bourse started going back into a volatile state soon after and continued the bearish vibe till Wednesday.