BSEC convenes meeting with stakeholders to outline ‘roadmap for reform’

Bangladesh Securities and Exchange Commission (BSEC) has announced plans to hold meetings with stakeholders to determine a potential “roadmap for reform” aimed at improving the stock market.

In a media release on Saturday, the regulatory body for the capital market said that meetings with stakeholders would commence on Monday.

On the first day, the commission will hold discussions with key executives from the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Central Depository Bangladesh Limited (CDBL), Central Counterparty Bangladesh Limited (CCBL), Bangladesh Institute of Capital Market (BICM), Bangladesh Academy for Securities Markets (BASM), and the Capital Market Stabilisation Fund (CMSF).

The second round of meetings, scheduled for October 1, will involve organisations such as the DSE Brokers Association (DBA), Bangladesh Merchant Bankers Association (BMBA), the Association of Asset Management Companies and Mutual Funds (AAMCMF), the Association of Credit Rating Agencies of Bangladesh (ACRAB), the Bangladesh Association of Publicly Listed Companies (BAPLC), the Financial Reporting Council (FRC), and the Institute of Chartered Accountants of Bangladesh (ICAB).

The BSEC announced plans to also hold discussions with ministries, departments, law-enforcing agencies, important capital market-related associations, chambers, agencies, and investors' organisations regarding comprehensive reforms in the stock market.

Khondoker Rashed Maqsood took charge of the BSEC after the fall of the Awami League government following the student-led uprising on August 5.

Since the collapse of the Sheikh Hasina regime, the DSE index has increased by 409 points, adding Tk 401.76 billion to the market capitalisation.

However, the market has not yet stabilised. Criticisms have emerged about policy decisions related to market development. The DSE's board of directors has yet to form a new commission.

Investors remain directionless, uncertain about when the fluctuating market will become stable. Multiple requests for discussions from stakeholders had previously been ignored. In response to mounting criticism, the Maqsood-led commission has now decided to hold meetings with stakeholders.

Regarding the meetings, the BSEC said: “Following the ongoing reform process, the BSEC is committed to establishing a transparent and prosperous capital market through the opinions, participation, and cooperation of all those involved in the market.”

“To address irregularities in the capital market, the commission is conducting regular monitoring, surveillance, and regulatory compliance, and swiftly taking legal action against those involved in market manipulation.”