Bangladesh Securities and Exchange Commission Acting Chairman Helal Uddin Nizami said the country’s capital market was suffering badly from lack of coordination among the regulatory bodies.
He said the BSEC had failed to build coordination among the regulators including Bangladesh Bank and Insurance Development Regulatory Authority even in last five years, leading to the creation of negative impression over the capital market.
Nizami came up with the remarks during his speech at the inaugural function of a three-day Bangladesh Capital Market Expo 2015 in Dhaka yesterday.
Arthosuchak, a business news portal, has organised the event.
Nizami criticised the central bank’s role regarding banks’ investment exposure in the capital market.
He said conflict of interest, non-implementation of rules and regulations were also some of the major barriers to the development of the capital market.
Under the rules, the banks will have to bring down their stock market exposure to 25% of their capital by June next year.
Nizami also flayed insurance regulator for canceling licence of Standard Insurance without consulting with the BSEC.
Speaking at the event, Commerce Minister Tofail Ahmed urged the multinational companies to list with the stock exchanges.
“There are many multinational companies in the country. They are making huge profits but depriving the people.”
He said the government is firm to do everything and resolve the existing problems for development of the country’s capital market.
Arthosuchak Editor Ziaur Rahman said the main objective of the fair “is to create awareness among the prospective investors and branding the country’s capital market as many investors have no clear idea about the capital market.”
A total of 65 companies, including stockbrokers, merchant banks, asset management firms, credit rating agencies, audit firms and listed companies took part in the three-day show.
