Prime Minister Sheikh Hasina yesterday assured of providing all-out support to help develop the capital market of the country.
The assurance came at a meeting with a delegation of Bangladesh Securities and Exchange Commission (BSEC), led by its Chairman Prof M Khairul Hossain.
PM lauded the latest BSEC achievement of becoming A-category regulator as upgraded by the International Organization of Securities Commissions (IOSCO), an association of organisations that regulates the world’s securities and futures markets.
She handed over a crest to the BSEC chairman for the upgradation.
“Prime Minister has appreciated the commission’s feat and assured to provide support for taking the capital market to a new height,” said BSEC Commissioner Arif Khan, who was present at the meeting.
“It will brighten Bangladesh’s image abroad and boost confidence of investors, including foreigners,” the PM was quoted as saying.
BSEC apprised the PM of the recent demutualisation of the stock exchanges and, amended and modified rules and regulations since restructuring of the commission. It also made a presentation about the current stock market situation, future plan like setting up a clearing house, and introducing commodities exchange and derivatives.
Finance Minister AMA Muhith, who was also present at the meeting, said performance of BSEC has so far been good as we saw the country’s two bourses more or less stable during their time. “Among all the regulatory bodies in the country, BSEC is the best.”
Since stock market debacle in late 2010, the government has been making efforts to bring back investor confidence from the brink. Since then, the market is going through volatility as it still bears nightmare of stock crash.
The upgradation of the BSEC would yield some benefits, including international assistance for its enforcement action and providing assistance to the member country as well, achievement to be eligible for being appointed or elected in the leadership position of IOSCO and attachment in the policymaking committee of IOSCO, said a BSEC official.
It has got membership of IOSCO in 1995. Its members are typically the Securities Commission or the main financial regulator from each country. IOSCO has members from over 100 countries, regulating more than 90% of the world’s securities markets.
Earlier, the government had decided to extend by one more year the term of appointment of the present chairman and four commissioners, as their three-year term expires between May and July this year.
