Finance adviser Salehuddin Ahmed on Wednesday said that initiatives were being taken to provide immediate solutions to the existing crises on the country鈥檚 stock market.
He made the remark at a meeting with the Bangladesh Securities and Exchange Commission at the commission building at Agargaon of the capital Dhaka.
The BSEC in the meeting sought help from the government to increase the depth of the market by taking initiatives to list state-owned companies on stock exchanges through direct listing or initial public offering.
Salehuddin said that the government were working to raise the standard of the country鈥檚 capital market to the international benchmark.
The meeting discussed the development of the country鈥檚 mutual fund sector and increasing the confidence of investors.
The BSEC made a presentation titled 鈥楥urrent scenario of capital market of Bangladesh: challenges, prospects and strategies鈥�.
The stock market regulator highlighted the future steps to utilise the opportunities of the market by removing the existing obstacles.
The meeting also discussed rationalisation of tax rate imposed on capital gains, rationalisation of difference in tax rate in case of private and public companies, increasing investment capacity of the Investment Corporation of Bangladesh by providing necessary funds, and necessary initiatives to list multinational companies doing business in Bangladesh on the stock exchange.
It also sought directives about enlistment of companies for long-term financing after the company exceeds certain bank loan limits, and assistance in formulating policies, creating a BSEC investor protection fund through legal measures to provide aggrieved investors protection from financial penalties against those involved in irregularities through legal process.
The BSEC also sought assistance in finding effective solutions to the problems related to negative equity in the capital market.
The meeting recommended prompt measures for refinancing at low interest rates for institutional investors to increase market liquidity.
BSEC chairman Khondoker Rashed Maqsood presented the current state of the country鈥檚 capital market and various related issues in the meeting.
He also sought the government鈥檚 attention and policy support in the development and reformation process of the capital market.
Financial Institutions Division additional secretary Amal Krishna Mondal, and BSEC commissioners Mohsin Chowdhury, Md Ali Akbar and Farzana Lalarukh, among others, were present in the meeting.
