The DSE Brokers Association of Bangladesh at a meeting with the Bangladesh Securities and Exchange Commission on Monday placed a number of suggestions, including a review of the exchange demutualisation laws and schemes and withdrawal of 12 per cent interest rate on margin loans, to develop the stock market.
The meeting was held at the BSEC building at Agargaon in the capital Dhaka.
The DBA also proposed disbursement of interest from consolidated customer accounts, implementation of un-editable back office software, withdrawal of charges for converting companies from limited to PLC, reviewing the activities and progress of Central Counterparty Bangladesh Ltd.
The stockbrokers’ association also proposed reviewing the formulation of BSEC (Stock-Dealer, Stock-Broker and Authorized Representative) Rules 2023, disclosure of share purchase and sales information on the market and listing of reputable companies and activation of mutual funds.
BSEC chairman Khondoker Rashed Maqsood, three commissioners, and officials of the commission were present in the meeting.
Board members of the DBA attended the meeting under the leadership of Saiful Islam, president of the DBA.
The commission chairman assured the stockbrokers of providing a favourable environment by making necessary reforms in the existing laws and regulations, according to a press release issued by the DBA.
Khondoker Rashed Maqsood said, ‘It will be possible to reform and develop the market if all the stakeholders come forward and help. Also, the taskforce formed regarding the capital market development has already started its work.’
The stock market regulatory body recently held two rounds of discussions with capital market stakeholders, including the Dhaka Stock Exchange, the Chittagong Stock Exchange, the Central Depository Bangladesh Limited, the Central Counterparty Bangladesh Limited and the Bangladesh Institute of Capital Market.
The commission has recently formed a task force to prepare a report on necessary reforms in the country’s stock market, planning and recommendations for raising confidence of the investors and ensure good governance on the capital market.
