BSEC to seek policy support from govt

The Bangladesh Securities and Exchange Commission (BSEC) plans to seek several short-, mid-, and long-term policy support from the government to give a boost to the stock market.
BSEC Chairman Khondoker Rashed Maqsood shared the information with journalists yesterday.
He made the comment just a day before Finance Adviser Salehuddin Ahmad’s scheduled visit to the commission office in Dhaka today.
Maqsood said he would emphasise the need to attract profitable state-owned companies and private conglomerates to the market to improve the supply of quality stocks. 
“The commission has already held productive discussions with several major local and multinational companies to encourage listing,” he said. 
The commission intends to work with Bangladesh Bank and the National Board of Revenue to attract high-quality companies, increase the tax difference between listed and non-listed companies and make bank loans more difficult for large and non-listed companies, Maqsood said.
The BSEC will also recommend the government strengthen the Investment Corporation of Bangladesh to enhance its role in the stock market, he said.
Additional focus will be given to issues like buybacks, transaction times, and addressing negative equity of stock brokers and merchant banks.
Restoring investor confidence in mutual funds is another priority.
The extension of several closed-end mutual funds has disappointed unitholders, and the BSEC is working to address this, said Maqsood. 
The commission is also seeking to bring back foreign investors who have exited the market. 
After meeting with the stakeholders over the past two months, the BSEC gathered recommendations to incorporate into its requests to the government, he added.