The Institute of Chartered Secretaries of Bangladesh (ICSB) organized a seminar titled “Strengthening Governance Framework-Way Forward to a Vibrant Capital Market” on Wednesday, 18 December 2024 at IDEB Bhaban, Kakrail, Dhaka.
The chief guest of the seminar was Mr. Mohammad Mohsin Chowdhury, Commissioner of Bangladesh Securities and Exchange Commission (BSEC). The special guests of the event were Professor Abu Ahmed, Chairman of Investment Corporation of Bangladesh (ICB) and Mr. K. A. M. Majedur Rahman, Member of Capital Market Reform Task Force.
The keynote address was presented by Mr. Saiful Islam, President of Dhaka Stock Exchange (DSE) Brokers Association of Bangladesh (DBA); and Mr. Syed Mahmud Zubair, Deputy General Manager, Product and Market Development Department, Dhaka Stock Exchange (DSE).
Also present at the seminar as discussants were Mr. A.G.M. Sattwik Ahmed Shah, Chief Financial Officer (CFO) and Managing Director (Acting) of Dhaka Stock Exchange (DSE), Mr. M. Saifur Rahman Majumder FCA, FCMA, Managing Director of Chittagong Stock Exchange (CSE) and Mr. Minhaj Mannan Emon, Director of Dhaka Stock Exchange (DSE).
The event was presided over by Mr. M. Nurul Alam FCS, President-in-Charge of ICSB and Mr. Md. Zakir Hossain, Secretary and CEO of ICSB, delivered the opening remarks.
Mr. Md. Zakir Hossain, Secretary and CEO of ICSB, briefly explained the ICSB and the Chartered Secretarial profession. He thanked everyone present for participating in the seminar. At the same time, he highlighted the need for the seminar and expressed special thanks to the Seminar and Conference Sub-Committee for organizing this timely event.
In his welcome address, Mr. M. Nurul Alam FCS, President-in-Charge of ICSB, thanked everyone present and discussed the important role of the capital market in economic growth and wealth creation. He mentioned the main theme of the seminar as market efficiency, transparency, identifying potential obstacles and the need for reforms. At the same time, he called for various innovations and increased mutual cooperation in this regard: he also highlighted the need for joint efforts in developing a sustainable capital market in Bangladesh.
The keynote speaker at the seminar, Mr. Saiful Islam, proposed reforms to further strengthen the capital market in Bangladesh: he also emphasized on the need for recognized IPOs, improved market regulatory frameworks, and tax incentives for listed companies in necessary cases. He also highlighted various strategies to increase investor confidence in the capital market, promote capital market education, and encourage institutional investment in this sector. He also highlighted the importance of strong corporate governance, ESG reporting, and public-private partnerships (PPPs). Among his proposals were effective regulatory frameworks, ensuring transparency in the capital market, and diversifying market participation by listing state-owned enterprises.
Mr. Syed Mahmud Zubair, in his keynote address, highlighted the need for strong governance, transparency and close supervision by regulatory agencies to rebuild investor confidence. He drew attention to challenges such as capital market volatility, weak IPO participation and limited foreign investment. The proposed solutions include regulatory reform, improving corporate governance systems and encouraging diverse institutional participation. He emphasized the need to transform the capital market into a powerful driver of economic growth through comprehensive reforms, leveraging the growing and developing economy of Bangladesh.
The special guest of the seminar, Mr. K. A. M. Majedur Rahman, member of the Capital Market Reform Task Force, emphasized the need to develop a positive attitude towards the capital market and make it more attractive than the banking sector. She called on the regulatory authorities to develop effective management by prioritizing the interests of shareholders. Highlighting the importance of professionalism and ethics, she encouraged the increased participation of women in the chartered secretarial profession and expressed hope that the participation of chartered secretaries as top executives in the corporate sector would continue to increase.
Special guest, Chairman of Investment Corporation of Bangladesh (ICB), Professor Abu Ahmed expressed his gratitude to those who contributed to the establishment of ICB with the aim of broadening the investment base. He emphasized on healthy competition instead of subsidies. He also mentioned that floor pricing is harmful to the capital market. He hoped that interest rates would gradually decrease. Professor Ahmed said that Bangladesh has a good image and the country has never defaulted on its loans. He also hoped that Bangladesh is on the right track and soon good order and improved management of the capital market will be established.
Chief guest Mr. Md. Mohsin Chowdhury highlighted the contribution of the capital market in economic growth and employment generation, among other supporting roles. He highlighted the need and reality of gaining a practical understanding of modern technologies like Fin-Tech, Blockchain and AI in addressing the challenges posed by technological advancements and new expectations of investors in the changing circumstances.
The Chief Guest in his keynote address suggested developing a strong regulatory framework for the capital market; to ensure transparency and long-term stability of the capital market, while also encouraging various innovations in the sector. He further mentioned the importance of ethical investment and related aspects in developing a sustainable capital market; in this regard, he also mentioned the need to prioritize ESG considerations of the stakeholders. He opined that it is important to follow the 4Ps i.e. People, Process, Performance and Purpose. He also emphasized the need to expand education and awareness related to the financial sector from the Secondary School Certificate (SSC) level.
He thanked ICSB for organizing a timely seminar. He expressed hope that BSEC and ICSB will work together and Chartered Secretaries will play a unique and exemplary role in maintaining good governance in Bangladesh.
A significant number of ICSB members were present at the event, including Mr. A. K. M. Mushfiqur Rahman FCS, Vice President, Mr. Selim Ahmed FCS, Council Member, Mr. Oli Kamal FCS, Council Member, Mr. Md. Sharif Hasan FCS, Council Member and government officials and professionals from various fields. After the discussion session, a question and answer session was held, where the chairman of the session answered various questions of the participants.
Finally, Mr. Mohammad Shafiqul Islam Bhuiyan, Council Member of ICSB and Member of Seminar and Conference Sub-Committee, FCS thanked all the participants including the Chief Guest, Special Guest, Keynote Speakers, Panelists, ICSB members and others.
