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DSE seeks BB support for capital market reforms
The Dhaka Stock Exchange (DSE) urged the Bangladesh Bank (BB) to support a series of structural and technological reforms aimed at strengthening the country's capital market, improving liquidity, and safeguarding shareholder interests.
The proposals were discussed during a high-level meeting between a DSE delegation, led by Chairman Mominul Islam, and Bangladesh Bank Governor Md Mostaqur Rahman at the central bank headquarters in the city on Thursday, said a press release.
During the meeting, the DSE presented a set of proposals designed to modernize the capital market and align it with international standards.
Key recommendations included extending the operational hours of the Real-Time Gross Settlement (RTGS) system, shortening the securities settlement cycle from T+2 to T+1, and simplifying procedures related to Non-Resident Investor's Taka Accounts (NITA) to encourage greater foreign investment.
The exchange also proposed phased liquidation of its Fixed Deposit Receipt (FDR) and Special Notice Deposit (SND) accounts held in scheduled banks to finance technological upgrades independently.
Other recommendations included introducing refinancing facilities for IPOs and the bond market, expanding the secondary market for government securities, launching Sukuk trading, and granting the stock exchange direct access to Credit Information Bureau (CIB) reports to strengthen risk assessment and oversight.
A significant portion of the discussion focused on the ongoing merger process involving five Islamic banks - First Security Islami Bank PLC, Social Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC and EXIM Bank PLC.
The DSE expressed concern that general shareholders could face losses or dilution of ownership without fair compensation as a result of the mergers.
The delegation urged the central bank to ensure transparency throughout the process and to protect the interests of small investors from bearing the burden of alleged financial irregularities and mismanagement within the institutions.
Md Mostaqur Rahman assured the delegation that the central bank would review the proposals and concerns with priority and take necessary measures where appropriate.
The DSE said successful implementation of the proposed reforms would help restore investor confidence, enhance market liquidity, and build a more sustainable and internationally competitive financial system in Bangladesh.
The DSE delegation included directors Syed Hammadul Karim, Snehasish Barua, Minhaj Mannan Imon, Richard D. Rozario and Md. Sazedul Islam, alongside Managing Director Nuzhat Anwar, reports BSS.