The Financial Express

Associations join hands to work for stock market development

| Updated: January 10, 2022 10:12:12

Associations join hands to work for stock market development

The leaders of Bangladesh Merchant Bankers Association (BMBA) and DSE Brokers Association of Bangladesh (DBA) have assured to work together for further development of the country's capital market.

The assurance came when the newly-elected leaders of the DBA made a courtesy call on the newly-elected BMBA leaders on Thursday, according to a press release.

DBA is a platform of trading right entitlement certificate (TREC) holders of the prime bourse and BMBA is a common platform of the merchant bankers operating in the country.

A DBA delegation led by its President Richard D' Rozario, managing director of Global Securities, met the BMBA president Md Sayadur Rahman, chairman of Imperial Capital, at the BMBA office.

They discussed the present situation of the stock market and assured to work together for the further development of the country's capital market.

Asit Kumar Chakravorty, first vice-president of BMBA, Md Moniruzzaman, second vice-president of BMBA, Md Riyad Matin, secretary of BMBA, Mohammad Abdur Rahim, treasurer of BMBA and executive members Muhammad Nazrul Islam and Mahbub H. Mazumdar, were present among others.

Among the DBA leaders, Md. Sajedul Islam, senior vice president, Md. Saifuddin, vice president, directors Mohammed Ahsan Ulla, Dr. Osman Goni Chowdhury, Sumon Das, Umar Haider Khan, Mohammad Shaahed Imran, Mamun Akbar, were present among others.

DSE Brokers Association of Bangladesh has been working since 2014, following the demutualisation of the country's stock exchanges on November 21, 2013. The DBA was formally incorporated on August 16, 2015, by getting registration from the Registrar of Joint Stock Companies and Firms.

Meanwhile, the DBA leaders have suggested listing quality companies to boost the capital market, saying there is a crisis of good companies in the stock market.

They made the remarks on Wednesday while congratulating the newly elected committee of the Capital Market Journalists' Forum (CMJF), an organisation of journalists working in the capital market.

The DBA president said, "The regulatory body BSEC is doing a commendable job in various ways, including reforming the different securities rules. However, in order to get the benefits of these works, it is necessary to increase the number of good shares in the market. All stakeholders, including BSEC, have a role to play in this regard".

DBA Senior Vice-President Sajedul Islam said they would work jointly with CMJF to develop the capital market.

Md. Saifuddin, vice-president of the DBA, said, "After Grameenphone, no significant company has entered the market in the last decade. If foreign investors want to know the information for investment, not more than 20/25 companies can be named".

So, effective initiatives are needed to bring more multinational companies, including Unilever, Standard Chartered and MetLife, to the market for raising the depth of the market, he added.

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