ICSB organises seminar on 'Strengthening Governance Framework-Way Forward to a Vibrant Capital Market'

Institute of Chartered Secretaries of Bangladesh (ICSB) has organized a seminar titled “Strengthening Governance Framework-Way Forward to a Vibrant Capital Market” on Wednesday, 18 December 2024 at 6:00 PM at the IDEB Bhaban, Kakrail, Dhaka.

Mr. Md. Mohsin Chowdhury, Commissioner, Bangladesh Securities and Exchange Commission (BSEC )graced the occasion as the Chief Guest, according to a media release. 

Professor Abu Ahmed, Chairman, Investment Corporation of Bangladesh (ICB) and Mr. K A M Majedur Rahman, Member of Capital Market Reform Taskforce graced the occasion as the Special Guests.

Mr.  Saiful Islam, President, DSE Brokers Association of Bangladesh (DBA) and Mr. Saied Mahmud Zubayer, DGM, Product & Market Development of Dhaka Stock Exchange PLC presented keynote papers.

Mr. A.G.M Sattique Ahmed Shah, Chief Financial Officer (CFO) & Managing Director (Acting) Dhaka Stock Exchange PLC (DSE), Mr. M. Shaifur Rahman Mazumdar FCA, FCMA, Managing Director of Chittagong Stock Exchange PLC (CSE) and Mr. Minhaz Mannan Emon, Director of Dhaka Stock Exchange PLC (DSE) were the Discussants of the Seminar.

Mr. M Nurul Alam FCS, President-in-Charge of ICSB chaired the session and Mr. Md Zakir Hossain, Secretary & CEO of ICSB gave an introductory speech.

Mr. Md Zakir Hossain, Secretary & CEO of ICSB outlined the brief history of ICSB and CS Profession. He also addressed the significance of the Seminar and thanked everyone for their active participation and thanked the Seminar and Conference Sub Committee of ICSB for organizing the event.

Mr. M Nurul Alam FCS, President-in-Charge of ICSB, delivered the welcome speech and thanked everyone for joining the Seminar of ICSB. He emphasized the critical role of capital markets in driving economic growth and wealth creation. Acknowledging recent challenges, he highlighted the Seminar’s focus on identifying barriers and proposing reforms to enhance market efficiency, transparency and inclusivity. He urged participants to foster innovation and collaboration, underscoring the collective effort needed to build a resilient capital market in Bangladesh.

Mr. Saiful Islam in his presentation emphasized critical reforms to invigorate Bangladesh's capital market, highlighting the need for quality IPOs, enhanced regulatory frameworks and tax incentives for listed companies. He outlined strategies for boosting market confidence, promoting financial literacy and encouraging institutional investment. It also addressed the importance of stronger corporate governance, ESG reporting and Public Private Partnerships (PPP). Recommendations included simplifying regulations, ensuring transparency and listing state-owned enterprises to diversify market participation.

Mr. Saied Mahmud Zubayer in his keynote presentation emphasized the need for robust governance, transparency and regulatory oversight to rebuild investor trust. Challenges like declining BO accounts, weak IPO participation and limited foreign investment were addressed. Proposed solutions included regulatory reforms, promoting sustainability, enhancing corporate governance and fostering institutional participation. He also emphasized leveraging Bangladesh’s young, growing economy through coordinated reforms and stated financial inclusivity could transform the capital market into a driving force for economic growth.

Special Guest Mr. K A M Majedur Rahman, Member of the Capital Market Reform Taskforce, emphasized the need for a positive outlook on the capital market and making it more attractive compared to the banking sector. He urged regulatory authorities to prioritize shareholder interests through effective management and guidance. Highlighting professionalism and integrity, he encouraged greater female participation in the Chartered Secretary profession and envisioned Chartered Secretaries playing pivotal roles as top executives in Bangladesh.

Special Guest Professor Abu Ahmed, Chairman of Investment Corporation of Bangladesh (ICB) expressed gratitude to those who established ICB to encourage and broaden the base of investments. He emphasized focusing on healthy competition over subsidies. Professor Ahmed also highlighted that floor pricing is detrimental to the capital market. He anticipated a gradual decline in interest rates. He mentioned that Bangladesh has a good image and never become a loan defaulter.  In his remark, he also mentioned that Bangladesh is on the right track and desires for a well-structured capital market in Bangladesh.

Chief Guest Mr. Md. Mohsin Chowdhury highlighted the pivotal role of capital markets in fostering economic growth, innovation and job creation. Emphasizing the need for robust governance frameworks, he addressed challenges posed by technological advancements and evolving investor expectations, underscoring the importance of FinTech, blockchain and AI in transforming the capital market.

The Chief Guest also suggested strong regulatory systems to ensure transparency and market stability. Additionally, he emphasized the growing significance of sustainability and ethical investing, urging stakeholders to prioritize ESG considerations. He also mentioned following the 4Ps which are people, process, performance and purpose. He also emphasized creating awareness and introducing financial literacy from the Secondary School Certificate level.

He commended ICSB for organizing the Seminar and fostering collaboration among experts. He hoped that BSEC and ICSB will work together and Chartered Secretaries will play a unique role in upholding governance in Bangladesh.

The programme was attended by a decent number of Members of ICSB including Mr. A. K. M. Mushfiqur Rahman FCS, Vice President, Mr. Salim Ahmed FCS, Council Member, Mr. Oli Kamal FCS, Council Member, Mr. Md. Sharif Hasan FCS, Council Member of ICSB, Government Officials and Professionals from different fields. The discussion session was followed by an interactive floor discussion, where the Session Chairman answered various questions from the participants.

At the end, Mr. Mohammad Shafiqul Islam Bhuiyan FCS, Member of the Seminar & Conference Sub Committee and Council Member of ICSB concluded the session with a Vote of Thanks to the Chief Guest, Special Guests, Keynote Speakers, Discussants, Members of ICSB and all participants, the release adds.