Banks, asset management companies to raise investment in capital market: BSEC

Banks and asset management companies will raise investment in the stock market for stabilising the market after a drastic fall of share prices.

Their commitment came after a meeting of the representatives of merchant banks and asset management companies with the Bangladesh Securities and Exchange Commission (BSEC) on Thursday.

The meeting also discussed raising the confidence of investors in the capital market and bond market for the sake of the development of the stock market.

With BSEC Commissioner Dr Sheikh Shamsuddin Ahmed in the chair, BRAC Bank CEO and Managing Director Salim RF Hussain, Shanta Asset Management Vice Chairman Arif Khan, EBL Securities Managing Director Sayedur Rahman, Standard Chartered Bank Managing Director Muhit Rahman, City Bank AMD and CFO Mahbubur Rahman and representatives of other related institutions attended the event.

BSEC Commissioner Shamsuddin explained the global situation and termed the bond market as an important source of long-term financing.

He emphasised making the bond market more sustainable for the development of the country’s capital market and utilising the possibility of long-term financing through bonds.

He also said that the government is playing a supporting role in the development of the bond market and the activities are ongoing in coordination with the IMF, World Bank, and other international organisations.

Another special meeting of BSEC with asset managers and fund managers was held on the same day. They discussed the current market situation and the development of existing mutual funds in the capital market.

BSEC Commissioner Dr. Mizanur Rahman instructed the present fund managers and asset management companies to protect the interests of the investors and conduct their activities as fair procedures.