The Financial Express

Bond market needs to be made 'visible': Salman Rahman

| Updated: June 20, 2021 15:44:56

Bond market needs to be made 'visible': Salman Rahman

Mr Salman F Rahman, adviser to the prime minister on private industry and investment, on Saturday laid emphasis on making the country's bond market 'visible' to the investors.

"The basic problem of the bond market is that it is not visible. We hope this market will be an alternative source of financing for industrialisation and implementation of the government's projects," Mr Rahman said at a virtual discussion held in Dhaka. He was the chief guest at the event.

Bangladesh Merchant Bankers Association and the Capital Market Journalists' Forum (CMJF) organised the discussion on 'Post-budget discussion and roadmap for the development of capital market'.

Mr Rahman suggested increasing the operational capacity of the bourses as the country's stock market has been expanding gradually.

"I think the stock market will be benefitted if the demands and suggestions

placed by the stakeholders are considered before finalising the budget for fiscal year 2021-22," he added.

"The stock market will be vibrant gradually as investors' confidence has rebounded following the regulatory measures. The HSBC has also acknowledged that our market is one of the best performing markets", Mr Rahman said.

Referring to the poor tax-to-GDP ratio, Mr Rahman put emphasis on increasing the government's revenue income.

In his brief speech, Chairman of the Bangladesh Securities and Exchange Commission (BSEC) Prof Shibli Rubayat Ul Islam said they want to act as a business-friendly regulator.

"The steps taken so far for the development of the bond market will be implemented. We hope to see further tax benefits in the coming days," he said.

BSEC commissioner Shaikh Shamsuddin Ahmed said fundamental changes are required for further development of the stock market.

"Such development can be ensured through introducing new products and listing of quality companies. We will also have to go beyond the equity market and make the bond market popular," he said.

Chairman of the Chittagong Stock Exchange (CSE) Asif Ibrahim, who was present as special guest, termed the proposed budget capital market-friendly.

He urged the government to consider reducing the tax at source to 0.015 per cent from the existing 0.05 per cent charged on broker's commission.

President of DSE Brokers Association Sharif Anwar Hossain, president of AMC Association Dr Hasan Imam, president of Bangladesh Merchant Bankers Association Md Syadur Rahman and president of Capital Market Journalists' Forum (CMJF) Hasan Imam Rubel also spoke at the webinar moderated by the CMJF's general secretary Md Munir Hossain.

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