Dhaka:Finance Minister Amir Khosru Mahmud Chowdhury has called for the transformation of Bangladesh's capital market into a fully paperless, institution-based, and technology-driven entity. The minister emphasized the importance of making the Investment Corporation of Bangladesh (ICB) a competitive and professional institution.
According to Bangladesh Sangbad Sangstha, the minister made these remarks during a program marking the golden jubilee and anniversary of the ICB. He urged the ICB to adopt a market-oriented, competitive, and professional approach to modernize the country's capital market and financial sector.
The minister highlighted that the ICB was originally established to promote a free-market economy and develop a market-based capital market in Bangladesh. Its objectives included mobilizing public savings for investment and channeling funds into the national economy. He noted the current heavy reliance on retail investors and stressed the need for the ICB to help transition towards an institution-based market, aligning with global trends where institutional investors dominate.
As part of ongoing economic reforms, the minister stated that appointments in financial institutions, including the securities regulator, are being made without political influence. The government is committed to avoiding politically motivated appointments in banks or financial institutions.
Advancements towards full automation and digitalization in the capital market are underway, he mentioned. This includes the securities regulator, stock exchanges, brokerage houses, and the ICB, adhering to the principle of "No Paper Transaction, Nothing Paper," with all related activities to be completed online.
The minister also referenced a recent meeting in New York involving the Prime Minister and senior executives from leading global institutions, where confidence in Bangladesh's capital market and economic reforms was affirmed. Efforts are being made to attract global capital through private funds, climate financing, and derivatives products.
The minister encouraged domestic financial institutions to move beyond traditional banking practices, adopting international standards and practices of global financial markets. He expressed optimism that the ICB will leverage its experience and internal restructuring to become a modern, efficient institution that meets international standards.
The event was chaired by ICB MD Niranjan Chandra Debnath and attended by BSEC Chairman Masud Khan, Finance Division Secretary Dr. Md Khairuzzaman Majumder, Financial Institutions Division Secretary Nazma Mobarek, and ICB Chairman Abu Ahmed, among others.