CA Orders Hiring of Foreign Experts for Capital Market Reform

Chief Adviser Orders Swift Capital Market Reforms, Seeks Foreign Expertise

Chief Adviser Professor Muhammad Yunus on Sunday issued five key directives aimed at restoring investor confidence in Bangladesh’s capital market, including a call to hire independent foreign experts to lead comprehensive reforms.

The directives came during a high-level meeting with stakeholders of the capital market and representatives of the Bangladesh Securities and Exchange Commission (BSEC), held at the State Guest House Jamuna in Dhaka.

Briefing reporters after the meeting, Chief Adviser’s Press Secretary Shafiqul Alam said the Chief Adviser emphasized urgent reforms to stabilize and strengthen the market. BSEC Chairman Khondoker Rashed Maqsood briefed the meeting on the regulator’s ongoing initiatives.

Among the directives, Prof Yunus instructed the BSEC to facilitate the listing of multinational companies with government stakes through Initial Public Offerings (IPOs) and offer special incentives to attract large private firms to the stock market. He also emphasized the need to encourage companies requiring significant capital to shift from bank borrowing to raising funds via bonds and equity.

Critically, the Chief Adviser directed authorities to engage foreign experts to carry out in-depth reforms within three months, aiming to overhaul the market’s structure and restore credibility. He also ordered strict actions against those involved in past irregularities, sending a clear message that corruption and manipulation will not be tolerated.

"The state of the capital market is unimaginable," Prof Yunus said. "We must fix this. People’s trust won’t return unless the looters are held accountable."

Press Secretary Alam noted that the interim government expects meaningful reforms soon, with the involvement of international experts seen as key to rapid progress. Finance Adviser Dr Salehuddin Ahmed, Special Assistant Dr Anisuzzaman Chowdhury, and Principal Secretary Md Siraj Uddin Miah also attended the meeting.