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| Agency overview | |
|---|---|
| Formed | 8 June 1993 |
| Jurisdiction | Bangladesh |
| Headquarters | Dhaka, Bangladesh |
| Agency executive | |
| Website | www |
| Footnotes | |
| [1] | |
The Bangladesh Securities and Exchange Commission (BSEC) is the regulator of the capital market of Bangladesh, comprising Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). [2] The commission is a statutory body and attached to the Ministry of Finance. [3]
BSEC was established on 8 June 1993 under the Securities and Exchange Commission Act, 1993. [4] Sultan-uz Zaman Khan, a career bureaucrat, was the first commissioner of the commission. [5] Before the commission, the market were regulated under the Capital Issues Act 1947. [6] The chairman and members of the commission are appointed by the government and have overall responsibility to administer securities legislation. [4] The commission is a statutory body and attached to the Ministry of Finance. It works closely with Central Depository Bangladesh Limited.[ citation needed ]
Initially the name was Securities and Exchange Commission, on 10 December 2012 and was officially changed to Bangladesh Securities and Exchange Commission. [4]
During the 2011 Bangladesh share market scam BSEC withdrew various directives given earlier to help stabilize trading at the Dhaka Stock Exchange and was criticized by some commentators for its actions during the subsequent crash. [7] [ citation needed ]
In 2017, BSEC plans to establish an intelligence unit of the commission. [8]
Bangladesh Academy for Securities Market (BASM) was established in July 2019 as the academic unit of Bangladesh Securities and Exchange Commission. [9]
Two professors of the University of Dhaka, Shaikh Shamsuddin Ahmed and Mizanur Rahman, were appointed commissioners of Bangladesh Securities and Exchange Commission on 20 May 2020 for 4 years. [10]
In 2021, Bangladesh Securities and Exchange Commission announced it is investigating Padma Bank following a complaint by Mohiuddin Khan Alamgir, founding chairman of the bank, and letter against him from the bank. [11]
Bangladesh Securities and Exchange Commission approved Bashundhara Group's request to purchase a 25 percent stake in the Chittagong Stock Exchange. [12] Under the Digital Security Act, Bangladesh Securities and Exchange Commission was identified as a critical information infrastructure which restricts the publics access to information from the organisation. [13] The commission ordered Tamha Securities to be liquidated to pay back clients whose investment was embezzled by the firm. [14] Professor Rumana Islam of the University of Dhaka was appointed the first female commissioner in May 2022 replacing Khondoker Kamaluzzaman. [15]
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The Dhaka Stock Exchange (DSE), located in Nikunja, Dhaka, is one of the two stock exchanges of Bangladesh, the other being the Chittagong Stock Exchange. In January 2023, DSE and Nasdaq announced their partnership with trading technology.
Agrabad is a central business district in Chittagong, Bangladesh. Located close to the city's harbour, it hosts numerous Bangladeshi and international businesses, banks, financial institutions, and other commercial entities, including the Chittagong Chamber of Commerce & Industry, the World Trade Center, and the Chittagong Stock Exchange. The area forms part of the Double Mooring precinct and is directly connected to the Port of Chittagong. Agrabad is a key business centre in Bangladesh, along with Motijheel, Gulshan, Banani and Kawran Bazar.
The Chittagong Stock Exchange is a stock exchange based in the port city Chittagong, Bangladesh. It is one of the twin financial hubs of the country, alongside the Dhaka Stock Exchange. Established in 1995, the exchange is located in the Agrabad business district in downtown Chittagong. It has a combined market capitalization of over US$ 38 billion as of 2020.
Multi Commodity Exchange of India Ltd (MCX) is a commodity exchange based in India. It was established in 2003 by the Government of India and is currently based in Mumbai. It is India's largest commodity derivatives exchange. The average daily turnover of commodity futures contracts increased by 26% to ₹32,424 crore during FY2019-20, as against ₹25,648 crore in FY2018-19. The total turnover of commodity futures traded on the Exchange stood at ₹83.98 lakh crore in FY2019-20. MCX offers options trading in gold and futures trading in non-ferrous metals, bullion, energy, and a number of agricultural commodities.
Dhaka Bank PLC is a private limited commercial bank in Bangladesh. Its headquarters are situated in Dhaka. Currently the bank has 100 branches and 3 SME Service Centers around the country.
Dragon Group is a group of garment factories and other companies in Bangladesh. The group produces mainly for the international market and exports to more than 30 countries, especially the United States and Canada. Its subsidiary Dragon Sweater employs more than few thousand workers and in 2018 was the most traded stock on the Dhaka Stock Exchange.
Bashundhara Group is a Bangladeshi conglomerate and one of the largest manufacturing companies in Bangladesh. It was incorporated in 1987 as a real estate company under the name East West Property Development Ltd (EWPD). After its first project turned out to be successful, the company grew quickly. It presently owns more than 50 major concerns located throughout Bangladesh. The company's import-export turnover was $1.12 billion or BDT 111.38 billion in the 2022-23 fiscal year. In the 2018 fiscal year, the company's real estate holdings amounted to BDT 50,000 crores, or $4.6 billion.
Investment Corporation of Bangladesh (ICB) is a statutory corporation of Government of the People's Republic of Bangladesh, established on 1 October 1976 under No. 40 of Investment Corporation of Bangladesh Ordinance, 1976. It is mainly an investment bank operating in Bangladesh, established to accelerate the pace of industrialization and to develop a sound securities market in Bangladesh. ICB is one of the largest investors in share market of Bangladesh. Investing in share market, providing loans and advances, acting as manager/trustee/custodian of mutual funds are some of main activities of ICB. It's the most successful state-owned corporation of Bangladesh in terms of profitability. Classification of shareholders, as on 30 June 2013, shows that Government of the People's Republic of Bangladesh holds 27% of the shares of ICB and it is enlisted in Dhaka and Chittagong stock exchanges.
The financial system of Bangladesh consists of three broad sectors. They are
United Commercial Bank PLC (UCB) is a commercial bank in Bangladesh. It was established in 1983.
Fareast Islami Life Insurance Limited ফারইস্ট ইসলামী লাইফ ইন্স্যুরেন্স কোম্পানী লিমিটেড, was founded in Bangladesh as a public life insurance company in 2000. Currently the company has 23 Divisional Offices, 103 Service Center Offices, 252 Zonal Offices and 635 Premium collection centers throughout Bangladesh. Sheikh Kabir Hossain is the chairman of the company.
M Khairul Hossain is a Bangladesh academic, Professor of Finance at the University of Dhaka, and had been the longest-serving head of Bangladesh Securities and Exchange Commission.
Midland Bank Limited is a fourth generation private commercial bank in Bangladesh. Nilufer Zafarullah is chairperson of the bank. Md Ahsan-uz Zaman, is the managing director and CEO of Midland Bank Limited.
Union Bank PLC is a fourth-generation private Islamic bank in Bangladesh. It is listed on the Dhaka Stock Exchange.
Central Depository Bangladesh Limited is a Bangladesh government regulatory agency that records and facilates the trade of securities in Bangladesh. It is the National Numbering Agency for International Securities Identification Number in Bangladesh and member of the Association of National Numbering Agencies. Sheikh Kabir Hossain is chairman of the board of directors. It is Bangladesh's only securities depository enterprise.
Aviva Finance Limited is a sharia complaint major non-bank financial institution in Bangladesh. It was formerly called Reliance Finance Limited. Mohammed Saiful Alam is the chairman of Aviva Finance Limited and also S. Alam Group. The former managing director of Reliance Finance Limited, Proshanta Kumar Halder, embezzled from Reliance and other financial institutions in Bangladesh through fraudulent loans. According to the Anti-Corruption Commission Proshanta Kumar Halder had stolen 102 billion taka. The Daily Star gave Proshanta Kumar Halder the name sultan of swindle.
Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange.
LankaBangla Finance PLC. is a licensed non-banking financial company in Bangladesh. Mohammad A. Moyeen is the chairman of LankaBangla Finance Limited. Khwaja Shahriar is the CEO and managing director of LankaBangla Finance Limited.
Shibli Rubayat Ul Islam is the Chairman of the Bangladesh Securities and Exchange Commission. He is the former Chairman and Dean of the Faculty of Business Studies at the University of Dhaka. He is treasurer of Dhaka University Central Students' Union.
Muhammad Abdul Mazid is a retired secretary and former chairman of the National Board of Revenue. He is a former chairman of the Chittagong Stock Exchange. He is the chief coordinator of the Bangladesh Diabetic Samity.
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