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Top Ideas for Capital and Financial Markets

In cooperation with the Research and Evaluation Division of BRAC, Copenhagen Consensus Center organized roundtable discussions with an aim to figure out smarter solutions to the most problematic issues facing Bangladesh.

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Top Ideas for Capital and Financial Markets

  1. 1. Capital and Financial Markets Research Ideas Dhaka July 2, 2015
  2. 2. Bangladesh Priorities WORKING WITH 30-50 economists including Nobel Laureates, 100+ sector experts engaging major development organizations, NGOs, government, businesses, youths, rural and urban Bangladeshis to identify, analyze and prioritize interventions that will deliver greater benefit per taka spent, helping move Bangladesh towards Vision 2021 and a more prosperous long term future.
  3. 3. In cooperation with the Research and Evaluation Division of BRAC, Copenhagen Consensus Center organized roundtable discussions with an aim to figure out smarter solutions to the most problematic issues facing Bangladesh. These roundtables are one of several sources for research ideas. Sourcing ideas and solutions Smarter solutions for Bangladesh Complete set of papers on 30-50 solutions PRIORITIZATION Government NGOs Academia Pvt sector Think tanks Development organizations Eminent Panel Assessment Government and donor seminars Rural polls Newspaper polls among readers Youth forums across the country Private sector meetings Social, economic and environmental benefit-cost research by top Bangladeshi, and international economists Extensive peer review by sector experts and academics 100+ ideas on policies & investments 20162015 Continuous engagement with the public via electronic, print and social media Working with civil society, government and sector experts Widely advocating results of prioritization exercises OUTREACH
  4. 4. Research Ideas
  5. 5. Capital and Financial Markets; (1 of 6) • Raise risk awareness and financial literacy among small investors. • More training opportunities for investors. • Increase enlistment of companies in the capital market. • Ensure easy access to long term credit. • Ensure eligible companies are entering the capital market. • Increase private sector investment in the capital market. • Strengthen SEC with proper equipment and skills. • Increasing coordination among the regulators i.e. IDRA, Bangladesh Bank, NBR and SEC.
  6. 6. Capital and Financial Markets; (2 of 6) • Strengthen internal financial control through corporate governance. • Regulate and enforce breaches to market manipulation including insider trading. • Ensure consent of regulators before a company is allowed to enter the capital market. • Impose investment restriction on small investors. • Raise investor’s awareness about securities market situation. • Establish a Fiscal Measure Facility. • Make mutual funds open ended. • Promote separate platform for mutual fund.
  7. 7. Capital and Financial Markets; (3 of 6) • Promote Islamic capital Market. • Increase access to international capital market. • Issue sovereign bonds as a source of external financing. • Review and extend autonomy of Bangladesh Bank. • Bring all non-performing portfolios under the regulatory supervision of Bangladesh Bank. • Bring NBFI depositors under insurance coverage. • Easy and simplified procedures of reporting to Bangladesh Bank [to support growth of NBFIs]. • Focus of NBFIs should be on low risk industrial segments.
  8. 8. Capital and Financial Markets; (4 of 6) • Ensure that lending and leasing are not mixed in the same business portfolio. • Develop insurance industry [presently serving only 1%- 2% of population]. • Develop the mutual fund segment of the financial sector. • Expedite implementation of Financial Reporting Act (FRA) 2013. • Upgrade accounting and auditing standards - International Accounting Standards (IAS) and International Standards of Auditing (ISA).
  9. 9. Capital and Financial Markets; (5 of 6) • A MoU/protocol between SEC and Bangladesh Bank on the collection and sharing of supervisory information and in enforcing conduct requirements. • Adopt clear and consistent regulatory processes to enable SEC prosecution of crucial cases. • Implementation of BASEL-III framework for bank companies. • Establish a Special Capital Market Tribunal engaging Ministry of Law and SEC. • Begin the process of cross-border cooperation and information sharing with regulatory regimes. • Set eligibility criteria and regulation standards governing collective investment schemes.
  10. 10. Capital and Financial Markets; (6 of 6) • Ensure compliance of market intermediaries with standards for internal organization and operational conduct. • Expand taxpayer base by monitoring ownership of all sizeable physical and financial assets of taxpayers, and determining income generation out of those assets. • Creation of a central database to administer withholding agencies. • Broaden tax revenue sources through identifying new/potential taxpayers. • Increase tax incomes from service providers and self- employed. • Equal treatment of all sources of income without discrimination for households.
  11. 11. Full List of Attendees and Interviewees Ranjit Kumar Chakraborty, Director, Sonali Bank, Former Additional Secretary, Bangladesh Govt. Khairul Bashar Abu Taher Muhammad , CEO, MTB Capital. Faruq Ahmed Siddiqi, Retired Secretary to govt. of Bangladesh and Former Chairman, Securities and Exchange Commission. Dr. Muhammed Hellal Uddin, Associate Professor, Dhaka University. Md. Hasib Reza, Research Associate, BRAC EPL Stock Brokerage. Dr. Mahfuzur Rahman, Program Head, RED BRAC. Dr. Mizanur Rahman, Consultant-GPEI, WHO. Mr. MG Mortaza, Economist, Asian Development Bank (ADB). Dr. Ahsan H. Monsur, Executive Director, Policy Research Institute. Professor Mustafizur Rahman, Executive Director, Center for Policy Dialogue.