`Bank and financial institutions cannot pay in special funds’

Country’s capital market is moving forward with a positive decision after the new commission of the Bangladesh Securities and Exchange Commission (BSEC) took over. All previous records have already been broken due to BSEC’s capital market friendly decision. The ‘Capital Market Stabilization Fund Rules’ have been formulated to support the capital market as a positive decision. However, the regulatory body Bangladesh Bank does not provide funds to banks and financial institutions in this fund. On Monday, the regulators of financial institutions met to discuss the overall situation in the country’s financial sector. This demand was presented at the meeting on behalf of Bangladesh Bank. However, BSEC hopes that a good decision will be made through discussion of all parties in this regard.

At this meeting Bangladesh Bank Governor Fazle Kabir and four deputy governors, BSEC Commissioner Prof. Shamsuddin Ahmed, Insurance Development and Regulatory Authority (IDRA) Chairman. Mosharraf Hossain, representatives of NGO regulatory body Microcredit Regulatory Authority (MRA), BTRC representatives, representatives of Cooperatives Department, Registrar of Joint Stock Companies and Firms (RJSC) and other heads of regulatory bodies and their representatives have attended.

According to meeting sources, Bangladesh Bank has said that many regulations of BSEC are in conflict with the Companies Act and the Banking Companies Act. As a result, banks and financial institutions will not be able to comply with the BSEC law in that place. Because their main regulator is Bangladesh Bank.

Sunbd/NJ