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Expedite process of cross-border listing

Suggests ICC-B regional seminar

Staff Correspondent
The two-day ICC-B regional seminar in the capital ended yesterday making a set of recommendations that included holding and continuing dialogues with regional and international capita] markets for expediting cross-border listing process, and merger of small stock exchanges in the same market.
The seminar also recommended introduction of 'book building process' in determining IPO prices and demutualisation of the capital market to stimulate its further growth in the region.
ICC-B (International Chamber of Commerce - Bangladesh) President Mahbubur Rahman placed the recommendations at the wrap-up session of the seminar. Vice-president of the ICC-B Latifur Raltman spoke at the session.
The seminar recommended creation of matured bond market and setting up pension funds to bring variance in instruments for investors and, at the same time, creating some depth in the capital market
It also suggested developing the country's equity market to ensure investors of protection of their
investment and encourage large companies to raise funds from the capital market instead of going to the banks for I ong-term loans.
The seminar recommended redefining the roles of merchant banks so that they provide guarantee on investors' protection.
It stressed improvement of the quality of auditing and accounting standards to reflect the fundamentals of the companies for ensuring their transparency, and introduction of a regulated code of conduct for standardising corporate governance.
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The High Court should have a separate bench to deal only with securi-ties-relatedcases, it suggested.
Tbe wtjrrar further recom-r mended capacity building of the Securities and Exchange Commission (SEC) officials and .investors' awareness programme so that they are better equipped to [ address ail related issues.
' The recommendations will be sent to the finance ministry, the parliamentary standing committee on the ministry and all offices concerned for further suggestions from all stakeholders.
Earlier at the plenary session of die seminar, speakers underscored making the capital market regulatory body more independent and self-equipped to work without interference from the government orotheragencies.
They called for rapid expansion of the capital market to accelerate gross domestic growth more.
In Iris keynote speech at the session, SEC Chairman Mirza Azizul Islam stressed regulations for promotion of the financial sector generally and capital market In particular.
Those who spoke included SEBI India Chairman M Damodaran, SEC Pakistan Chairman Tariq Hassan. Singapore, Exchange Ltd President Swee Tian ANG, Karachi Stock Exchange Chairman Mohammad Yasin Lakhani, Chaittagong Stock Exchange President Habrbullah Khan and Bangladesh Enterprise Institute President Farooq Sobhan.