Tax exemption proposed for BSEC to boost capital market

Parliament: Finance Minister AMA Muhith on Thursday proposed tax exemption for the Bangladesh Securities and Exchange Commission (BSEC) in order to make a positive impact on the capital market.
He also said a plan has been taken to establish a separate clearing and settlement company as part of a long-term action plan for the development of the capital market.
"Necessary rules have already been formulated for this purpose," Muhith said while placing budget for the fiscal year 2017-2018 in Parliament.
Besides, the Finance Minister said, initiatives to find strategic partners under the demutualization law to enhance technical and professional capacities of stock exchanges will continue.
He said in order to meet the capital needs of start-ups and new companies in the capital market, Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015 has been formulated.
Muhith mentioned that a modern surveillance system has already been installed to bring transparency in the transactions of the capital market.
"An initiative has been taken to establish a Small Cap Platform to facilitate capital formation of small and medium enterprises. To this end, Bangladesh Securities and Exchange Commission (Qualified Investor Offer by Small Capital Companies) Rules, 2016 has been formulated," he added.
Side by side, Muhith said, in order to launch a new product Exchange Traded Fund (ETF), Bangladesh Securities and Exchange Commission (ETF) Rules, 2016 has been formulated.