Minister says at CSE internet trade fair
State minister for finance and planning MA Mannan on Wednesday said Financial Reporting Act would be passed in the next parliament session in a bid to ensure more transparency in the financial sector. Mannan said while addressing the inauguration ceremony of a two-day CSE internet trade fair being held at the Institute of the Diploma Engineers in the city. The Chittagong Stock Exchange is organising the fair in a bid to make internet trading familiar with the capital market investors.
Urging stakeholders to be respectful to the rules and regulations, the state minister for finance said the government always tried to support all the business with its highest effort and it would continue to do so in future.
‘In line with the government’s effort, the FRA will be passed in the next parliament session to ensure more transparency in the financial sector,’ he said.
Following Institute of Chartered Accountants of Bangladesh’s opposition, the government in its last tenure refrained from enacting the FRA.
The ICAB under a government Statutory Regulatory Order oversees the function of the chartered accountants and quality of audit reporting.
As per the proposed FRA, a Financial Reporting Council will be formed in a bid to monitoring the function of auditors.
The state minister said political situation for last 10 months had been congenial for business and all the economic indicators were showing positive sign.
He also hoped that the capital market could play an important role in the country’s further economic development.
Addressing as special guest, BSEC chairman M Khairul Hossain said, ‘The capital market is showing stability for last one and half years as the government and the BSEC has taken so many steps after the market crash in 2010 in a bid to restore investors’ confidence over the market.’
Internet trading could play an important role in giving access of capital market investors to share trading from home and abroad, he said.
But, the CSE have to be very careful so that the internet-based trading remains uninterrupted and all the legal issues which are applicable in this regard are complied properly, said Khairul.
CSE chairman Muhammad Abdul Mazid said internet trading could play revolutionary role in increasing investors’ participation in the capital market as well as to ensure hassle-free share trading for them.
He also said as like the mobile banking revolution in the country, internet trading might play a vital role in the country’s economic development.
CSE managing director Syed Sajid Husain said though the internet trading was introduced by the bourse in 2010, it was yet to get investors’ response due to various reasons including the market crash.
At present, daily internet trading at the CSE amounts to Tk 4-5 crore, Sajid informed.
Mobile phone operators, IT companies, brokerage houses and mobile handset companies are taking part at the fair and demonstrating their IT-related products that will be helpful for the internet trading.
Everyday five visitors are being selected through lottery for awarding with internet devices like smartphone, modem and internet packages.
The fair is remaining open from 10:00am to 8:00pm for visitors.
-With New Age input
