BSEC’s earnings jump 50% to Tk26cr in FY24
The
commission remains committed to undertaking necessary reforms to build a more
modern, resilient, and investor-friendly capital market, says the BSEC chairman
The
Bangladesh Securities and Exchange Commission (BSEC) reported a significant
boost in its financial performance for the fiscal year 2023-24, with net
earnings rising by 50% year-on-year to Tk26.06 crore.
According
to its annual financial report, published on 12 August, the regulator's total
income rose 9% year-on-year to Tk122.60 crore. After covering expenses, net
earnings stood at Tk26.06 crore.
The
report stated that BSEC's main revenue sources include registration, annual and
renewal fees, approval and application charges, fines and penalties, BO account
maintenance fees, and interest income from deposits. By the end of June 2024,
the regulator's total assets amounted to Tk440 crore.
In the
report, BSEC Chairman Khondoker Rashed Maqsood noted that despite Bangladesh's
rapid economic expansion in recent decades, the capital market has not grown at
the same pace.
"Every
sector of the economy has strong long-term investment needs, yet this demand is
not reflected in the size of our capital market. For Bangladesh to build a
stronger economy, especially during times of crisis, capital market development
is essential," he said.
Maqsood
added that the BSEC has already taken steps to make the capital market the
primary source of long-term financing and to establish it as a reliable
investment avenue.
The
chairman, however, acknowledged that FY24 was marked by declining daily
turnover and instability in the market.
To
restore investor confidence and ensure an effective role for the capital market
in supplying long-term capital, Maqsood outlined several priorities, including
coordinating with other financial regulators, upgrading market structure and
management to international standards, ensuring institutional governance
through automation, strengthening monitoring mechanisms, and enhancing and
utilising human resources effectively.
"The
Commission remains committed to undertaking necessary reforms to build a more
modern, resilient, and investor-friendly capital market," he said.