The establishment of a Capital Market Institute (CMI) is in the offing to help create an adequate number of human resources in the country's stock market.
"We have already finalised the memorandum and articles of association of the proposed CMI and hopefully it will be operative by the end of June, 2007," a high official of the Securities and Exchange Commission (SEC) told the FE Thursday.
SEC sources said the proposed CMI will be like a private think tank which will be run by a group of expert professionals with representatives from SEC, Bangladesh Bank, Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), Investment Corporation of Bangladesh (ICB) and Bangladesh Association of Publicly Listed Companies (BAPLC).
Market operators, however, said the proposed institute, first of its kind in the country, must not be like a government-owned entity.
"It must be a purely autonomous body only to work for creating professionals in the areas of stock market which currently lacks expert human resources sorely," said a DSE director.
Stock market in Bangladesh has developed in the last one decade with a steady growth but liquidity crisis, lack of quality shares and lack of expert professionals are affecting the market which is an important source of local fund mobilisation for industrialisation.