He said these things on Thursday (July 9) at the 'CMJF Talk' event organized by the Capital Market Journalists' Forum (CMJF). The event was presided over by CMJF President Monir Hossain and moderated by General Secretary Ahsan Habib Russell.
Highlighting his corporate life experience, Masud Khan said, 'We spend 80 percent of our time on planning and 20 percent on implementation for any task. So, before joining, I had already prepared short, medium, and long-term action plans.'
He informed that initially, he had turned down the offer to become the BSEC Chairman. Because many warned that taking this responsibility could tarnish the reputation of his long 46-year corporate career. However, after receiving assurance from the government about working independently, he reconsidered the matter.
Masud Khan said that when he informed his wife about the matter at night, she advised him to perform Salat al-Istikhara (prayer for guidance). The next day, his wife expressed her opinion in favor of accepting the responsibility and said, 'You have achieved what you could in corporate life. Now is the time to do something for the country.'
He said that an effective and trustworthy capital market is essential to strengthen the country's economy. He has taken this responsibility with that goal in mind.
The BSEC Chairman informed that after taking charge, steps have been taken to withdraw the floor price, initiatives to restore foreign investors' confidence, and resolve complications related to GDRs of companies listed abroad.
He said that the Dhaka Stock Exchange (DSE) is being given more freedom to work independently in market monitoring. The requirement for BSEC's prior approval in many cases has also been relaxed, including taking swift action in cases of abnormal price hikes, taking action against companies that have been closed for a long time, and various listing-related issues.
Masud Khan also mentioned his role in including various capital market-related tax benefits in the budget. He said that reducing the tax burden on inter-company dividends, relaxing investment limits in mutual funds, tax exemption on zero-coupon bonds, and various tax-related proposals for listed companies have been advanced through discussions with the Ministry of Finance.
Mentioning the revival of the mutual fund sector as a top priority, he said that general investors should be encouraged to invest through professional management instead of directly buying shares.
In addition, initiatives are being taken to introduce a licensed financial advisor system, simplify the IPO process, expand opportunities for direct listing of new companies, and make existing regulations more market-friendly.
Masud Khan said, 'Sustainable development of the country's economy is not possible without a vibrant and transparent capital market. Therefore, restoring investors' confidence in the market and long-term reforms are now our main goals.'
