Monday, 29 May, 2023

BSEC to digitise monitoring system of capital mkt to check forgery

Bangladesh Securities and Exchange Commission (BSEC) in collaboration with government is going to digitize monitoring system of the capital market in order to combat forgery.

As part of this effort, BSEC will establish a fully digital and transparent governing board for data interoperability (FinTech), which would also ensure interoperability of software services and operations of different organizations under BSEC, said a press release, reports BSS.

A memorandum of understanding (MoU) was signed today between the Bangladesh Computer Council (BCC) of the ICT Division and BSEC at the BSEC Multi-purpose Conference Hall.

The implementation of the Digital Transformation of the Bangladesh Capital Market: Data Interoperability (FinTech Board) will be financed by the World Bank-funded Enhancing Digital Government and Economy (EDGE) Project of BCC, with a target to complete it by 2026.

Ranajit Kumar, Executive Director of BCC, and Mohammed Shafiul Azam, Executive Director of BSEC, inked the MoU on behalf of their respective organizations.

Chaired by BSEC Commissioner Dr. Shamsuddin Ahmad, it was attended by ICT Secretary Md. Shamsul Arefin, BSEC Chairman Shibli Rubayat Ul Islam, EDGE Project Director Dr. Muhammed Mehedi Hassan, and BSEC Executive Director Mohammed Shafiul Azam.

Shibli Rubayat Ul Islam said the use of ICT in the capital market will not only reduce corruption but also curb the activities of those who are involved in manipulation, fraud, and looting in the share market.

He said automation of BSEC and implementation of the FinTech Board at the initiative of the government will ensure interoperability of software-based services and operations among the organizations of BSEC and transparency of the capital market's functions.