To promote reliable and sustainable capital market
In addition to the secondary market, we bring reforms in our primary and small-cap markets. Because the nameless companies are stealing money from the capital market by submitting fake prospectus. Many people think managers and audit companies are involved with this process. But these issues should be presented to investors through proper investigation. As a result, many companies went bankrupt after going public, but the investors still needed to get their money back. In such a situation, restoring people's trust without transparency and accountability is impossible. ABG Limited and CSE will work together to protect the interests of investors.
Although many public and private companies in the country have made thousands of crores of profit, they have yet to come to the capital market through Initial Public Offering (IPO). Because, in the capital market, investors must give financial accounts in four quarters a year, assets and income-expenditure must also be shown. The annual General Meeting (AGM) of all enlisted companies has to be held at the end of the year. As a result, those associated with the company will be unable to do money laundering or embezzlement even if they want to. They must come under the umbrella of transparency. They don't want to do that. Therefore, the government should reduce the tax benefits of multinational companies with large profits and list them in the capital market. It will increase the fund of the capital market as well as increase its depth. Investors will also be interested in the market.
Big companies want to avoid coming to the capital market. But some companies struggle a lot to go to the capital market. For example, a company applied to BSEC in February 2020 to raise funds for business expansion. But the company was allowed to withdraw money in 2022. In the meantime, the company has completed the development by borrowing from the bank; this should be different. A one-stop service should be introduced for the registration of new companies. Also, there should be the facility to open a BO account through an app with only NID and mobile number. This will attract new investors.
The investment process should be simplified for ordinary and foreign investors. A strong unit should be opened to bring them to the capital market. This unit will attract investors from different countries to direct investment in Bangladesh. Apart from this, the students of various public and private universities in the country should be allowed to invest in the capital market under easy conditions, besides teaching them capital market investment strategies.
At the same time, a balanced, orderly, and sustainable capital market should be developed to maintain the continuity of how Bangladesh is creating new successes in the development stage. And for this purpose, Bashundhara ABG Limited is determined to stand by the investors with all the necessary services and support.
As we all know, investors of our country have already lost their faith in capital market. Again here we found to do something good for the economy of the country. We believe an exchange with all types of securities and sustainable secured global standard trading platform eco system will be able to attract not only all classes of investors but also compel all citizens of the country and foreign investors to invest in the capital market instead of investing or depositing funds anywhere else. Hopefully we, ABG will be in a very good position to transform the living standard of all citizens of the country through revamping CSE. Moreover, to expedite the eco system of Capital market in Bangladesh, ABG also integrated three more new business venture with a vision for vertical integration and financial inclusion. We, ABG Limited is very happy to share the business identity of these specialized ventures with business prospects.
ABG TECHNOLOGIES LIMITED has been incorporated to create a digital payment gateway for faster transections of CSE. We believe it will help to transform BSEC's instant settlement desire to reality. Investors may obtain an easy and transparent way to invest in the capital market. By using this channel both investors and government of Bangladesh will be benefitted and get direct privilege. The company may contribute to fulfil the dream of digital Bangladesh of our Honourable Prime Minister. You would be pleased to know that, the company is ready to work with CSE dedicatedly.
ABG Media Limited has been incorporated to establish a dedicated TV channel, magazine, and newspapers for all types of business ventures, especially the capital market. The company will be able to contribute to branding and acquisition of new investors at the CSE.
ABG Datafication Limited has been incorporated to act as the data centre of all companies of the biggest business conglomerate known as Bashundhara group. The company has the ability to provide e-KYC services to the exchange along with datacentre and other facilities subject to the prior approval from relevant authorities.
With the contributions and assistance of ABG Limited, capital market of the country will rise and CSE will become one of the top exchange of the world.
Developed world has already moved to the digital economy. This digital economy will keep contribution to achieve Vision-2040 of the government of Bangladesh. ABG Limited will contribute to transform Bangladesh into digital economy by introducing utmost technology in the capital market. We envision engaging grassroots-level people with capital market and would like be a stakeholder of building Bangladesh with digital economy.
Sayem Sobhan Anvir is the Managing Director of Bashundhara Group