The quality of companies entering the stock market matters more than the number of initial public offerings (IPOs), corporate governance expert Mohammad Sanaullah said on Thursday.
The former President of the Institute of Chartered Secretaries of Bangladesh (ICSB) at a professional development programme on IPO management and direct listing said investor confidence was the foundation of a sustainable capital market and chartered secretaries had an important role in preparing companies for listings and ensuring regulatory compliance and sound corporate governance.
He identified IPO readiness, corporate restructuring, board effectiveness, disclosure management and post-listing governance as areas where chartered secretaries could make significant contributions.
The programme also examined the Direct Listing Rules, 2026 and proposed major amendments to the Public Offer of Equity Securities Rules, 2025.
Md Abul Kalam, executive director of the Bangladesh Securities and Exchange Commission, presented the keynote paper, outlining eligibility criteria for direct listing, application requirements, share valuation, approval and rejection procedures, and application revisions.
He also discussed general IPO requirements, share offloading by eligible companies under direct listing and the proposed use of offer-for-sale under a hybrid mode.
ICSB President Mohammad Shahajahan said IPOs and direct listings could help mobilise long-term capital and support capital market growth, emphasising transparency, regulatory compliance and strong corporate governance, saying professional development programmes could strengthen expertise in these areas.
A technical panel featuring Mohammad Obaydur Rahman, director of AAA Finance and Investment, and Mohammad Shafiqul Islam Bhuiyan, general manager of the Regulatory Affairs Division and acting chief regulatory officer of Dhaka Stock Exchange, discussed the practical challenges of implementing the rules.
The discussants also highlighted governance practices and the role of company secretaries in strengthening investor confidence and promoting ethical business practices.
The hybrid-format programme brought together regulators, company secretaries, directors, corporate executives and governance professionals. It included a question-and-answer session on the practical implications of the regulatory framework.
Sanaullah, who chaired the session, reaffirmed ICSB’s commitment to professional development and capacity-building initiatives.
ICSB Secretary and CEO Md Shabbirul Alam Chowdhury also attended.
Munshi Fahima Rahman, a member of the institute’s Professional Development Committee, moderated the session, while committee member secretary Israt Jahan Rimi delivered the vote of thanks.
