FE Report
The securities' regulator has published newly framed rules to bring all stakeholders of capital market and other institutions under a legal framework to conduct the nation-wide financial literacy programmes.
The objective of conducting nation-wide financial literacy programme is to create awareness among investors in an effort to minimise risks.
Prime Minister Sheikh Hasina is expected to inaugurate the nation-wide financial literacy programme on January 8 through an inaugural ceremony to be arranged by the securities' regulator in the capital.
Under the rules titled 'Bangladesh Securities and Exchange Commission (Development of Investment Education and Training) Rules, 2016, the short-term, mid-term and long-term initiatives will be taken to spread investment related awareness across the country.
A commissioner of the Bangladesh Securities and Exchange Commission (BSEC) said the involvement of other educational institutions and academies is also required along with stakeholders of the capital market to make the literacy programmes successful.
He said the stakeholders of the capital market are licensed by the securities' regulator.
"So, the stakeholders of capital market will abide by the regulatory instruction. A legal framework is required to ensure the support and cooperation of other institutions which are not licensed by the regulator," the BSEC commissioner said.
A 'Financial Literacy Division' will also be set in the Bangladesh Securities and Exchange Commission (BSEC) as part of conducting nation-wide financial literacy programmes.
"The commission time to time will define strategies and activities regarding Investment Education and Training to fulfill the objective of rules," said the gazette notification published on the rules of financial literacy programmes.
The curriculum regarding financial literacy will also be included in the text books of secondary, higher secondary, university and other institutions, said a senior BSEC official.
The short term goals of the programe will be implemented within one year timeframe targeting the existing investors, employees of stakeholders, teachers and trainers, defense officers, judges, lawyers and journalists.
Midterm programmes will be implemented within timeframe of more than one year and less than three years and the target groups will be school, college, universities, civil and public servants, private sector officials, NGO employees, physicians, engineers and middle income group.
And the long term programmes will be implemented within the timeframe of more than three years targeting the home makers, retired personnel, businessmen, workers and general public.
Both the stock exchanges will play a vital role in conducting financial literacy programme.
Different professional bodies such as Institute of Chartered Accountants of Bangladesh (ICAB), Institute of Cost and Management Accountants of Bangladesh (ICMAB), Institute of Chartered Secretaries of Bangladesh (ICSB) and other educational institutions like Bangladesh Institute of Capital Market (BICM), Bangladesh Institute of Bank Management (BIBM) and business schools will also be involved with the activities of programmes.
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