Tk 100m allocated for setting up capital market institute
Tuesday, 19 May 2009
Kayes M Sohel
The government has allocated Tk 100 million for setting up a capital market institute aiming to train skilled professionals for the country's growing securities market, officials said Monday.
"The Finance Ministry has sanctioned Tk 100 million for establishing the institute styled Bangladesh Institute of Capital Market (BICM) for the first time in the country," a source in the ministry told the FE.
"This amount of money will be taken from the government's budgetary allocation for education sector," he added.
Another source familiar with the process to set up the BICM said, "To give it a complete shape, a total of Tk 300 million will be required over the next three-four years," he said.
"Rest of the fund will be raised from different stakeholders including listed companies and merchant banks," he said adding that BICM will start its journey soon this year.
At the outset, short and long duration courses will be introduced to impart training on how to choose quality stocks. Masters and MPhil courses also will be introduced in future.
"For long, we have been giving our utmost efforts to set up an such institute against the backdrop of shortage of skilled and efficient professionals in the securities market in the country," said Ziaul Haque Khondker, chairman of the Securities and Exchange Commission (SEC).
The fund allocated by the government for setting up the institute is a testimony of its great interest in development of the capital market, he added.
The working committee at its first meeting has made recommendations, including terms and conditions for appointment of an executive president or chief executive officer of BICM and renting 9000 square feet floor space for the purpose.
These recommendations will be sent for approval of the board of directors formed about seven months back. The board of directors will introduce the organogram of the BICM soon.
The government has allocated Tk 100 million for setting up a capital market institute aiming to train skilled professionals for the country's growing securities market, officials said Monday.
"The Finance Ministry has sanctioned Tk 100 million for establishing the institute styled Bangladesh Institute of Capital Market (BICM) for the first time in the country," a source in the ministry told the FE.
"This amount of money will be taken from the government's budgetary allocation for education sector," he added.
Another source familiar with the process to set up the BICM said, "To give it a complete shape, a total of Tk 300 million will be required over the next three-four years," he said.
"Rest of the fund will be raised from different stakeholders including listed companies and merchant banks," he said adding that BICM will start its journey soon this year.
At the outset, short and long duration courses will be introduced to impart training on how to choose quality stocks. Masters and MPhil courses also will be introduced in future.
"For long, we have been giving our utmost efforts to set up an such institute against the backdrop of shortage of skilled and efficient professionals in the securities market in the country," said Ziaul Haque Khondker, chairman of the Securities and Exchange Commission (SEC).
The fund allocated by the government for setting up the institute is a testimony of its great interest in development of the capital market, he added.
The working committee at its first meeting has made recommendations, including terms and conditions for appointment of an executive president or chief executive officer of BICM and renting 9000 square feet floor space for the purpose.
These recommendations will be sent for approval of the board of directors formed about seven months back. The board of directors will introduce the organogram of the BICM soon.